Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Fiscal Policy Procurement topic
No spam. Unsubscribe anytime.
Board adopts capital asset and fund-balance policies, Finance Director posts fraud-risk RFP
Summary
The Board of Finance accepted a Capital Asset Policy and amended the General Fund Fund Balance Policy to a 10%–25% minimum target; Finance Director Amanda Moore also reported FY25–26 budget variances and posted a Fraud Risk Assessment RFP due June 1, 2026.
The Town of Suffield Board of Finance on May 11 accepted updates to two fiscal policies and received a suite of finance office updates.
The board voted 6–0 to accept the Capital Asset Policy as presented. On the Fund Balance Policy for the General Fund, members accepted the policy with a modification: they reduced the minimum fund balance target range to 10 percent–25 percent of General Fund expenditures (motion by Michael Haines; second by Candace Forsman). Both actions were recorded as the board’s recommendations to the Board of Selectmen.
Finance Director Amanda Moore briefed the board on several items: a year-to-date FY 2025–26 review of budget vs. actual reports (she noted overall expenditures were about $150,000 less than projected), an example Statement of Revenues, Expenses and Changes in Net Position for the Medical Insurance Fund, and the posting of a Fraud Risk Assessment request for proposals (RFP). Moore said the RFP was posted the day of the meeting and set a June 1, 2026 deadline; the board expects to select a vendor at the June meeting. She also gave a brief update on state budget items that have passed but not yet been signed by the governor.
The board accepted the policy changes and directed staff to continue budget monitoring; the Fraud Risk Assessment procurement is scheduled to advance at the June meeting.
