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Town auditor and finance director tell selectmen Wells is fiscally healthy; recommend spend-down plan for bond proceeds
Summary
External auditor told the selectmen on June 16 the town's unassigned fund balance is around 12.8 (roughly 90 days) and recommended a spend-down plan for lingering bond proceeds; finance director Jody Sanborn reported rising tax accounts, excise collections and online transactions and described transparency tools under development.
The town's external auditor reviewed the fiscal year 2025 audit at the June 16 meeting and described a healthy fiscal position, while advising a plan to use outstanding bond proceeds.
The auditor, identified in the meeting as Smith of H.R. Smith & Company, reported that the town’s unassigned (undesignated) fund balance is approximately 12.8 (a measure the auditor equated to slightly more than the 90-day benchmark). Smith said collections for property taxes, excise taxes and investment earnings exceeded budget estimates, and several departments returned appropriations, which together supported the stronger-than-expected fund balance.
Smith recommended a spend-down plan for certain bond proceeds that must be drawn and used within statutory timeframes, and flagged a restatement in the MD&A related to net position that the auditor will clarify with staff.
Finance director Jodi (Jody) Sanborn gave an operational update, noting that the town issued 17,125 tax bills for 2025 (two-installment billing produces roughly 34,000 installments per year), and that the town has added about 3,078 tax accounts (a 22% increase over 15 years). She said excise tax (motor vehicle) collections have increased about $2 million since 2010 (up about 120%) and that motor vehicle transactions have risen roughly 41% overall; online transactions in particular have grown markedly.
Sanborn said the finance office is working to expand ClearGov budgeting transparency and to enable citizen self-service so residents can view tax account status and make payments online. She also raised operational housekeeping items — bank reconciliation issues, the approach to enterprise funds and how to handle residual ARPA obligations — and offered to follow up on a $50,000 net-position restatement inquiry.
Selectmen thanked the auditor and finance staff; no formal vote was required on the presentation.
