The June 3 story headlined “Community center bids come in high; $2.3m fund transfer sought” misstated the dollar amount by which the Finance Committee hopes to increase the town’s fiscal 2025 reserve fund in order to cover unanticipated expenses this year. Those expenses total about $635,000, but the reserve fund already has about $616,000, so the transfer request will be $50,000 or less, depending on the final numbers. The FinCom will finalize details at its June 10 meeting.
The same story also misstated the source of expected additions to the reserve funds. The total balance of $11.1 million will rise by about another $2.6 million in the fall from underspent amounts and/or revenues in excess of the FY25 budget assumptions, not from property tax income.
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