Select Board approves end-of-year transfers to cover FY26 shortfalls

The Select Board voted unanimously to approve two end-of-year financial transfers to address FY26 shortfalls, including a $13,000 request from the reserve fund and interdepartment transfers totaling $19,621.

Town Administrator Sean said the town missed a debt service payment of $58,807 in FY26 and that the current reconciled shortfall stands at about $39,086.69. "The town actually had a debt service payment of 58,807 in FY 26 that we didn't budget for," Sean said, adding that staff and the accountant are working to reconcile accounts.

The transfer package submitted by the accountant lists multiple small adjustments across departments (examples given in the packet include transfers into police, buildings, DPW, cemetery, library and other operational accounts). Sean told the board that departments have frozen expenditures and that the finance committee will meet to vote on the same adjustments; both boards must finalize the transfers before July 15.

Peter moved the reserve-fund request for $13,000 and Terry seconded; the motion passed by roll call. Peter also moved the $19,621 interdepartment transfer request and Terry seconded that motion as well; that motion passed by roll call. The board chair announced that Peter, Chris, Terry and Katie voted yes on both measures.

Next steps include continued reconciliation by the accountant, follow-up reports to the board, and finalizing the transfers with the finance committee so the adjustments do not become part of the tax levy. The town administrator said staff will send any updates from the accountant to the board as they are available.