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Selectboard approves updated Reserve Fund Policy to formalize borrowing process
Summary
The board adopted an updated Reserve Fund Policy presented by Town Manager T. Marsh and developed with Finance Manager N. Culma; the policy clarifies that requests to borrow from reserve funds must come through the Finance Manager.
T. Marsh presented an updated Reserve Fund Policy the town’s Finance Manager N. Culma helped to develop. The update clarifies the process for borrowing from reserve funds and establishes that requests to borrow will come from the Finance Manager; M. McNaughton moved to approve the policy, J. Johnson seconded, and the board approved the update by roll call.
The minutes record no dollar amounts tied to specific reserve accounts or planned withdrawals; the policy is intended to formalize internal procedures rather than authorize any immediate transfers.
