Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Wayne select board reviews financial-policy rewrite, fund-balance method and banking options
Summary
Finance staff recommended adopting a median MMA fund-balance calculation, clarified investment benchmarks and proposed banking changes (analysis account with positive-pay and courier deposits); the treasurer reported foreclosure timelines for delinquent taxes and presented cash-flow and capital-reserve reconciliations.
Staff presented proposed revisions to the town—s financial policy and the treasurer gave a quarterly financial update, covering fund-balance methodology, fixed-asset accounting and short-term investment options.
On fund balance, staff presented three calculation methods (the town—s prior policy, MMA guidance and GFOA recommendations) and recommended adopting the median MMA calculation, which uses a formula tied to recent monthly expenditures rather than a fixed percentage. The presenter said the recommended benchmark…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
