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Selectmen approve $3,268 appropriation for GASB 87 lease accounting work
Summary
Director of Finance Kim Allen requested a $3,268 additional appropriation to pay audit costs tied to GASB 87 lease accounting; the board discussed audit process and forwarded the item to the Board of Finance as required.
Director of Finance Kim Allen told the board the town needs an additional $3,268 to cover audit and professional fees related to GASB 87—new lease accounting requirements that added review work for this year’s financial audit. Allen said the audit required extra staff time because the town added several leases to the reporting schedule, and that the Board of Finance budget lacked sufficient transfer authority to cover the work without an appropriation.
Selectmen requested clarification about what leases triggered the additional work; Allen said leases may include items that are not traditionally thought of as leases (for example, vehicle or equipment arrangements and certain technology leases) and offered to provide a breakout for Board of Finance review. The board voted to forward the appropriation to the Board of Finance as part of the normal audit‑cleanup process.
