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Auditors review year-end finances and reserve transfers
Summary
Auditors examined year-end reports showing transfers into reserve funds and reviewed budget versus actual figures, noting the town budgeted conservatively and used excess surplus to smooth future years' budgets.
The Chair reviewed the year-end treasurer's report and outlined how funds were moved into reserve accounts at fiscal year close, including a tax stabilization fund, a municipal facilities fund and highway surplus transfers. "She moved at the end of the fiscal year into this, reserve funds," the Chair said, describing year-end reserve entries and the purpose of stabilizing funds for future capital needs.
Auditors looked at summary budget figures and discussed how transfers and revenue spikes affect apparent budget overages. "The budget was 554,000 for the town, and the actual expenditures was 572,000," the Chair said, and added that the board will inspect detailed line-item reports to determine where extra revenue and which expenditures created the net surplus or deficit picture.
