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Schofield hearing on amended FY2025 budget closes after audit and investment discussion
Summary
Town officials reviewed an amended FY2025 budget to align estimates with actual 2024 figures, noted a state-mandated audit that cost $14,000 and found no problems, recorded a $29.50 parks rental receipt, and directed staff to explore short-term investment options before formally closing the hearing by vote.
The Schofield town hearing on June 9, 2025, concluded after officials reviewed an amended fiscal year 2025 budget, discussed a recent state-mandated audit and considered options for investing surplus funds.
A staff member explained that the amendment adjusts last year’s estimates to match actual 2024 receipts and expenditures, saying, "first column would have been what actually came into the town in 2024 and what we estimated that we would spend...and that's why it's an amendment because we have to change that estimate to what actually happened." The clarification was intended to align the town’s books with actual figures before final action.
The staff member also flagged several specific line items. Parks and Public Property Rental showed a $29.50 receipt tied to a rental of the town fire truck to Cody Ecker; that income was posted to the town’s Jekyll fund. The staff member noted that Class C road funds budgeted for road work were not spent because planned repairs were postponed while roads settled.
Officials discussed a state requirement that triggers an audit when a town’s budget exceeds $1,000,000 in a year. The staff member said the audit cost the town $14,000 and reported, "They didn't find anything," indicating auditors did not identify improper spending during their review. The staff member said parts of the larger budget stemmed from metering and well projects that brought in atypical revenues.
The meeting included a brief exchange about whether the town had any funds in interest-bearing accounts. A participant suggested short-term certificates of deposit as an option to earn higher returns while keeping emergency liquidity. The Chair said she would "ask Sherry to look into that" and bring suggestions on how much to place in CDs versus amounts to keep readily accessible.
No appropriations were adopted at the hearing. The Chair moved to close the amended budget hearing, the motion was seconded, and the assembled members voted in favor; the Chair then closed the hearing.
The town signaled that planned improvements for the next fiscal year will be discussed at an upcoming hearing. Staff were assigned to investigate investment options and return with recommendations before the next budget action.
