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Town of Warner trustees approve minutes and flag shrinking capital reserves
Summary
At their meeting, trustees approved draft minutes, reviewed the town investment portfolio (market value reported at $656,005.41) and warned that recent withdrawals for projects and lease payments have reduced capital reserve balances, potentially exposing the town to deferred maintenance risks.
Trustees of the Town of Warner approved reconstructed minutes and reviewed the town's investment portfolio, with trustees noting that capital reserve funds have been drawn down by recent expenditures and lease payments.
Speaker 1, who spoke throughout the financial review and identified the figures, told the board the town's investment market value was $656,005.41 and that unrealized gains totaled $166,007.70. "We earned all that interest," Speaker 1 said, noting that Bar Harbor and Fidelity-managed holdings showed appreciation.
The review highlighted that recent withdrawals exceeded recent deposits. Speaker 1 said the trustees added roughly $605,000 to the portfolio over the period discussed but also recorded withdrawals totaling about $1,000,002.20 plus an additional roughly $28,000, which, the trustees…
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