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Treasurer reports November finances; town selects M&T Bank for short-term financing
Summary
Treasurer David Zito presented preliminary November financials showing $2.7M in current-year tax collections and $1.1M in General Fund cash; the town selected M&T Bank for a 2-year $5M line of credit to support bridge and construction programs.
Treasurer David Zito presented the preliminary General Fund profit-and-loss through Nov. 30, 2025 at the Board of Selectmen’s Dec. 30 meeting, reporting $2.7 million in current-year tax revenue (56.2% of budget) and total revenues of $3.1 million (49.7% of the full-year budget). He said General Fund cash on Nov. 30 totaled $1.1 million, including amounts held in STIF accounts.
Zito summarized capital expenditures through Nov. 30, reporting engineering costs for the Kemp Road bridge, Town Hall renovation expenditures totaling $284,000 to date with $241,000 in reimbursements received, Town Aid Road paving (Kemp Road), and equipment purchases for public works and fire departments. He reported $336,000 available to spend in CNR funds as of Nov. 30.
Zito said the town solicited proposals from Connecticut banks and accepted an offer from M&T Bank; the town selected a two-year $5 million line of credit, with closing expected in early January. He also noted a draft audit report from Mahoney & Sabol with no findings requiring corrective action.
The minutes record the figures and selections presented by the treasurer; no roll-call vote on the bank selection is recorded in the minutes beyond the board’s decision to proceed with the chosen offer.
