The Andover City Council convened on October 1, 2025, to discuss several key financial matters, including the presentation of the 2024 audit and the awarding of general obligation bonds and temporary notes.

The meeting began with Kayla Williams from BT and Company presenting the 2024 audit results. Williams highlighted that the city received an unmodified opinion on its financial statements, indicating compliance with accounting standards. She noted that the audit included an examination of the city’s coronavirus funds, which also met compliance requirements. Williams confirmed that there were no significant accounting policy changes or unusual transactions to report, and the city’s net pension liability estimate was deemed reasonable.

Following the audit presentation, the council moved to approve the consent agenda, which included routine items. The motion passed unanimously.

The council then addressed the general obligation bond bid award for Series 2025. Clayton Kelly from Piper Sandler and Company reported that the city secured financing for a wastewater project totaling $36,235,000 through competitive bidding. KeyBank Capital Markets won the bid with a net interest cost of 3.36%. Kelly noted that this rate was significantly lower than initial projections, resulting in approximately $500,000 in savings.

The council proceeded to award the purchase of Series 2025 bonds amounting to $12,230,000 to FHN Financial Capital Markets at a net interest cost of 3.92%. This decision was also based on favorable market conditions, leading to a projected savings of about $1 million over the bond's 20-year term.

Subsequent motions to adopt an ordinance and approve resolutions related to the bond issuance and temporary notes were all passed unanimously, reflecting the council's commitment to maintaining fiscal responsibility and leveraging favorable interest rates for city projects.

In conclusion, the meeting underscored the city’s strong financial management and successful navigation of the bond market, positioning Andover for continued growth and development. The council plans to finalize the financing arrangements by October 30, 2025.