Finance Committee year end transfers

The Finance Committee met this evening and transferred Reserve Fund monies to cover various shortfalls in the FY08 budgets of town departments. Transfers are customary following the end of the fiscal year(which ended June 30). The final transfer was not of this customary sort, but fulfilled the Finance Committee's desire to transfer some of the reserve fund to the school department for textbooks. This transfer was endorsed in a sense of the Town Meeting vote at the Spring Town Meeting. After voting to approve transfers for departmental year end shortfalls,...

...the balance in the Reserve Fund stood at just over $305K. The Finance Committee chair read a transfer request for $275K for the schools. I am not sure who that came from. After some discussion, the Finance Committee voted to transfer $300K to the school department for textbooks. The remaining $5K will be held over for any unidentified costs that may come up before the books are closed for Fy08 on July 15.