Selectmen approve annual investment policy; table fund-balance revisions until January

The Wolfeboro Board of Selectmen approved the towninvestment policy during its Dec. 30 meeting and voted to delay action on an updated fund-balance policy until staff can answer specific questions.

The board approved the investment policy identified in the meeting as FINDash003, revision 0. Chair Linda opened the motion and a colleague provided a second; the motion passed by voice vote.

The fund-balance policy drew more detailed questions from Selectman Paul, who asked staff to clarify which recommended standard the town should follow for unrestricted fund balance (DRA or GFOA), whether enterprise funds (sewer and wastewater) have formal board votes permitting annual transfers from the general fund, and for a copy of the 2022 spending order vote tied to a DRA spending action. Paul asked that any factual findings be incorporated into the proposed fund-balance policy.

Town staff member Sam asked for additional time to gather those records; Selectmen agreed to table the fund-balance policy until the end of January so staff (Sam and Casey) could research the questions and provide documentation. The board set the expectation that the Jan. 2025 meeting would include the requested votes and any documentation staff locates.

No formal vote counts beyond voice votes were recorded in the transcript for the investment-policy approval. The motion to table the fund-balance policy was seconded and approved by voice vote.

The board did not adopt any changes to the fund-balance policy on Dec. 30; the item remains pending pending staff follow-up.