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Finance director presents midyear figures; town staff probing closed capital accounts for reallocation
Summary
Finance Director Ann Marie presented the town’s year‑to‑date financial results and a multi‑year capital schedule. Officials discussed sweeping closed capital accounts to reallocate funds for new projects but noted reallocations would require voter approval in the next budget process.
WINCHESTER, Conn. — At the Jan. 21 meeting of the Board of Selectmen, Finance Director Ann Marie gave a midyear financial briefing showing fiscal year‑to‑date revenue and expenditure figures and a draft multi‑year capital summary intended to identify closed projects and available balances for reallocation.
Ann Marie reported year‑to‑date property tax revenue and other items. "Current property tax revenue, $16,000,006.51...That's about 60.89% of budgeted," she said. She listed municipal aid received in December (including a $28,003.90 grant for the senior center) and gave a cash‑flow snapshot: "Cash flow at December 30 first, just a little over $6,000,007.24. Of that, 5,200,000.0 was invested, 453,000 in the Northwest Community Bank sweep account...and $2,000,002.66 in our Northwest Community Bank money market account."
The capital summary itemized recent capital payments including $475,002.92 for an Elm Street bond project and $316,001.66 for the Hubbard Street bond project; smaller capital payments were also listed for road maintenance, culvert work, and retaining walls. Ann Marie and the town manager said they are identifying capital projects that are officially closed so those balances can be proposed for reallocation; any such reallocation would be presented to voters during the next budget referendum.
Board members probed specific line items. The town manager and Ann Marie reviewed a ladder‑truck bond where about $66,047 remained unspent; they clarified that some bond proceeds and sinking‑fund dollars contributed to the purchase and that reallocation would require board action and voter approval via the budget process. Members also discussed a plow‑truck purchase order and encumbrance timing after staff located a purchase order entered Jan. 2.
Ending: The town manager and finance director will finish reconciling older capital project detail and return with a recommended list of officially closed accounts and candidate reallocations for inclusion in the next budget process.
