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Select Board approves $37,000 year‑end adjustments, urges completion of 2025 audit for bond access
Summary
The board approved recommended carry‑forwards and a roughly $37,000 intra‑budget adjustment to cover storm‑related public‑works overages; staff said completing the 2025 audit is necessary to access Maine Bond Bank borrowing.
The Newcastle Select Board on June 22 approved recommended carry‑forwards and year‑end budget adjustments to account for winter storm overages and delayed invoices.
Finance staff presented a memo listing proposed carry‑forwards and adjustments. Kevin said a severe winter produced 39 storm events that drove public works costs over budget, notably about $60,000 over on road salt and roughly $9,000 on equipment use. To address shortfalls, staff proposed moving funds between categories under the board's 2% transfer authority; the packet and adjustment spreadsheet showed a movement of about $37,000 to offset the public works overage while carrying forward funds for items not yet invoiced (for example, line‑striping and some PPE purchases).
Kevin also reported that the town brought in additional revenue and—after the adjustments—estimated the fiscal‑year close would be roughly on budget. The board voted to approve the recommended carry‑forwards and adjustments.
Board members pressed staff on audit timing. Kevin and staff said the town needs to complete the 2025 audit to meet requirements for Maine Bond Bank financing; staff said their goal is to finish the audit by August but emphasized it is a hard requirement for some borrowing options. The board also asked staff to present the detailed adjustment spreadsheet to the board for members' review.
The motion to approve the finance director's recommended carry‑forwards and budget adjustments passed by board vote.
