LISBON — The Town Council voted Tuesday night to change the fund balance policy, decreasing the amount of money on hand for emergencies by over $1 million.
Instead of keeping the fund at 12.5 percent of the town budget, it will be kept at between 12 and 16 percent of the budget and include the General Fund, the county assessment, and the town’s share of the school budget.
The original policy had the entire school budget figured into the fund balance percentage.
“This represents a difference of about $1.5 million in the amount of fund balance we have to keep as a town for the unassigned balance,” Finance Director Lydia Colston said.
Under the current policy, the town must keep up to $2.85 million in unassigned balances. The amended policy decreases this amount to $1.74 million.
In other business, councilors continued discussion on a proposed Kelly Park Tax-Increment Finance amendment.
The TIF shelters 60 percent of the new value generated in the district, with 40 percent going to the general fund.
The amended TIF would shelter 100 percent of the new value with the additional 40 percent dedicated to the town’s economic development projects.
The Council will hold a workshop this month to vote on the amendment.
In other business the council:
• Voted to authorize the Library Department to seek and accept donations for the 2017 Summer Reading Program. The money is used for craft supplies, entertainers and other items;
• Set a public hearing for 7 p.m. Friday, April 7, in the Town Office for a proposed charter amendment. It would change the deadline for filing nomination papers from 45 days to 60 days before an election and coincide with state ballots.
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