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The Finance Committee and Select Board subcommittee reviewed a revised financial policy document but did not adopt it. Discussion covered general fund reserve targets of 5%–7%, a capital planning target of 5.0%–7.5%, and a proposed $25,000 capital-improvement threshold for assets with at least five years of useful life.
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The revised document is intended to clarify how Andover manages reserves, capital projects, borrowing, debt, and financial responsibilities. Members requested clearer definitions, examples, and distinctions between policy, definitions, and procedures. Further work is planned, including listing major water and sewer projects for a future meeting; no final policy approval was recorded.
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