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Residents press Avon officials over fund‑balance assignments and transparency
Summary
Multiple residents questioned the Board's use of unassigned fund balance and recent assignments to capital reserves, arguing taxpayers were not given clear choices; officials explained fund-balance policy, bond-rating considerations and that assigned funds offset spikes in debt service.
Several residents at the April 7 hearing pressed officials about recent uses and assignments of the town’s unassigned fund balance and whether those moves had been transparent to taxpayers.
James Fitzgerald and others said they believed money moved into assignments last year should have reduced taxes rather than be held as reserved assignments. "That money belongs to the taxpayers and that should help reduce what we have to handle relative to the increase," Fitzgerald said, urging clearer identification of the uses. Kathleen Randall and other residents noted the town has received substantial one-time receipts in recent years (ARPA and higher interest income) and questioned whether large soft-cost planning steps for projects such as new fire stations should proceed before the town sets firm funding priorities.
Officials responded that fund-balance management supports the town’s bond rating and that some assignments are used to smooth spikes in debt service. Finance staff reported an unassigned fund balance of $16.5 million as of June 30, 2024 and noted the Board’s policy target is 15% of the budget; Finance staff said the town is slightly above that target. Chair Lowry and staff encouraged voters to attend budget meetings and vote during the May referendum.
