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Treasurer reports Western Wolcott project added to 2026 budget; Phase 2 under budget by ~$100,000
Summary
Treasurer Colette Jurnak told the board the Western Wolcott project has been incorporated into the 2026 budget; Phase 2 finished roughly $100,000 under budget while long drops cost about $20,000 more than expected and approximately $34,000 was accrued for a 10% holdback. The board approved the amended budget.
The Lamoille FiberNet Governing Board approved an amended 2026 budget that incorporates the Western Wolcott construction project, the board heard on Feb. 25. Treasurer Colette Jurnak presented the monthly financial report and noted the 2025 Subrecipient Annual Report was submitted to the State of Vermont and the Act 145 inventory of district-owned network assets will be submitted in March.
Financial details presented to the board included that Phase 2 concluded approximately $100,000 under budget while long drops were approximately $20,000 over budget. A 10% contract holdback has been accrued at roughly $34,000 pending final invoicing. The board recorded that a final invoice for long-drop work has been requested. The 2025 audit is expected to be completed by June 2026 and the Directors & Officers insurance policy for 2026 was renewed at existing coverage levels.
Stephen Friedman moved to approve the amended 2026 budget to include the Western Wolcott project; Carey Earle seconded and the motion carried unanimously. The minutes record these items as part of the board's regular budget and finance oversight for the district.
