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Selectboard clarifies permanent fund restrictions and reserve fund use for ARPA monies
Summary
Board members clarified that the permanent fund principal—proceeds from the sale of town lands—may not be spent under Vermont law but may be loaned to the town; Treasurer Mary LaBrecque said funds labeled 'ARPA' were voted into the reserve fund in November 2024 and moved there in early 2025.
During the Oct. 20 meeting, board members discussed how various accounts appear in the audit report and what the town may lawfully spend. Sylvia Jensen clarified that the principal from the permanent fund—established from the sale of town lands—cannot be spent under Vermont statute, although the Trustees may loan that principal to the town when necessary. Treasurer Mary LaBrecque explained that money previously shown as "ARPA" in reports had been voted into the town's reserve fund in November 2024 and physically moved into that reserve in early 2025 for appropriate uses.
Mary‑Catherine Grazziano said it was helpful to learn which lines in the audit report correspond to the Trustees' permanent fund versus other governmental funds such as ARPA, records restoration, and lister funds. The minutes do not record any formal change to trust terms or any specific spending decisions tied to the reserve fund at this meeting.
