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Council authorizes outside audit assistance as S&P affirms AA rating for proposed school bond
Summary
The council authorized an engagement with accounting firm CliftonLarsonAllen for audit and finance assistance while the deputy finance post is vacant; staff also reported S&P affirmed a double-A rating on a proposed $4 million school bond, which should result in favorable borrowing terms.
The New Shoreham Town Council authorized staff to enter into an agreement with CliftonLarsonAllen to provide finance and audit support while the deputy finance director position remains vacant.
Mona explained the firm is on the state's master pricing agreement and can provide audit and other finance services; she said the engagement would not exceed the budgeted salary and benefits for the vacant deputy position. The council voted to authorize entering the agreement.
Separately, staff reported that S&P affirmed the town's double-A rating on a planned $4 million school bond issuance. Staff said the rating reflects a sizable property tax base and predictable property tax revenues; S&P also noted the town's reserves and housing/human-capital risks as part of its narrative. Council members said the rating should support better borrowing terms and discussed the timing and frequency of future rating reviews.
