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Select Board discusses Libby Fund accounting, receives two years of back interest
Summary
The board reviewed the Libby Fund, an endowed trust for residents who do not qualify for General Assistance; corrected reporting produced two years of back interest and members discussed a separate savings account and timing transfers to protect cash flow.
The Albion Select Board reviewed management of the Libby Fund at its April 13 meeting. The Libby Fund is an endowed trust intended to provide flexible assistance to residents who do not qualify for State General Assistance; board members noted the town generally expends interest only, commonly estimated at 4%–5% annually.
Officials reported that recent reporting issues had been corrected, producing two years of back interest now available to the town. Board members discussed opening a separate savings account to hold Libby Fund balances and talked through the timing of transfers so the town avoids cash-flow problems in operating accounts.
No formal amendment to the fund’s spending policy was recorded in the minutes; the board’s discussion focused on administrative steps for segregating funds and ensuring appropriate accounting.
