{"id":3853,"date":"2025-09-08T18:08:11","date_gmt":"2025-09-08T22:08:11","guid":{"rendered":"https:\/\/norwichobserver.com\/?p=3853"},"modified":"2025-09-08T18:08:12","modified_gmt":"2025-09-08T22:08:12","slug":"hidden-good-news-fy-25-closes-with-nearly-1-million-surplus","status":"publish","type":"post","link":"https:\/\/norwichobserver.com\/index.php\/2025\/09\/08\/hidden-good-news-fy-25-closes-with-nearly-1-million-surplus\/","title":{"rendered":"Hidden Good News: FY 25 Closes With Nearly $1 Million &#8216;Surplus&#8217;"},"content":{"rendered":"\n<p class=\"has-black-color has-white-background-color has-text-color has-background has-link-color has-normal-font-size wp-elements-83dd15837ab4c78103f4732d6be8a384\">Officials buried the lede in presenting Norwich&#8217;s unaudited financial results for the fiscal year ending June 30, 2025. Missing headline: <strong>The Town has nearly $1 million more in surplus money than expected.<\/strong> The Town Manager&#8217;s August report overlooked this significant good news, and the Selectboard failed to highlight it in their review.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">By the numbers. <\/h3>\n\n\n\n<p class=\"has-normal-font-size\">The numbers are clear. Our town ended the fiscal year with approximately $972,000 more on hand than projected when the property tax rate was set last year. This represents a pleasant development worth talking about in public.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-normal-font-size wp-elements-c95509638498a933c14ef0fd0cf8a7c7\">It\u2019s interesting how the Town Manager presented this information  &#8211; or rather, didn\u2019t present it.  The Finance Office reported revenue at 113.11% of budget and expenditures at 97.7% of budget, with a net surplus of $272,759 &#8211; all good. But accounting technicalities buried the bigger story. Officials never highlighted the infusion of $700,000 of surplus funds that voters approved at Town Meeting, even after Selectboard member Vincent brought it up. <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1675\" height=\"631\" src=\"https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.24.30.png\" alt=\"\" class=\"wp-image-3855\" srcset=\"https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.24.30.png 1675w, https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.24.30-300x113.png 300w, https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.24.30-1024x386.png 1024w, https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.24.30-768x289.png 768w, https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.24.30-1536x579.png 1536w\" sizes=\"auto, (max-width: 1675px) 100vw, 1675px\" \/><figcaption class=\"wp-element-caption\">Excerpt from Town Report presented to voters for Town Meeting 2024<\/figcaption><\/figure>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-normal-font-size wp-elements-dbd610dedd6d11bb46c914676742de1b\">The amount was simply left out of the totals. The Town Manager checked with the auditors who agreed the Finance Office did the accounts correctly.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"941\" height=\"500\" src=\"https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.33.51.png\" alt=\"\" class=\"wp-image-3857\" srcset=\"https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.33.51.png 941w, https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.33.51-300x159.png 300w, https:\/\/norwichobserver.com\/wp-content\/uploads\/2025\/09\/CleanShot-2025-09-08-at-14.33.51-768x408.png 768w\" sizes=\"auto, (max-width: 941px) 100vw, 941px\" \/><figcaption class=\"wp-element-caption\">Excerpt from August 27, 2025 Selectboard meeting packet <\/figcaption><\/figure>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-normal-font-size wp-elements-3c7badc5f9c6e05fae91e1b47a6baa74\">Here, however, accounting obscured the bigger picture. The infusion of $700,000 was NOT spent.  Lost in the translation: the Town has nearly $1 million more on hand than anticipated ($272,759 + $700,000), to close out the fiscal year. As a taxpayer, that&#8217;s a fun fact worth mentioning.<\/p>\n\n\n\n<p class=\"has-normal-font-size\">While I understand municipal finance involves complex accounting classifications, the bottom line matters most to the Selectboard and taxpayers. The net result is that the Town has a bigger financial cushion than advertised. Selectboard member Calloway criticized member Vincent for micromanaging the Town Manager\u2019s bookkeeping. However, Town Treasurer Lindberg and the Vice Chair of the Finance Committee both indicated at the August 27 meeting that the &#8216;surplus&#8217; was indeed over $900,000. To me, that&#8217;s important information that needs pointing out to the Board and the public. <\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">***<\/h3>\n\n\n\n<p class=\"has-normal-font-size\">The question now is what happens with this nearly $1 million windfall. Will it reduce next year&#8217;s tax burden? Fund capital projects? Top off the rainy day\/emergency fund?  <\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">* * * *<\/h2>\n\n\n\n<p class=\"has-text-align-center has-blue-color has-text-color has-link-color wp-elements-bc992280b35661237488c39b54402853\">Thanks for reading! Contact me at norwichobserver[at]gmail.com<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Officials buried the lede in presenting Norwich&#8217;s unaudited financial results for the fiscal year ending June 30, 2025. Missing headline: The Town has nearly $1 million more in surplus money than expected. The Town Manager&#8217;s August report overlooked this significant good news, and the Selectboard failed to highlight it in their review. By the numbers. The numbers are clear. Our town ended the fiscal year with approximately $972,000 more on hand than projected when the property tax rate was set <a class=\"more-link\" href=\"https:\/\/norwichobserver.com\/index.php\/2025\/09\/08\/hidden-good-news-fy-25-closes-with-nearly-1-million-surplus\/\">Continue reading <span class=\"screen-reader-text\">  Hidden Good News: FY 25 Closes With Nearly $1 Million &#8216;Surplus&#8217;<\/span><span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13,21],"tags":[42],"class_list":["post-3853","post","type-post","status-publish","format-standard","hentry","category-budget-town","category-town-finance","tag-norwich-vt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hidden Good News: FY 25 Closes With Nearly $1 Million &#039;Surplus&#039; - Norwich Observer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/norwichobserver.com\/index.php\/2025\/09\/08\/hidden-good-news-fy-25-closes-with-nearly-1-million-surplus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hidden Good News: FY 25 Closes With Nearly $1 Million &#039;Surplus&#039; - Norwich Observer\" \/>\n<meta property=\"og:description\" content=\"Officials buried the lede in presenting Norwich&#8217;s unaudited financial results for the fiscal year ending June 30, 2025. Missing headline: The Town has nearly $1 million more in surplus money than expected. The Town Manager&#8217;s August report overlooked this significant good news, and the Selectboard failed to highlight it in their review. By the numbers. The numbers are clear. 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Missing headline: The Town has nearly $1 million more in surplus money than expected. The Town Manager&#8217;s August report overlooked this significant good news, and the Selectboard failed to highlight it in their review. By the numbers. The numbers are clear. 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