Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
Scotland finalizes $5 million line of credit and advances town-hall renovation; treasurer previews January finances
Loading...
Summary
Scotland closed a $5 million working-capital line of credit with M&T Bank and presented preliminary January financials, including $589,000 in general-fund cash and a range of FY26 capital expenditures; auditors issued a repetitive finding to the Board of Education.
Scotland officials reported a newly available $5 million working-capital line of credit and reviewed preliminary January financial statements at the Board of Selectmen meeting on Feb. 17.
Treasurer David Zito said the closing on the line of credit with M&T Bank was finalized on Jan. 21, 2026, and an initial draw of $50,000 was made per loan stipulation. The line provides up to $5 million in working capital intended for grant-reimbursable capital projects. Zito presented month-end preliminary General Fund figures through Jan. 31: general-fund cash totaled $589,000 (per books), with $426,000 in a STIF account and another $719,000 in a separate STIF account for investments and other funds. Total current-year tax revenue collections through Dec. 12, 2025 were reported as $2.8 million, or 57.6% of the full-year budget; the treasurer said December and January collections were unknown because Windham had not provided reports.
Capital spending through Jan. 31 includes $40,600 in Kemp Road Bridge engineering, $21,900 for Town Hall renovation (FY26), $96,100 for Town Aid Road paving (Kemp Road), $124,000 in CNR Public Works for vehicles and equipment, and other CNR and fire expenditures. The town reported $343,000 available in CNR funds as of Jan. 31, 2026. Project reimbursements of $241,000 have been received against $287,000 in Town Hall project costs to date.
The board noted the Town Hall renovation is close to bid release pending grantor review of 100% construction documents; the town must address hazardous materials (asbestos, lead paint, and radon) and will seek certified abatement estimates before construction.
An audit by Mahoney & Sabol was finalized, and reports filed with OPM; the audit included a repetitive finding to the Board of Education for unreconciled accounts. The board acknowledged the finding and continues to work with BOE staff on reconciliation.
What happens next: town staff will seek hazardous-material abatement estimates, proceed with grantor review and bidding if funding is confirmed, and manage the newly available line-of-credit resources for eligible capital projects.