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Board asks for annual June 30 review with treasurer if fund balance falls below policy target
Summary
Members agreed to add a clause requiring the select board to meet with the treasurer no later than June 30 each year to assess and, if needed, plan budget adjustments when the unassigned fund balance drops below the 25% target; one member reported an undesignated fund balance of $475,000 during the discussion.
During its workshop the select board discussed adding a deadline into the fund balance policy so the board regularly reviews the town's reserves with the treasurer.
Committee member proposed inserting language that the select board meet with the treasurer by June 30 of each year to determine any projected shortfall and plan budget adjustments if the unassigned fund balance drops below the 25% target. Another Committee member noted an undesignated fund balance reading of $475,000 in material reviewed that day, and members agreed the June 30 review language should be added under the policy goals.
Staff agreed to insert wording specifying that the select board will meet with the treasurer by June 30 each year to determine any projected shortfall so the board can address it before setting the mill rate and finalizing the subsequent year's budget.
