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Board approves budget transfers and performance reports; S&P assigns top short‑term rating ahead of BAN sale
Summary
The Board of Finance approved budget amendments and accepted budget performance reports through Jan. 31, 2026; officials announced S&P assigned S&P 1+ short‑term rating and set a bond anticipation note sale for $16,325,000 on Feb. 24, with closing March 12. The assessor reported the grand list was signed on time.
The Torrington Board of Finance approved budget amendments and transfers for FY25–26 (pending City Council approval) and accepted the city's budget performance reports through Jan. 31, 2026 during its Feb. 17 meeting.
Finance staff and department heads reviewed specific transfers, noting HSA contributions are budgeted within department 44 and transfers for WPCA and equipment maintenance are budgeted in their respective funds. The board moved and voted to approve the requests as described in the manager's budget letter dated Jan. 30, 2026.
In departmental business, Dan Farley reported results of a Standard & Poor's review tied to bond anticipation notes for school construction: "S and P Global Ratings assigned its S and P 1 plus short term rating to Torrington," he said, and noted S&P affirmed the city's AA‑ long‑term rating. Farley said the BAN sale is scheduled for Tuesday, Feb. 24, with a closing on March 12, and that the issuance size is $16,325,000.
Miss Maldonado reported on the grand list, saying the list was signed Jan. 30 — the first on‑time signing in at least 23 years — and that the grand list showed roughly a $40,000,000 increase overall: motor vehicle assessments were up about 5%, personal property about 4.6%, and real estate rose about 0.44%.
Board members discussed cybersecurity concerns and controls for financial transfers (noting recent hacks elsewhere), and asked staff to bring an update on outstanding IT and cybersecurity work to a future meeting as recommended in the auditors' management letter.
The board also noted that level‑1 budgets had been distributed to the City Council and posted on the city's website along with the budget calendar; budget season work will continue in March.
