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East Lyme board sets reserve limits and approves emergency snow spending and grant uses
Summary
The board approved a motion to cap annual deposits to the non‑lapsing reserve at 0.75% of the prior year’s budget with a cumulative cap of 1.25%, accepted a state DRIP grant (roughly $124,000) for repair projects, and authorized an emergency snow‑removal expenditure; the consent agenda (including a $500 softball donation) passed unanimously.
At its March 9 meeting the East Lyme Board of Education approved several financial and operational measures. After discussion of policy language, a motion passed to limit yearly deposits into the board’s non‑lapsing (unexpected education funds reserve) account to 0.75% of the preceding fiscal year’s approved budget, with a cumulative account cap of 1.25% of the preceding year’s budget. Committee member (S4) moved the motion and it was seconded; the board adopted the limits to give the…
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