LIVERMORE — The Board of Selectpersons addressed several town policy issues at its meeting Monday night.

The board voted to again revise the Municipal Financial Procedures policy after several minor changes were made this fall to reflect personnel changes since originally approved in 2013.

Changes were made under the credit/debit card section because of the resignation of highway Foreman Roger Ferland. Selectpersons decided to list the fire chief and the road foreman as employees who would be issued credit cards, but decided not to list those persons by name.

Treasurer Amy Byron said the town resolved an issue with Wal-Mart and the town has a card there once again.

The Undesignated Fund section was discussed at length.

The policy states, “The level of Undesignated Funds the Town of Livermore strives to maintain is an amount between 17 and 25 percent of the previous year’s budget as reported in the town’s audited June 30th fiscal year-end financial report.”

Byron said there is about 3 percent in that account, although it changes daily, especially at this time of year with taxes being collected. To reach the recommended level, the town would need to have a savings plan and put aside a certain amount each year. Byron said the town could allocate a portion of the taxes to that account annually, but there are trust issues involved.

“The town set aside money previously and it disappeared,” Selectperson Megan Dion said.

Board Chairperson Peter Castonguay said $10,000 had been set aside for tree removal.

“It was never used and may have gone back into the General Account,” he said. No record exists of what was done with that money.

Selectperson Tom Gould said the percentages are a goal. He proposed using them as an argument to put more money into the Undesignated Fund in the future.

Dion said town auditors recommend having a certain amount in the Undesignated Fund. “We would have to build trust to do that. It’s been broken in the past,” she said.

Byron also noted the policy states the Undesignated Fund balance will not be used on a routine or one-time basis to lower taxes or offset normal operating expenses, unless reviewed and authorized by the Board of Selectpersons. 

The board voted to accept the policy as amended.

The board adopted a Post Issuance Compliance Policy as recommended by town attorney Lee Bragg. Bragg told Byron it’s a good idea to have this new policy in case of an IRS audit.

Several selectpersons pointed out the additional responsibilities this policy puts on the town treasurer. Selectperson Tim Kachnovich said it would be good to add the deputy treasurer to the policy. The board voted to adopt the policy with the suggested change.

In other business, the board also voted to approve a Cardholder Agreement Form that lists procedures and responsibilities expected of any employee who purchases materials for the town with a debit card. The form must now be signed before a card can be issued.

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