Andover boards approve modernized financial policies with capital stabilization fund
Andover Select Board and Finance Committee approve modernized financial policies. The framework, drafted over six months by a joint subcommittee, consolidates fragmented policies last reviewed in the 1990s and establishes a new Capital Stabilization Fund with thresholds of 50 million dollars for
Select Board · Meeting of September 14, 2026
Andover Select Board and Finance Committee approve modernized financial policies. The framework, drafted over six months by a joint subcommittee, consolidates fragmented policies last reviewed in the 1990s and establishes a new Capital Stabilization Fund with thresholds of 50 million dollars for school buildings and 20 million dollars for town buildings. Town Manager Andrew Flanagan and Chief Financial Officer Hayley Green presented the integrated approach, which uses approximately 10 percent of certified free cash to fund the reserves and creates "guardrails" for debt service and capital planning.
The Select Board voted 5-0 to approve, with a technical amendment changing the fund withdrawal threshold from two-thirds to majority vote for state law compliance; the Finance Committee approved by majority vote. A two-thirds town meeting vote will be required to establish the stabilization fund.
In the full story:
- The complete report — 388 words
Source: the Select Board meeting of September 14, 2026, reported from the official video recording and transcript.
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