Lyman Select Board reviews FY2025 audit showing $610,000 rise in unassigned fund balance

The Lyman Select Board on Jan. 5 heard a staff review of the town's FY2025 audit, which reported an unassigned fund balance of about $5.88 million as of June 30, 2025, an increase of roughly $610,000 from the prior fiscal year. Staff said the rise came partly from underspending in several lines and from higher-than-expected excise-tax revenue.

The presenter told the board that the town saw savings of about $64,000 in the plowing budget, largely because of lower salt costs, and about $71,000 in transfer-station costs tied to lower-than-expected tipping fees. Legal and planning services were also below budget, and $40,000 set aside in the capital improvements program was moved into a non-lapsing reserve account, the presenter said.

On the revenue side, the town budgeted $900,000 in excise tax receipts for the next fiscal year but collected about $1.5 million in 2025, which staff said contributed substantially to the positive fund balance. The presenter emphasized that excise tax is an estimate at budget time and can vary year to year.

Board members discussed using the audit review to inform the upcoming budget cycle and flagged items for further work in budget meetings, including the transfer station projections and overlay adjustments. No formal action on the audit figures was taken at the meeting; the board received the report and noted that the budget committee will be given the same information ahead of next year's budget work.

The board also noted that detailed backup and expense summaries are available in the audit packet for members who want to review specific line items.