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Peterborough says DRA approved access to $1.75 million from Unrestricted Fund Balance; temporary extra ConVal payment set
Summary
The Select Board announced DRA approval to make $1,753,479 available from the town's Unrestricted Fund Balance if needed and said the town will send ConVal an extra $125,000 under a temporary payment modification while tax collections are reassessed.
The Peterborough Select Board on Oct. 5 said the state Department of Revenue Administration has approved the town’s request to make $1,753,479 available from the Unrestricted Fund Balance (UFB) to draw on if necessary at the end of the fiscal year. Nicole MacStay reported DRA Director James Gerry notified the town the request was approved.
MacStay said the town will send the ConVal School District an extra $125,000 along with the regular monthly payment under a temporarily modified payment plan. "I don't see any reason why the Town wouldn't be able to make ConVal whole," she said. Select Board member Bill Kennedy reiterated that the money does not have to be spent and is "only if needed."
Chair Tyler Ward asked for clarification on the contingency and availability of the funds; board members said the approval gives the town additional flexibility if tax collections fall short. The change to the ConVal payment plan is temporary and will be reassessed following tax-bill collection, MacStay said.
The board did not take further formal action at the meeting on drawing from the UFB. The meeting record shows the board approved routine minutes and later entered a sealed non-public session to consider legal advice under 91-A:3 II (e) & (l).
