Board of Finance hears September financials, approves transfers and meeting schedule

The Board of Finance on Tuesday reviewed September financial results and a quarterly cash-management update that showed general-fund interest income ahead of the pace assumed in the current budget and approved multiple transfers to close out fiscal 2025 activity.

The finance staff reported year-to-date general-fund revenue of approximately $94.1 million and current tax collections of about $88.9 million. Building-permit revenue stood at roughly $298,000 and conveyance fees at about $731,000. Parking-permit revenue was reported at $638,000. On interest income, staff said an initial $250,000 entry plus additional statement-driven receipts bring realized interest posted in August/September to a higher total; the staff summary showed general-fund interest of about $662,000 year to date against a budgeted $1.8 million for the fiscal year.

Treasury staff summarized the town's cash allocations across accounts and custodians. The town's pooled cash at Webster Bank was earning roughly 4.1 percent, staff said; Janney-invested funds were placed in short-term treasuries (three-month ladders), and UBS-held treasuries were laddered to longer terms (up to 12 months). Staff said some agency holdings bought at low yields in 2020'1 are showing unrealized losses but will mature over 2026 and can be reinvested at higher yields. The treasury update emphasized a conservative approach: maintain operating liquidity while laddering maturities so that maturing balances can be redeployed at currently higher short-term yields before anticipated Federal Reserve rate cuts.

The board voted to approve a set of journal transfers and closeout entries for fiscal 2025 totaling $211,005.83 (contingent on final auditor review and any additional invoices within the 60-day post-close accrual period). The motion to approve those transfers passed on an affirmative voice vote.

The board also approved the proposed 2026 meeting schedule and a set of routine budget transfers and line-item adjustments submitted for review. Other routine business included approval of minutes from the prior meeting and the formal seating of an alternate member to replace an absent regular member.

Why it matters: Interest income and short-term investment strategy affect available operating revenue and the town's ability to fund capital projects without tax increases. The board's transfers finalize prior-year obligations to contingency and set clean starting balances for the new fiscal year.

What the board asked for next: Members asked treasury staff for stage-by-stage cost reports and timelines for planned capital items when those need financing, a breakdown of consultant cost items by phase, and an estimate of how long staged construction would take if funded. Staff said they would supply additional detail on the staging cost breakdowns and a clearer schedule for each phase on request.

Votes at a glance

- Approved motion to seat Steve Vilka as an alternate to replace Michael Chen (voice vote; motion carried). - Approved minutes from the meeting of the ninth (voice vote; motion carried). - Approved transfers and closeout journal entries totaling $211,005.83 (voice vote; motion carried). - Approved 2026 meeting schedule (voice vote; motion carried).

No legislation, ordinances or grants requiring separate legal citation were considered during the meeting.

The board adjourned after routine executive-session items and final procedural motions.