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Council reviews surplus fund options; staff suggests reserving funds for possible county library partnership
Summary
Town staff told council the unassigned general fund balance is above policy (about 75.37% vs a 65% ceiling) and presented options — sewer repairs (~$1.4M), Cane Creek Greenway extension, loan principal paydown, or tax-rate reduction — recommending reserving money while exploring a county library partnership and grant funding.
Town staff reported the town’s unassigned general fund balance is well above policy and presented four options to return to the adopted fund balance range: one-time capital expenditures, continued funding for the Cane Creek Greenway extension, paying down loan principal on town-center loans, or reducing the tax rate.
Staff said auditors calculate the unassigned fund balance after the audit and that the town is…
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