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Board reviews 2025 budget calendar and fund-balance target as staff readies refinancing plan
Summary
Members approved updates to the 2025 meeting and budget workshop calendar and discussed fund-balance targets, agreeing to aim for a one-and-a-half month operating reserve that leaves roughly $8.9 million available under the current projections.
At its Sept. 23 meeting, the Board of Finance reviewed a revised 2025 meeting and budget-workshop schedule tied to an earlier referendum timing and discussed the fiscal-year reserve target staff will use for budget guidance.
Staff said they revised meeting dates so the board of finance meeting would follow the public hearing and that budget workshops would be scheduled to allow department presentations; members discussed whether to hold two full days with all staff or to invite selected departments. The board agreed to coordinate scheduling with the Board of Selectmen and to give staff direction on target guidelines ahead of November workshops.
On fund balance, staff and members explained how the town is comparing targets: a projected projected assigned fund balance figure of approximately $20.1 million was discussed; staff outlined that choosing a one-and-a-half month operating reserve (about $11 million) would leave roughly $8.9 million available for projects after reserving that target. Several members said they prefer keeping a conservative balance rather than moving to the strict 10% regulatory guideline.
Stacy (staff) said the auditors confirmed that if an encumbered item comes in under budget after Dec. 31 the town may reallocate the difference to another project rather than return funds, giving the board flexibility in year-end encumbrance management. The board plans further budget guidance in November.
