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Strafford County committee moves to borrow up to $24 million in tax anticipation notes
Summary
The Strafford County executive committee approved borrowing in anticipation of taxes up to $24,000,000 for early 2025 after treasury staff warned county cash would be insufficient to cover expenses for the first six months of the year.
Chair (Speaker 1) opened discussion on a cash-flow proposal and called on treasury staff to present a formal recommendation.
Speaker 2 (FA Treasury) read a letter advising the executive committee that "the funds in the county treasury will be insufficient to meet expenses for the 1st 6 months of the year 2025" and recommended the county "borrow in anticipation of taxes an amount to be up to but not exceeding $24,000,000 for the year 2025 to be borrowed in early January and repaid by December 31, 2025." The speaker also noted federal borrowing rules that limit short-term borrowing to the amount needed for a six-month period.
Following the presentation, Speaker 3 moved to approve the tax anticipation note to borrow $24,000,000. Chair and members expressed vocal assent; the transcript records multiple "Aye" responses and the motion was advanced. The committee discussed that the borrowing would be repaid once tax revenues are received later in 2025.
The transcript does not include a full roll-call tally in the record provided; staff described the amount as an estimate based on cash-flow projections for the first half of the year.
Next steps: staff will proceed with the borrowing process in early January and return any required documentation to the executive committee and budget office as the county finalizes the 2025 budget.
