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Selectboard accepts FY2024 audit, hears road‑repair impact and authorizes Bond Bank paperwork for Town Office renovation
Summary
The Selectboard accepted the FY2024 audit noting over $1 million in road repairs led to a $210,000 fund balance deficit that has been largely recouped; the board also authorized the Town Administrator to sign Vermont Bond Bank closing documents for Town Office renovations with a closing scheduled March 6.
Town Treasurer Tina Labeau presented the FY2024 audit and reported that the town spent over $1 million on road repairs during the year, producing a $210,000 deficit in the road fund balance at year end; she told the board that more than $600,000 has been recouped in the current fiscal year and she anticipates a surplus at the end of the current year. Selectboard member Martha Dale asked whether the audit by Sullivan, Powers & Co. was clean; Labeau said there were no issues noted in the audit.
Separately, the board discussed financing for Town Office renovations: the Vermont Bond Bank approved financing and the closing is scheduled for March 6. Martha Dale moved and the board unanimously authorized the Town Administrator to sign all paperwork related to the Town Office building financing. Dale also suggested the town consider securing a line of credit for future emergencies; the board asked the incoming Town Administrator to explore options with the Town Treasurer.
The audit was accepted by unanimous vote, and bond paperwork authorization was recorded as approved; the board flagged exploring a line of credit as a follow‑up item for the incoming Town Administrator.
