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Treasurer reports $3.03 million in trust cash; $500,000 ARPA allocation not yet transferred
Summary
Town CFO and trust treasurer Jennifer Barrett presented reconciled balances showing a June 30 cash balance of $3,033,006.92 and explained pending transfers and committed projects that bring the trust's uncommitted funds to roughly $2.0 million; trustees requested follow-up memos on two unexplained deposits.
Jennifer Barrett, the Town of Concord chief financial officer and the trust's treasurer, presented a semiannual accounting update and reconciled historical authorizations with actual expenditures. "The end cash balance as of June 30 was, in fact, $3,033,006.92," Barrett said, noting some pending transfers that could raise the balance if processed in July.
Barrett separated interest income from ARPA and CPA funds in the worksheet and said a $500,000 ARPA allocation earmarked for 91 B Main had not yet been transferred. After accounting for committed projects that have not yet had cash transfers, she reported an uncommitted balance of roughly $2,000,009.79. Trustees asked staff to research two deposits that appeared in the trust ledger (one tied to a 95 Conant Street resale fee and another they believed related to Newton); staff agreed to prepare a memo documenting origins and recommended transfers or reimbursements.
Trustees discussed providing quarterly or semiannual reporting to align trust statements with town reconciliations; Barrett proposed semiannual postings 25-30 days after month close with an option for quarterly detail if trustees request it.
