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Board hears positive midyear finance report, approves contingency transfers
Summary
Board received a January YTD finance update showing revenues near budget and approved transfers totaling multiple small reallocations to cover sewer capital, HVAC and fire equipment repairs.
The New Canaan Board heard a financial update for the seven months ending Jan. 31, 2026, and approved several budget transfers to cover capital and repair needs.
Ryan (finance staff) told the board that year‑to‑date revenue was tracking strongly — described on the slides as 96.3% of the estimated budget — and said current tax collections were close to budgeted expectations. He said building permit revenue was down year‑over‑year and that one‑time items such as an Eversource rebate affected miscellaneous income.
The board reviewed three transfers: $17,488 moved within sewer capital from two completed projects into a motor control electrical rehab project; $25,000 from general contingency to cover repairs at the movie theater facility; and $36,000 from general contingency to cover fire department mobile equipment repairs. A motion to approve the transfers was made, seconded and adopted without opposition.
Board members asked Ryan for a formal year‑end projection. Ryan said he would provide a revenue estimate at the March meeting.
The board also formally approved the minutes from its Feb. 3 meeting before moving on to departmental budget presentations.
