[{"_1":2,"_97":-5,"_98":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6626765,"mediaKeyId","2746118-056e8a9e6b5b9ef9be86231254096e8b","parentId",2746118,"title","Torrington sells bonds and BANs at low rates, board approves transfers and moves ahead with budget tools","audioSeconds",339,"startMs",1868000,"endMs",2207000,"viewUrl","/Search/View?dp=1&key=2746118-056e8a9e6b5b9ef9be86231254096e8b&start=1868&end=2207","thumbnailUrl","https://assets.pipeline.soar.com/2746118-056e8a9e6b5b9ef9be86231254096e8b/thumbnail_1868000.jpg","articleUrl","/articles/6626765/Torrington/Northwest-Hills-County/Connecticut/Torrington-sells-bonds-and-BANs-at-low-rates-board-approves-transfers-and-moves-ahead-with-budget-tools","mediaUrl","https://secure.pipeline.soar.com/6626765-0900f597898121c2170db2c2d52028f9/orig.mp4?Expires=1771161827&Signature=EG06EA~aR3RMNqPFusqSaJ0yGItQAstZ~HE0N-XXZUs78lyF1WZAJqtfv8cyDZXjnBa-mBYZyqHoM4Nma3oIERdaMvlS544WOU6RMm1gqPJrcEPZ7qDJC7JNeldo6hZJ6GBl3lwk~CosVXnjQ0A23JCXxEGOC8ChfFYQVPvztZHJLAgfhxsS1UeQeOotvEx1Xag5bbyiW66BbAwQDl6LlIzK0geIqmYlymZ4u1Sq~JUWue7aXie2wSgPICvlGfxtBr99dDhhcbbNWTw3ESkvwLOgphLsfUYnC5W-5t5ZyZ3D5hEV1X8HezhD9RpPfRLzzaS~9fTOmV5uugVSwlk19g__&Key-Pair-Id=KUT5TJCACFTXG","author","City Council of Torrington CT","date","2025-03-20T06:56:31.213Z","article","The Torrington Board of Finance on March 18 received several finance updates: the city completed bond and bond-anticipation-note (BAN) sales at competitive rates and with premiums, the board approved budget transfers and performance reports, and staff described plans to adopt a ClearGov digital budget book as the city assesses the fiscal impact of a recent revaluation.

Treasurer's report: bonds and BANs
The treasurer reported the city sold $15.9 million in general-obligation bonds and $22.35 million in bond-anticipation notes. Cabrera Capital Markets won the bond award with a reported true interest cost of about 3.267% and paid a premium of $1,313,268.49; the BANs were awarded to Janney Montgomery Scott at a net interest cost near 2.815% with a premium of $264,154.65. The treasurer said Torrington's bond interest was among the lowest in New England at the time of sale.

Budget approvals and personnel
The board approved budget-transfer requests for FY2024-25 (as described in the manager of budgets letter dated March 12, 2025) and accepted the city and Board of Education budget performance reports through Feb. 28, 2025. Motions to accept minutes and open the meeting to the public also carried; one abstention was recorded on the Feb. 18, 2025 regular-meeting minutes (Board member Bayes).

Staffing and tools
Finance staff said an assistant deputy comptroller will start March 31. The mayor and finance staff also said they will pilot ClearGov, a cloud-based digital budget book and public-facing budget tool, to present revenues, demographics and revaluation impacts more clearly for the upcoming budget cycle.

Revaluation and capital projects
City officials said the recent revaluation produced uneven increases in residential property values, with multifamily and mid-to-larger single-family homes rising faster than smaller single-family properties and commercial assessments. Staff warned the revaluation will produce an uneven distribution of tax impacts across neighborhoods and said they will prepare explanations and tools to help the public understand the effects.

Capital and street projects
Board members asked about paving and reconstruction plans: Route 4 is expected to be repaved from Riverside to Main Street after remaining utility work is completed. A Midgen street reconstruction project, including trail and sidewalk work, is planned for summer 2025 once Eversource completes gas-lateral work.

Why it matters: the strong bond sale results reduced borrowing costs and produced premiums that offset issuance costs; the adoption of a digital budget book and improved staffing aim to increase transparency as the city finalizes FY2025-26 budget decisions in the wake of revaluation.

Ending: city staff said they will continue to brief the board as the budget process advances and as capital projects proceed in spring and summer 2025.","mediaType","Video","parentTitle","March 18, 2025 | Board of Finance Regular Meeting","oneSentenceSummary","Treasurer reported strong results from recent bond and bond-anticipation-note sales, the board approved budget transfers and performance reports, and staff outlined plans for a new digital budget book and revaluation impacts.","taxTitle","Torrington, Northwest Hills County, Connecticut","taxId",52777,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6626770,"Drakeville fire chief asks Torrington finance board to keep $60,000 volunteer line for stipend",115,99000,214000,"/Search/View?dp=1&key=2746118-056e8a9e6b5b9ef9be86231254096e8b&start=99&end=214","https://assets.pipeline.soar.com/2746118-056e8a9e6b5b9ef9be86231254096e8b/thumbnail_99000.jpg","/articles/6626770/Torrington/Northwest-Hills-County/Connecticut/Drakeville-fire-chief-asks-Torrington-finance-board-to-keep-60000-volunteer-line-for-stipend","https://secure.pipeline.soar.com/6626770-41dc88314959c7cf6f9448e85d1e22c7/orig.mp4?Expires=1771161827&Signature=FIvYAE44KFfncNMVBmOOFa7kCwDJamdHZaBNu2Ya20aSxxyqotQg5dROO0thUEMz8EE7fP3hOaUJ-pP-fKi8dccm6LNfx88CcT12T3AlN9B0oXODuYRMck5olfEYe-C6zA6-iaw7rYE5xNeHzk~Eiplwzs6Md6N6QxuUzyv4QS6Gk900RN-MTgY1HcubzQf40uDsLDonuBwXzLEUsLgw4fD0e9XN6XaD2-4QVNzbNb3vXRB3TijErzx09MeBFHThaWDRltjCfLDMWG4vhXSNTUEwnGr084dlZdVP~zJmaqMpXg4kX11KhXhi46d~ibG7Gkuv2vYPnwu~8fc0qPoqUw__&Key-Pair-Id=KUT5TJCACFTXG","Tom Kalinowski, chief of the Drakeville Volunteer Fire Department, told the Torrington Board of Finance on March 18 that Drakeville faces increased operational pressure after the closure of another volunteer fire department and asked the board to reserve an already-allocated $60,000 volunteer line for Drakeville\u0000stipends in FY2025-26.

\"I am Tom Kalinowski. I'm the chief of Drakeville Volunteer Fire Department, and I'm here today to respectfully request that the $60,000 which is already allocated for the volunteer line item, be used for Drakeville's FY 2526 stipend,\" Kalinowski said during the public-comment portion of the board's meeting.

Why it matters: Kalinowski said Drakeville will bear the \"brunt\" of supplemental fire service for the city after another volunteer department closed, and that increased call volume and personnel growth have raised expenses for the department. He said the requested $60,000 represents roughly 1% of the city's total fire budget.

Context and follow-up
- Kalinowski said the department plans to host an open house for Torrington public officials; the date was not yet determined.
- Board members acknowledged the comment during the meeting but did not take formal action on the request during this session.
- At the same meeting, board members discussed the recent closure of another volunteer fire department (Torrey Ford Volunteer Fire Department was mentioned in subcommittee discussion) and acknowledged the challenges volunteer organizations face when volunteers are not available.

What was said by the board
Board members thanked Kalinowski for his remarks. During other agenda items, several board members and the mayor acknowledged the recent volunteer-department closure and urged the public to seek direct information from municipal leaders if they have questions about the financial or operational reasons behind closures.

Ending: Kalinowski said he would contact board members with the open-house date once it is set; no formal vote or commitment on the $60,000 request was recorded at the March 18 meeting.","Drakeville Volunteer Fire Department chief Tom Kalinowski asked the Board of Finance during public comment to allocate an existing $60,000 volunteer line to Drakeville for a FY 2025-26 stipend after another volunteer company closed.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":79,"_45":91,"_47":92,"_49":82,"_51":93,"_53":94,"_55":56,"_57":58,"_59":95,"_61":62,"_63":64,"_65":96,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6626776,"Auditors report unmodified opinions for Torrington’s 2024 financial statements, flag several management items",413,512000,"/Search/View?dp=1&key=2746118-056e8a9e6b5b9ef9be86231254096e8b&start=99&end=512","/articles/6626776/Torrington/Northwest-Hills-County/Connecticut/Auditors-report-unmodified-opinions-for-Torringtons-2024-financial-statements-flag-several-management-items","https://secure.pipeline.soar.com/6626776-a4c5bf22651aeba6d27189641ef7d0ad/orig.mp4?Expires=1771161827&Signature=R19eYss8JuVn-FgkD~iIQQmRaJg10nUm0P2WUNsqD6KZH~UGJFiV5STpQj4IfvDF-X-Ab36nUndHsavQg-DowqDvl3rPBsin2biNtiIrubIk3~2LZh9GuMUyS3gG62QKzPgxKosgp0Ne8Hbv8Rcz35nGO-~aQqcsLCwbIPWTDTsKRCCOALmUk3wBSfR0i4ZFpz7k9Iligo94Rg0f1U9QE2Py1G2Vz6VofBcejfoGSBxXvWDmYoXjFEEsN2EbhCuWn0bM3SrRw45IzkWECfEPL5W3ZCECwnf4hAS4eQKIr4Q8R6EDlCgm3-FVC08I-W8JwGt6Ogs3Y2BsoEwmoZWQ8w__&Key-Pair-Id=KUT5TJCACFTXG","CLA auditors told the Torrington Board of Finance on March 18 that the city\u0000received unmodified (clean) opinions on its June 30, 2024 financial statements and on federal and state single audits.

The audit opinion was accompanied by management-letter recommendations and several items the auditors recommended the city address, including correction of prepaid expenditure recording by the Board of Education, a review of the Board of Education\u0000health insurance fund transaction, and plans to eliminate deficits in several funds.

Leslie Zoll of CLA told the board, \"I am very pleased to report that the city of Torrington did receive clean opinions all around.\" Gabe Epstein, a director at CLA, said the auditors also issued unmodified opinions on major-program compliance for federal and state awards.

Why it matters: an unmodified opinion indicates CLA found the city\u0000financial statements presented fairly in accordance with generally accepted accounting principles. The management-letter items identify areas where practices or controls should be strengthened to reduce future risk and improve transparency.

Key audit findings and figures
- Government-wide net position: Governmental activities net position was reported at about $19.7 million, an increase driven largely by recognized capital grants for the Torrington High School renovation. The water pollution control (WPCA) enterprise fund net position was reported at about $53.8 million.
- Fund balances: The general fund had an unassigned fund balance of roughly $16.2 million, about 10.9% of general fund expenditures. The bonded projects fund balance was about $11.8 million. The bond-anticipation-note-backed Torrington High School renovation fund showed a negative fund balance tied to timing and bond anticipation notes.
- ARPA and other grants: The ARPA (Coronavirus State and Local Fiscal Recovery Funds) award activity appeared on the balance sheet primarily as unearned revenue of about $5.4 million as of June 30, 2024; auditors noted those amounts had to be obligated by Dec. 31, 2024 and can be spent through 2026 as permitted.

Management-letter recommendations and areas for follow-up
- Prepaids: CLA found some Board of Education payments for goods or services that should have been recorded as prepaid assets for FY25 but were recorded as FY24 expenditures. Auditors recommended the Board of Education review year-end cutoff processing to ensure correct prepaid recording.
- Board of Education health insurance transaction: The Board of Education did not transfer all budgeted contributions to the health insurance fund and later decided to terminate participation in the plan. CLA recommended obtaining a legal opinion on obligations and distributions and strengthening controls around the new arrangement.
- Fund deficits: CLA identified deficits in the Torrington High School renovation fund, the equipment maintenance fund and the economic development fund and recommended the city develop plans to eliminate or monitor these deficits.
- IT and cybersecurity: CLA recommended a comprehensive disaster recovery plan, firewall upgrades and an annual vulnerability assessment.
- Fraud risk assessment: CLA suggested the city and Board of Education perform a fraud risk assessment, either formally via an outside party or informally among management, to identify and mitigate fraud risks.

Federal and state single-audit highlights
Gabe Epstein said total federal awards expended were about $10.6 million in FY24, down about $2 million from FY23. Major federal programs tested included ARPA and the Child Nutrition Cluster. On the state side, state financial assistance expended increased to about $105.7 million in FY24, driven largely by a roughly $53 million school construction grant tied to Torrington High School. CLA issued unmodified opinions on compliance for major federal and state programs and reported no compliance or internal-control findings for tested programs.

Board and staff response
Board members and staff thanked the finance team and CLA. Mayor and finance staff noted progress toward obtaining documents and retaining outside counsel to review the Board of Education insurance matter; the mayor said CLA\u0000will continue as the city's auditor for FY25 under a one-year extension approved earlier by council.

What to watch next
The auditors and city staff said they will work on the management-letter recommendations ahead of the FY25 audit cycle. The board asked for ongoing updates on remediation of the identified fund deficits and the legal opinion related to the Board of Education health insurance transaction.

Ending note: CLA concluded its presentation offering to help the city implement upcoming GASB standards, and board members praised the comptroller and deputy comptroller for improving audit timeliness.","CLA presented the FY 06/30/2024 audit to the Torrington Board of Finance, reporting unmodified (clean) opinions on the financial statements and single audits while recommending management attention to prepaids, a Board of Education health insurance transaction and several fund deficits.","actionData","errors"]

Article not found

Torrington sells bonds and BANs at low rates, board approves transfers and moves ahead with budget tools

Drakeville fire chief asks Torrington finance board to keep $60,000 volunteer line for stipend

Auditors report unmodified opinions for Torrington’s 2024 financial statements, flag several management items