Chilmark is hosting a special town meeting later this month to clear up a financial process misstep.

The town has called a one-article town meeting for Monday, July 15 to transfer more than $400,000 from the town’s general stabilization fund to various projects. 

Residents will decide on moving $433,831.63 to establish a reserve fund for the finance committee, pay for various maintenance replacements in town buildings and other repairs. About $50,000 will fund the first year of a 10-year facilities maintenance plan.

This warrant needs to be approved because of “a process issue” with the state, according to town officials. State law requires that the town must go to voters when transferring a large sum of money from one fund to another.  

“I regret that we’re in this position and I look forward to whatever administrative steps need to be taken to see that we don’t have to repeat this in years to come,” select board chair Jim Malkin said at a select board meeting Thursday. 

The meeting will be held at the Chilmark Community Center at 7:30 p.m. Quorum is 25 people.