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Putney Selectboard discusses VLCT guidance and draft fund-balance policy; public forum urged
Summary
Town Manager Karen Astley reviewed sample language and VLCT counseladvice on a draft Fund Balance Policy, noting the guidance tied to a prior town vote and discussing reserve uses; a resident urged that reserve-fund decisions be discussed in public.
The Selectboard reviewed a draft Fund Balance Policy and related VLCT guidance during the special meeting on Oct. 22.
Astley said VLCT counsel recommended creating a fund balance because the town previously had a town vote and that the advice included placing roughly "$43 8k" into that fund; she cautioned that "creating the policy before the vote probably means having a new vote." Astley explained the distinction between reserve funds and special or investment funds and recommended the highway surplus be left intact to cover storms and road needs. The board affirmed the Selectboard has authority to spend reserve funds only for their intended purposes.
Resident Howard Fairman said he hopes reserve-fund changes "will be discussed in public forum" because the funds involve taxpayer money. The Selectboard agreed the policy and the appropriations question can be placed on future agendas and that the town's attorney and VLCT counsel reviews are pending.
