Board Of Finance Minutes
The Board of Finance meeting involved several key discussions and actions. Finance members discussed updates from the Beach and Recreation Commission, including officer elections and the progress of the Master Plan survey. A consultant recommendation regarding funding an OPEB reserve account was noted. A primary focus was a Special Appropriation request of $68,100 from the Beach and Recreation Department for storm-related repairs at the Surf Club, which involved extensive debate regarding the adequacy of previous repairs at the Garvan Point sea wall and the necessity of an independent engineering review; the appropriation was ultimately approved. The Board also reviewed the Fiscal Year ending 2025 Audited Financial Statements, covering fund balances, pension funding levels (Town Fund at 75.3%, Police at 71.9%, Firemen's at 90.2%), and the absence of an OPEB Fund. Furthermore, the Board accepted a $20,000 donation from The Madison Foundation for Meals-on-Wheels. Finally, the Board unanimously approved the transfer of $66,000 in property taxes to suspense, as recommended by the Tax Collector, and accepted the Local Transportation Capital Improvement Program (LOCIP) Grant of $2,570,000 for Copse Road and Warpas Road construction.