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Tolland posts small projected first-quarter surplus; council questions SRO funding and legal authority
Summary
Finance staff reported a projected $182,000 budgetary fund balance increase driven by tax-sale revenues and noted $282,658 in first-quarter interest income; councilors discussed reserves, investment returns and legal/administrative issues relating to funding and employing a school resource officer (SRO).
Finance staff told the council that the town is projecting a budgetary fund balance increase of roughly $182,000 for the fiscal year, driven largely by tax-sale receipts recorded in August and some departmental underspending tied to vacancies. The general fund and pooled investments totaled roughly $33.3 million as of Sept. 30; pooled balances across all funds were about $42.8 million. First-quarter interest earned on the general…
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