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Torrington Board of Finance approves FY2025 budget transfer, reviews city performance reports
Summary
The Torrington Board of Finance approved a fiscal year 2025 budget transfer and reviewed city performance reports on May 20, 2025; staff described encumbrance practices, a purchasing freeze ahead of fiscal close and the start of audit work.
The Torrington Board of Finance approved a budget transfer for fiscal year 2025 and reviewed city performance reports at its May 20, 2025 meeting, with the board voting to approve the transfer after a motion by Mr. Bayes and a second from Mr. Wright.
The vote followed a short presentation referencing the Manager of Budget's letter dated May 13, 2025, which described the requested transfers. Comptroller Olivia told the board that encumbrances recorded in the reports are generated from purchase orders and therefore represent expenses the city expects to incur but has not yet paid. "No, all of your spot on — all of the encumbrances are generated from a…
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