FY23 FULL BUDGET REPORT ADOPTED

Reporting & Enforcement:

1. The Town shall cooperate in any enforcement or compliance review activities by the Department of the Treasury. Enforcement may include investigation, arbitration, mediation, litigation, and monitoring of any settlement agreements that may result from these actions. The Town shall comply with information requests, on-site compliance reviews, and reporting requirements. 2. The Town shall maintain a complaint log and inform the Treasury of any complaints of discrimination on the grounds of race, color, or national origin (including limited English proficiency covered by Title VI of the Civil Rights Act of 1964 and implementing regulations and provide, upon request, a list of all such reviews or proceedings based on the complaint, whether pending or completed, including the outcome. The Town shall inform the Treasury if it has received no complaints under Title VI. 3. Any person who believes they have been aggrieved by a discriminatory practice under Title VI has a right to file a formal complaint with the Treasury. Any such complaint must be in writing and filed with the Treasury’s Title VI Coordinator within one hundred eighty (180) days following the date of the alleged discriminatory occurrence. 4. Any personwho believes that because of that person’s race, natural hair or hairstyles, ethnicity, creed, color, sex, pregnancy, marital or familial status, sexual orientation, gender identity or expression, national origin or ancestry, National Guard or veteran status, religious belief or non-belief, age, or disability that he/she/they have been discriminated against or unfairly treated by the Town in violation of this policy should contact the Town Manager’s office within 90 days from the date of the alleged discriminatory occurrence on the complaint formprovided by the Town. Reserves Policy The purpose of the Town’s Reserve Policy is to provide guidelines that some portions of the Town’s fund balance be reserved for future use. In addition, as a general budget principle concerning the use of reserves, the Town Council decides whether to appropriate funds from reserve accounts. Reserve funds will not be spent for any other function other than the specific purpose of the reserve accounts without specific direction in the annual budget or by separate Town Council action. Reserve for State Statute: In accordance with state statute, appropriated fund balance in any fund will not exceed the sum of cash and investments minus the sum of liabilities, encumbrances, and unavailable or unearned revenues arising from cash receipts. Unassigned Fund Balance: The Town will maintain an unassigned fund balance in operating funds. These funds will be used to avoid cash flow interruptions, generate interest income, eliminate the need for short-term borrowing, assist in maintaining an investment-grade bond rating, provide funding flexibility for unanticipated needs and opportunities, and sustain operations during unanticipated emergencies and disasters. The level of unassigned fund balance will be determined based on anticipated future funding needs, historical trends,

123