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Board of Finance schedules May 4 budget hearing; fund balance estimated at $6.3 million
Summary
The Board of Finance set the public hearing for the 2026—27 budget on May 4 and the town meeting for May 18; finance staff reported an unaudited fund balance of $6.3 million (21.4% of expenditures) at June 30, 2025, about $1.4 million above the town's policy target.
The Board of Finance on March 18 voted to set the public hearing on the 2026—27 budgets for May 4, 2026, and the town meeting to decide the budgets for May 18, 2026. Dave Lee moved to set the dates; Bob Smanik seconded and the motion passed.
Shelley Cates, the town finance staff member, told the board that unaudited figures show a fiscal-year 2024 fund balance of 17.1% and that the fund balance stood at $6.3 million, or 21.4%, as of June 30, 2025. "6.3 million at June 30, 2025 which is 21.4%," Cates said during the meeting. Under the town's Fund Balance Policy, Cates said the target would be about $4.9 million, leaving an approximate $1.4 million surplus above policy.
Board members discussed the timing and publication of the legal warning: the warning would be sent April 23 and published April 28; the hearing must occur no fewer than five days after the warning and the town meeting no fewer than 14 days after the hearing. The board confirmed the timeline and the vote to set the dates.
Cates also answered questions about the current financial statements and said she did not see accounts likely to go over budget at this time. The board discussed a separate payment-in-lieu-of-paving from CT Water that will be tracked in financial reports.
The board's next regular meeting is March 31, 2026, when Fire Commissioners will present their budgets, and the public hearing and town meeting schedule will be part of the public record prior to those meetings.
