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Selectboard adopts revised Undesignated Fund Balance Policy
Summary
The Chebeague Island Selectboard unanimously adopted a revised Undesignated Fund Balance Policy following a motion by David Hill, with the aim of stabilizing reserves and reducing reliance on fund balance for FY2027 budgeting.
At the April 15 meeting the Selectboard voted unanimously to adopt a revised Undesignated Fund Balance Policy Statement. The motion was moved by David Hill and seconded by Selectboard member Eliza Jane Adams.
The board and staff said the revision is intended to guide reserve levels and contribute to longer‑term fiscal planning. The FY2027 budget discussion at the same meeting noted a reduced reliance on the undesignated fund balance as a contributor to the estimated 6.97 percent tax impact.
No statute or ordinance change was made; the policy revision is an administrative financial policy adopted by the Selectboard.
