Board changes interest accounting, strains general fund budget
New Lebanon board adopts separate interest accrual for reserve funds, reducing annual revenue by $22,000. The Town Board unanimously approved Resolution #17 to accrue interest separately on four capital reserve funds, following New York State Comptroller guidance; the change will reduce general
misc · Meeting of April 14, 2026
NY NEW LEBANON — New Lebanon board adopts separate interest accrual for reserve funds, reducing annual revenue by $22,000. The Town Board unanimously approved Resolution #17 to accrue interest separately on four capital reserve funds, following New York State Comptroller guidance; the change will reduce general fund revenue by approximately $14,000 and highway revenue by $8,000 through year-end, forcing the town to identify spending cuts or new revenue sources. The board also voted 4-1 to increase the town accountant's salary from $1,250 to $1,850 monthly, enacted an energy code revision, and appointed two new members to the Walkable Downtown Committee, while accepting resignations from three committee members.
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Source: the misc meeting of April 14, 2026, compiled from the official minutes.
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