Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Tyngsborough posts preliminary FY26 surplus and approves $368,000 year‑end transfers to cover overruns
Summary
Finance staff told the Select Board that preliminary FY26 closeout shows higher revenue than projected and identified a $368,000 transfer request (largely from health‑insurance savings) to cover overages including a snow & ice deficit. The board approved the transfers 5–0–0; final books will close Sept. 15 and remaining surplus will become free cash.
The Select Board approved a set of year‑end budget transfers at its July 13 meeting after a wide‑ranging finance presentation from the town manager.
Town Manager Colin Loisel told members the fiscal‑year closeout exercise is still underway with an accounting firm in an overlapping transition, but preliminary numbers show stronger revenue performance — including a roughly $205,000 positive swing in state aid and other one‑time receipts. He cautioned the books remain formally open until the Department of Revenue deadline in mid‑September.
The administration requested $368,000 in year‑end transfers to cover several overspent budget lines; Loisel said the bulk of the transfers will come from health‑insurance savings. The largest single charge the transfers will address is the snow & ice deficit: a rough winter left an overrun of about $430,000. Loisel said the Commonwealth has passed supplemental funding targeted to snow & ice deficits and Tyngsborough expects roughly $230,000 from that source, leaving an uncovered balance of roughly $179,820 that the town will cover from available operating surplus instead of a fall free‑cash warrant article.
Other overages included an accounting overlap cost tied to early onboarding of an external accounting firm (about $30,000), an unusual animal‑control medical expense, dispatch overtime related to staffing and grant timing, an emergency sprinkler repair at the library and increased utilities and vehicle‑repair bills for DPW. Loisel said many of these are one‑time anomalies or are being addressed through revised staffing and procurement practices.
Finance Committee reviewed and recommended the transfers; after discussion the Select Board voted to approve the year‑end transfers (motion carried 5–0–0) and authorized the town manager to execute the accounting steps needed to close FY26. Loisel noted that the FY26 surplus will become free cash available for appropriation at the fall Town Meeting and that the town will continue to provide more detailed reconciliations as the accounting firm completes closeout work.
Ending: the board directed staff to return with finalized closeout numbers and reconciliations in advance of the September 15 statutory closeout date.
