Special Revenue Fund housekeeping

Post date: Mar 20, 2017 7:47:46 PM

As we have been reviewing open but dormant accounts that have been on our books, we have found some housekeeping to do. Some of these have been holding more for more than a decade. Most can be simply closed by administrative action and the small corrective balance (if out of balance) made through accounting entry either plus or minus. Interestingly, any accounts that have a positive balance, we can just write over to free cash, while anything in deficit needs to go to Town Meeting. We have reviewed with DOR to ensure our plans are appropriate -- there is one closure that does

need to go to Town Meeting. This was a reimbursement grant to fund an ecological risk assessment of the former "Photech" property that was performed over the course of FY 12/13 & 14 and closed in 2015 with a remaining balance of $6,368.22. The good news is that among the funds we are closing, we are returning over this amount ($21,648) to free cash; so, our proposed article will fund this closure through the use of free cash.