Finance Committee advances integrated financial-policy document review.
Finance Committee · Meeting of April 15, 2026
Andover Finance Committee and Select Board Subcommittee completed a detailed review of an integrated financial-policy document on April 15, refining language on reserves, free cash, and capital stabilization funding. Town Manager Andrew Flanagan and Chief Financial Officer Hayley Green distributed updated drafts with tracked changes; members present were Paula Colby-Clements, Laura Gregory, and Kevin Coffey. The committee restructured the General Fund Reserves section, removed "minimum" language from the 20 percent reserve target, and agreed to expand the glossary with definitions for Stabilization and Free Cash.
Members endorsed allowing the Town to exceed both the 20 percent reserve and 10 percent stabilization targets when financially appropriate or when one-time revenues become available, and agreed that stabilization contributions should reflect long-term capital planning--particularly for future major projects such as a new high school. A final review and accompanying memorandum draft will proceed ahead of the next meeting on May 5, 2026.
In the full story:
- The complete report — 397 words
Source: the Finance Committee meeting of April 15, 2026, reported from the official video recording and transcript.
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