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Town staff report $88,000 in recurring budget savings, plan to recruit finance officer
Summary
Staff told the board they identified about $88,000 in annual savings during a budget review, plan to hire a finance officer, and aim to move some funds into investment to capture interest income; committee also discussed grant opportunities for safety equipment.
Town staff reported a preliminary $88,000 in recurring annual savings found during a thorough review of bills and budget line items. Staff said savings came from avoiding installment fees, reducing inflated police-budget line items and other line-by-line adjustments.
"Through a thorough review of the budget, we ... found about $88,000 of savings per year so far," staff said. The town plans to pay some insurance premiums up front to save approximately $5,000 annually.
Staff also said they have four applicants for a new finance-officer position and expect interviews in the coming days, and that they are meeting with Region's Bank to evaluate account management. They noted federal grant reimbursements for water-sewer projects remain pending and are expected after the federal fiscal year end in September.
Why it matters: hiring a finance officer and realizing recurring savings could improve the town's fiscal position and capacity to manage capital projects.
