RANGELEY — Ron Smith of RHR Smith & Company presented the completed 2012-13 town audit at Tuesday’s selectmen meeting.

Smith said that because revenue projections had come in a little higher than expected and expenses a little lower, the town is in good financial shape. The reserve accounts total about $9 million, with $1.6 million in the general fund. Smith suggested that up to $1 million would be available to invest for six months or one year.

“This town has come a long way and is moving forward with new policies that encourage good paperwork,” Smith said.

Selectman Gary Shaffer suggested that the town Budget Committee should study the audit before final approval.

After brief discussion, two of the town’s new fiscal policies — the fund balance policy and the investment policy — were accepted for first reading. On second reading, the purchasing policy amendments were sent back for minor adjustments.

Tim Lyons’ application for zoning board of appeals was accepted for a term to expire June 30, 2016. The board now has a quorum and can schedule meetings.

Shaffer suggested a cemetery committee of five members. The committee would be advisory, like the parks commission, with duties to review care and maintenance. The committee would make suggestions on how to utilize funds in the cemetery fund.

Fire Chief Tim Pellerin received permission to use not more than $1,500 from the power radio reserve account to replace the emergency system’s radio antenna. The hilltop-mounted antenna, installed in 2002, is broken and bent, while the protective coating is cracked.

Pellerin reported the retirement of Engine No. 5, a 250-gallon tank truck bought for $4,000 in 1974. It is not safe to drive and is in storage, as it did not receive a safety sticker last year. Pellerin suggested putting the vehicle out to bid next spring as an antique and selling another vehicle to finance a large off-road pickup that can carry a tank and handle backcountry fires.

Pellerin also reported that the newly-reopened Rangeley Inn has drafted a plan to a create a new hallway with fire doors from some of the guest rooms in order to avoid being required to enclose the grand master staircase in the lobby, which would severely damage the room’s architectural integrity and aesthetic appeal.