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Panel okays $3.5 million CIP special appropriation, increases reserve target to 1½ months
Summary
Members approved a $3.5 million special appropriation for the Capital Improvement Plan and authorized a special town meeting; the committee also raised its operating reserve goal to 1½ months to provide more cushion amid rising costs.
Meeting participants moved and approved a $3.5 million special appropriation for the Capital Improvement Plan and authorized calling a special town meeting to address CIP items. The motion was seconded and carried by voice vote.
In a related financial review, staff noted two large ledger changes since the last report: the $3.5 million appropriation appears on the current sheet, and the committee increased its reserve target to 1½ months of operating expenses (up from a baseline 10% regulatory guideline) to provide a larger cushion against rising costs.
No detailed itemization of the $3.5 million CIP package was recorded in the excerpt; staff said the committee will follow up and that balances and project timing will be reviewed in upcoming meetings. The meeting then moved to executive session; participants later noted the Board of Education was not present and negotiations will be scheduled when the board can attend.
