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Selectboard discusses adopting Unassigned Fund Balance Policy following VLCT guidance and Act 57
Summary
The board reviewed VLCT materials about establishing an Unassigned Fund Balance Policy under Act 57 and asked Town Manager Scott Murphy to consult auditors and return recommendations; no policy was adopted at the Jan. 20 meeting.
The Selectboard discussed whether to adopt an Unassigned Fund Balance Policy after materials from the Vermont League of Cities and Towns (VLCT) were presented. Murphy said the town has historically operated with an unassigned fund balance and that Act 57 provides an opportunity for municipalities to formally adopt a policy.
Jonathan West reviewed the VLCT information and Chair Ivan Beattie said such a policy would demonstrate the town is operating in good faith. Murphy said he would seek auditors' recommendations and return options to the board; no formal action or vote was recorded.
