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Albion selectboard votes to shift fiscal year to October to ease summer cash crunch
Summary
Facing recurring June–July cash shortages, the Albion Selectboard voted to change the town fiscal year to October 2025 and asked staff to prepare public outreach and transition materials, including a short transition fiscal year option.
The Albion Selectboard voted June 8 to change the town’s fiscal year to an October 2025 start date as part of efforts to address recurring cash‑flow shortages in June and July that have delayed payments in past years.
It was reported that the town experiences significant cash shortages during the summer months, prompting board members to consider a short transition fiscal year that would better align revenue collection with expenditure timing. The board directed staff to prepare additional information and a draft informational insert for taxpayers should the proposal move forward.
Board members also discussed the potential to move to biannual tax payments in the future if the fiscal year change is adopted and noted the effect of school funding obligations on short‑term cash management. The minutes record that no final plan on payment frequency was adopted at the meeting beyond the fiscal‑year vote; further analysis and public outreach were requested.
The board recorded the decision as part of routine fiscal management planning; staff were assigned to bring back more detailed materials for a future meeting and to prepare community outreach explaining the transition and any effects on tax billing schedules.
