Category Archives: Undesignated Fund

Town of Norwich is flush with surplus cash

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Here’s a good problem to have. The Town of Norwich is flush with surplus cash. It has over $680,000 in accumulated budget surplus, in addition to the ARPA money and a fully funded emergency fund. Some numbers Plans for the accumulated surplus of $684,254? As budget season approaches, our public officials may want to consider an appropriate use for the surplus. Holding onto a cash surplus for no reason (hoarding?) does not strike me as sound policy. One option is to Continue reading Town of Norwich is flush with surplus cash→

Town projects budget surplus of $250,000. No plans to use cash for property tax relief or employee retention bonuses.

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The Town projects to have a budget surplus of $250,000 for the fiscal year that ended on June 30, 2022. At its June 22, 2022 meeting, the Selectboard passed on two suggestions for using that money. One was to pay bonuses to current employees. The other, returning money to taxpayers. The lack any real interest in either topic mystifies me. As detailed below, the Town is flush with cash. However, some Selectboard members noted concerns about future expenses. Apparently. Tracy Continue reading Town projects budget surplus of $250,000. No plans to use cash for property tax relief or employee retention bonuses.→

On slush funds and Article 7 – Vote NO

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Posted this on the listserv on Wednesday. Thought I would also post it here. Norwich has had a slush fund for years. It’s called the undesignated fund. VOTER approval is needed to spend that money. Under Article 7, the Selectboard is given control of up to $800,000 of that cash, limited by only an extremely broad purpose statement. Sadly, this shift in control from Voters to the Selectboard is not explicitly mentioned in the Board’s video presentation on Article 7. Continue reading On slush funds and Article 7 – Vote NO→

Town Meeting Article 7: Does a budget surplus belong to the voters or the Selectboard?

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Posted this on the listserv. Thought I would include it here as well. Last year the Town’s annual budget had a surplus of approximately $300,000. Should voters decide how that money is spent or should the Selectboard? How about past surpluses and future budget surpluses? Today the total accumulated surplus is about $850,000. And, specific voter approval is needed to spend that money. However, if Article 7 is approved, control of that money (and future surpluses) goes to the Selectboard. Continue reading Town Meeting Article 7: Does a budget surplus belong to the voters or the Selectboard?→

Selectboard agenda item number 8: Reaffirm Master Financial Policies

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This is a wonkish post. Read no further if you don’t want to delve in the details of the the Town’s Master Financial Policies, unless you suffer from insomnia and need somnolent reading material. Listed as agenda item number 8 for the Selectboard meeting on Wednesday, March 10, is the topic: Reaffirm Master Financial Policies. I don’t recall reaffirmation of the policies as an annual housekeeping event in Norwich. But, it’s a good idea. A nice project for Finance Committee Continue reading Selectboard agenda item number 8: Reaffirm Master Financial Policies→