Torrington board approves year-end transfers, leaves about $1.45 million in fund balance

The Torrington Board of Finance on Sept. 16 approved budget amendments and transfers for the 2024-25 and 2025-26 fiscal years, including year-end transfers that reduce the projected use of an appropriation from fund balance and a separate vehicle-replacement transfer that will proceed only after city council approval.

The actions, taken at the board’s regular meeting, covered transfers described in a Manager of Budgets letter dated Sept. 9, 2025, and included $560,756 in transfers largely tied to public works, management operations and a refuse/landfill contract, plus a separately added vehicle-replacement transfer of $601,976 submitted by Public Works Director Raymond Drew. The board approved the vehicle transfer with the condition that it be contingent on later city council approval.

Why it matters: The transfers change how much of an already-appropriated $3.9 million in fund balance the city will draw to close the 2024-25 books. Board members said approving the transfers now gives staff authority to finish year-end accounting and deliver a trial balance to auditors.

Most important facts - The board approved year-end budget amendments and transfer requests for fiscal year 2024-25 and routine transfers for fiscal year 2025-26 as described in a Manager of Budgets letter dated Sept. 9, 2025. The board noted those FY25-26 transfers had been approved earlier by the city council. The manager’s letter was referenced at the meeting but the full text was not read into the record. - Officials discussed a revenue/expense summary presented by finance staff. The transcript records a projected expense total of $147,040,009.87 and a revenue shortfall that would require $1,888,153 from fund balance to cover expenses prior to the transfers discussed at the meeting. - The specific transfers under discussion totaled $560,756 and were described as moving surpluses from like-kind capital project line items (for example, building maintenance surpluses into capital reserves, guide-rail work surpluses into street capital projects). - After the transfers approved at the meeting, the board said the net projected use of the previously appropriated $3.9 million would be about $2.4 million, leaving roughly $1.45 million of that appropriation unspent and remaining in fund balance. - The board separately approved a $601,976 transfer into the vehicle-replacement account; that motion was amended to be contingent on city council approval and carried. - The board urged staff to finish year-end closeout work; the trial balance must be provided to auditors by Sept. 19, 2025, according to remarks at the meeting.

What board members said Mayor Mara, leading the meeting, summarized the effect of the transfers and fund-balance position: "By using only $2.4 million of the $3.9 million, we are leaving almost $1.5 million on the table." Finance staff member Erica provided the revenue and expense figures the board reviewed.

Context and next steps Board members framed the transfers as a way to reallocate surpluses in capital and project line items to support continuing work cut in the FY26 budget adoption — for example, park improvements, drainage and the Naugatuck River levee work — while preserving fund balance for future budget flexibility. The board authorized staff, including the comptroller and deputy comptroller, to complete year-end accounting and submit the trial balance to auditors. The vehicle-replacement transfer requires subsequent approval by the Torrington City Council before funds are expended.

Votes at the meeting included motions to approve the FY25-26 transfers (moved and seconded; motion carried) and the FY24-25 year-end transfers (moved and seconded; motion carried). The vehicle-replacement transfer of $601,976 was approved contingent on city council approval.