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Fryeburg board hears valuation review and opts to keep former T-bill funds in ICS while prioritizing credit reserve projects
Summary
Atlantic Valuation Services told the Select Board the town's certified ratio is 76% and suggested a 10–15% value adjustment; the board agreed to keep proceeds formerly in T-bills in an ICS account at a 3.85% locked rate and to use credit reserve funds for sidewalks, a fire truck fund, a wage study and public works equipment.
At the March 12 meeting the Fryeburg Select Board heard from Bob Konczal of Atlantic Valuation Services, who reported the town's certified ratio is 76% and recommended a value adjustment of roughly 10–15% to keep assessed values current. Konczal emphasized that changing assessed values does not by itself raise taxes, saying, "the increase in valuations does not increase taxes; the town, school and county budgets and spending increase taxes."
The board discussed options for funds previously invested in Treasury bills and reviewed prevailing interest rates. Town Manager Katie Haley presented alternatives including reinvesting in T-bills, leaving funds in the Northeast Bank sweep account, or moving them into 6- or 12-month certificates of deposit. On a motion by Jim Tyrrell, seconded by Thomas Kingsbury, the board voted unanimously to leave the funds in the ICS account at a locked rate of 3.85% and to create subaccounts to separately track interest by fund.
Haley also outlined a proposed list of potential FY27 credit reserve expenditures — sidewalks, the Fire Department truck fund, a wage/compensation study and Public Works equipment — and the board expressed consensus to proceed with that list to reduce capital budget requests.
The board’s acceptance of these financial recommendations sets staff workplans: the assessor and finance staff will proceed with valuation adjustments and the finance office will create subaccounts and track interest allocations for credit reserve funds.
