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Finance committee urges mapping grant timing after delayed referenda cost town interest
Summary
Committee members asked staff to map the timing of grant spending and reimbursements after chair Ross Lally said delayed tax-bill timing previously cost the town roughly $60,000 in lost interest; Jill Collins and Superintendent David Caruso reviewed current collection rates and flagged possible additional IEP-related expenditures.
Bolton’s finance committee discussed how the timing of grants and delayed referendum-related revenue can strain cash-flow and reduce investment income. Chair Ross Lally said the town lost a significant amount of interest when tax-bill timing shifted and asked staff to present a simple mapping of grant disbursements and expected reimbursements.
Jill Collins, the town’s chief financial officer, reviewed tax-collection metrics and other revenue items. Collins told the committee current collections are approximately 101.03% compared with 103.32% last year and said motor-vehicle collections…
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