Finance Committee examines $850K capital fund shortfall
Finance Committee examines $850K capital fund shortfall while reviewing FY2026 closeout. Town Manager Frank Gervasio reported an estimated $850,000 gap in the Capital Expenditure Fund; investigator Paul Watson, a former Billerica town accountant, has been engaged to determine what occurred and
Finance Committee · Meeting of September 1, 2026
HOLLISTON — Finance Committee examines $850K capital fund shortfall while reviewing FY2026 closeout. Town Manager Frank Gervasio reported an estimated $850,000 gap in the Capital Expenditure Fund; investigator Paul Watson, a former Billerica town accountant, has been engaged to determine what occurred and establish new controls. FY2026 revenues exceeded expectations by approximately $2 million, with motor vehicle excise taxes reaching roughly $3 million against a $2.25 million estimate and ambulance service revenue of approximately $900,000 versus $375,000 budgeted.
The committee approved prior minutes unanimously; Gervasio previewed 18 expected warrant articles for October Town Meeting.
In the full story:
- The complete report — 308 words
Source: the Finance Committee meeting of September 1, 2026, compiled from the official minutes.
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