Select Board, Finance Panel adopt new financial policy

Select Board · Meeting of September 14, 2026

Andover's Select Board and Finance Committee jointly adopted a rewritten financial policy, the town's first since roughly 1990, creating a new Capital Stabilization Fund for major buildings. The Select Board voted 5-0 and the Finance Committee passed it by majority, both amending a page-eight provision to require only a majority, not two-thirds, vote to spend from the new fund. The policy sets building thresholds of $50 million for schools and $20 million for town facilities, funded by roughly 10 percent of certified free cash, an amount Town Manager Andrew Flanagan estimated at $1.5 million to $1.8 million a year.

Select Board member Kevin Coffey pushed for a firmer numerical savings goal, while Finance Committee member Paula Colby-Clements said that belongs in annual budget decisions, not policy. Resident Kathleen Grant of 83 Morton Street asked why the policy didn't address the town's bond rating; officials said it does, citing a section on maintaining Andover's AAA rating.

In the full story:

• Who Was There
• Organizations And Documents Referenced
• The complete report — 2,141 words

Source: the Select Board meeting of September 14, 2026, reported from the official video recording and transcript.