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Auditors urge legal review and wider oversight of town trust funds
Summary
Middletown Springs auditors said the town's trust funds need updated distribution rules and broader oversight, recommending lawyers, trustees, the select board and the public be involved in revising century-old covenants.
Auditors at a June 1 meeting said the town's trust funds deserve a formal legal review and broader community consultation rather than decisions made by a small group.
"We really are missing some guidance here," said the Chair, summarizing auditors' concerns about trusteeship and unclear historic covenants. The auditors reviewed recent minutes and account reports and identified the Milk/Copeland fund as a priority for follow-up.
The auditors recommended engaging an attorney to update the conditions of distribution and management for the funds, and that any proposed changes be discussed with trustees, the select board, auditors and the public. Committee members emphasized that legal advice should inform but not replace broader community deliberation.
Members noted the committee has recommended similar action in prior reports going back more than a decade and said the current balance in the Milk/Copeland fund makes review timely. To begin formal follow-up, the auditors agreed to send a copy of the minutes and their notes to the trustees of the Milk fund and request a meeting to coordinate next steps.
The auditors scheduled the next meeting for June 29 at 10:00 a.m. to continue the trust-fund review.
