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Finance committee hears that delayed budgets and grant reimbursements have cost Bolton interest revenue
Summary
Officials told the finance committee that delayed referendums and reimbursements for state grants have reduced interest income (the town budgets to a 98% collection rate and aims to avoid dropping below a $5,000,000 balance that affects interest), and staff will show committee members signed bank documents in office.
Town finance staff warned that the town lost interest income after the budget delay earlier in the year and that grant-funded projects that are reimbursement-based also reduce funds available to earn interest.
"We lose all of the interest payments when our account drops below $5,000,000," a committee member summarized during discussion of banking…
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