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Treasurer reports higher undesignated surplus than earlier estimate; board considers inviting auditors
Summary
Finance Director Christine Calvert reported a current undesignated fund balance of $6.9 million (higher than a prior estimate of $6.3 million), said the legal budget had $7,147 remaining, and agreed to explore higher-yield banking options for $2.6 million currently at 0.10% interest; board members discussed inviting auditors to the July meeting for clarification.
Finance Director Christine Calvert presented the Treasurer's report to the Board of Finance on June 2 and answered questions about appropriations, recycling revenue, and legal spending.
Calvert noted Munis shows $7,147 remaining in the FY26 legal budget and said there are no outstanding costs that would push the town past that line. Ira presented a handout indicating the town's undesignated fund balance is $6.9 million, higher than the $6.3 million estimated at the May meeting; Calvert said she would investigate the difference and report back. Board members asked about the $2.6 million held at M&T Bank earning 0.10% interest; Calvert agreed to explore other banking options.
Ira and Art have discussed inviting the auditors to present an explanation of differences between budgeted surplus usage and figures in financial statements; Josh expressed support for that step. The board did not take any binding action on audits at the special meeting but signaled interest in scheduling an auditor presentation at the July meeting.
