Board tightens investment policy and adopts fund‑balance guidance to improve cash reporting

The select board amended and approved an updated investment policy that adds a requirement that the treasurer produce internal procedural documentation and deliver a monthly cash‑flow projection report so the board can verify liquidity to meet anticipated operational requirements. The board agreed the updated internal controls and reporting should be reviewed annually.

The board also accepted a fund‑balance policy that sets a target reserve range (the draft listed 5–17%) and directed staff to work with the finance manager on a recommended conservative target consistent with operating cash‑flow needs and school tax timing. Members emphasized the need for monthly reporting and for the treasurer to document internal controls and procedures.