In my recent letters, there was not enough room to cover more of the town’s Financial Policies in Resolution 2017-09 and the Financial Statements of the Fiscal Year ending June 30, 2018. I confirmed some of the town’s financial policies, the unassigned fund balance and rainy day fund from the town’s finance director.

The rainy day fund is funded; therefore, no additional transfers are required. The financial policies do not have a provision for overfunding the rainy day fund. In Resolution 2017-09, page 5; the last sentence of paragraph C stipulates the excess is to be transferred to the capital projects fund because the fund balance requirements have been met.

Next, I asked the finance director if the $2,140,434 in the unassigned fund balance classifications could be set aside for future replacement of pumps, equipment, or a new liner when needed at the fountain lake. He replied, “Yes.” You might remember some of the people pushing for a town property tax were saying, “Where will we get the money to replace the liner and fix the pumps?” Well, you see, we already have it, and had it in that fund before the vote on the tax.

I also reconfirmed we did have a surplus for the fiscal year ending June 30, 2018. The town’s net worth was $652,117 more than 2017.

Regarding reserve funds referred to in another letter as being underfunded: The general fund, including inventory, prepaid items, public art, vehicle replacement, equipment replacement, highway user revenue fund, municipal property corporation debt service fund, capital projects fund, non-major governmental funds, etc. have a total of $21,332,129. That’s millions in the June 30 fund balance classifications. Towns investments, CD’Ss, bonds, etc. for June 30, 2018 are $21,986,963 with fund balances total $43,319,092. That’s millions without a town property tax.