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Vassalboro Finances Secure with $1.7M Surplus, Investments Perform Well

The Vassalboro select board received satisfactory news regarding the town’s finances during their recent meeting. Auditor Ron Smith from RHR Smith, Auditors, reported that the audit for the fiscal year ending June 30, 2023, is complete, with the audit for the following year to be shared soon. The town’s surplus account, totaling about $1.7 million as of June 30, 2024, meets recommended standards, providing financial security for the town in emergencies. The Vassalboro school system also maintains an adequate surplus, according to Smith.

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Matt Weaver of First National Wealth Management in Damariscotta informed the board that Vassalboro’s investments are performing well despite economic uncertainties. He expressed satisfaction with the portfolio’s performance and advised maintaining the town’s conservative financial strategy without making any changes.

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The meeting also involved discussions on the draft personnel policy with three town employees. Select board members addressed their comments and questions during the session.

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During the meeting, the public works crew received accolades for their work on the almost-completed pavilion at Eagle Park. The crew was authorized to proceed with another project, with plans to enhance the park with picnic tables made locally at Vassalboro’s Maine Adirondack Chairs.

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Additionally, the school department requested assistance from the public works crew for a project aimed at alleviating congestion during student pick-up times. The select board approved the use of town resources pending approval from relevant state departments.

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Town Manager Aaron Miller proposed utilizing a summer intern from the Muskie School of Public Service at the University of Southern Maine to assist with town office tasks, with minimal cost to the town. The select board unanimously approved this proposal.

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Other matters discussed included a resident’s inquiry about mooring a boat in China Lake near the East Vassalboro landing. The board advised consulting with the Kennebec Water District officials for guidance on lake usage regulations.

Board member Chris French suggested future discussions on updating town ordinances, revising the town’s TIF document, and potentially increasing the size of the select board to five members, subject to voter approval.

The next scheduled Vassalboro select board meeting is on May 29, with town functions closed on May 26 for Memorial Day.

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