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Ossipee Select Board approves $3.24 million TAN, amends budget and zoning‑truck warrant article
Summary
Select Board authorized a $3.24 million tax anticipation note with Bank of New Hampshire, adopted a $9,602,111 operating budget (1.7% increase) and amended a warrant article to set a $1,210,000 zoning‑truck amount; members discussed cash‑flow timing tied to village‑district posting errors.
The Select Board of Ossipee Town voted to authorize a tax anticipation note (TAN) to manage interim cash flow while the town awaits completion of village‑district postings needed to set the tax rate.
Chair read a motion authorizing the town administrator to arrange with the Bank of New Hampshire a TAN for fiscal year 2025 in the principal amount of $3,240,000 at a rate of 4.875% per annum on a drawdown basis; the motion passed after discussion about timing and alternatives. Board members explained the need arose because a village district failed to post its annual meeting properly, delaying the town’s ability to set the tax rate and send bills. "This is going to cost the taxpayers money," the chair warned, but members said borrowing on a short-term TAN and repaying it when tax revenues arrive was the practical option.
At the same meeting the board amended the warrant articles to change the requested zoning‑truck amount to $1,210,000 and approved a revised operating budget with a bottom line of $9,602,111, representing a 1.7% increase over last year (excluding a separate school warrant article). Board members discussed the town’s unassigned fund balance (approximately 11%) and the desire to grow reserves to about 17% to avoid future borrowing.
Board members also voted on routine items including police traffic‑safety grants, a library restoration grant and other operating motions. The TAN authorization passed by voice vote and the board directed staff to monitor actual drawdown needs and to report back as tax receipts arrive.
