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The committee revised an integrated financial policy draft and agreed to conduct one final review before drafting a supporting memorandum. Changes include clarifying reserve targets, allowing reserves to exceed 20% when appropriate, and permitting stabilization contributions above 10% when significant one-time revenues are available.
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The draft policy would guide how Andover manages reserves, free cash, and stabilization funds. Members said these funds generally should not pay recurring operating costs and emphasized building savings for major future projects. The policy was not adopted at this meeting; another review is planned before joint adoption by the Select Board and Finance Committee.
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