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Town of Merton adopts fund-balance policy and approves routine financial items
Summary
The Town Board approved a Fund Balance Policy to maintain reserves between 15% and 25% and approved vouchers, the quarterly Budget-to-Actual report and quarterly journal entries. Supervisor Herrick moved the fund policy; Supervisor Olson seconded; motions carried.
The Town of Merton board on Feb. 23 adopted a Fund Balance Policy recommending the town maintain fund balances between 15% and 25%.
Treasurer Kempen presented the proposed policy to the board. Supervisor Herrick moved to adopt the policy and Supervisor Olson seconded; the minutes record the motion carried. The board also approved vouchers as presented (motion by Fleming, second by Krogmann), approved the Quarterly Budget-to-Actual report (motion by Fleming, second by Krogmann), and approved Quarterly Journal Entries (motion by Olson, second by Krogmann). Supervisor Herrick asked a clarifying question about the cost of toner during the vouchers discussion; no further detail is recorded in the minutes.
Why it matters: adopting a formal range for fund balances provides a framework for the town’s reserve management and budgeting decisions. The minutes do not list dollar amounts tied to the policy or grant award figures mentioned elsewhere in reports.
