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Torrington Board of Finance approves centralizing capital-reserve funds for city facilities
Summary
The Board of Finance voted to reclassify facility-related capital reserve accounts into a centralized city real estate/facilities line, after a reconciliation found nearly $9 million in reserves; the board also asked staff to develop quarterly reporting requirements.
The Torrington Board of Finance voted on Aug. 19 to reallocate existing capital reserve balances for building and facility improvements into a centralized city real estate (facilities) capital-reserve account and to develop a policy requiring quarterly reports to the board.
The move follows a reconciliation of capital-reserve accounts through June 30, 2025 that showed approximately $9 million in reserves across multiple departmental accounts. Erica, the city’s budget manager, told the board the reconciliation allowed staff to see which funds had been earmarked for building repairs and to propose moving those line items into a single facilities account under the city real estate department.
The board emphasized the…
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