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Simsbury reports FY25 surplus, $2.8M moved to capital reserves after Henry James refund
Summary
Finance staff reported a FY25 operating surplus and lower-than-expected expenditures, and the board approved transfers that include a $2.8 million contribution to capital reserves and redirected roughly $3.3 million of returned Henry James bond proceeds to approved capital projects to reduce future bonding.
Town finance staff told the Board of Finance on Nov. 18 that fiscal year 2025 closed with revenues about $2.31 million above budget and expenditures roughly $1.1 million under budget, producing a net increase in the town's fund balance. Finance staff explained the primary drivers: timing in conveyance-tax receipts, higher-than-expected interest income, and savings on employee benefits tied to a midyear shift in retiree health-plan arrangements.
Staff also reported receipt of returned bond proceeds tied to the Henry James project (approximately $3.0–$3.3 million) and proposed using those funds to reduce planned bonding and to increase the…
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