Scotland treasurer reports $2.5M in general fund cash, motions to research two-year audit extension

Treasurer David Zito presented the Town of Scotland’s preliminary financials for the month ending July 31, 2025 and briefed the Board of Selectmen on several fiscal items, including cash balances, tax collections and the audit contract.

Zito reported total current year tax collections of $2.43 million for the one month ended July 31, 2025, representing 50.5% of the fiscal year budgeted amount; back tax collections totaled $8,800 and interest on back taxes was $1,500. General Fund cash on July 31, 2025 totaled $2.5 million, of which $358,000 was held in one STIF investment account and another $614,000 in a separate STIF account for investment and other funds, including CNR. The Town Hall Renovation Fund has incurred $265,000 in costs to date with $237,000 received in reimbursements, leaving a town share of roughly $28,000 so far.

Zito told the board the town’s audit contract with Mahoney/Sable expires this year. The board approved a motion authorizing Treasurer Zito to research signing on for an additional two years with the current audit firm; the motion was made by Selectman Mike Gurnack and seconded by Bart Laws and carried. The treasurer also reported that field audit work for FY25 is in process and auditors have been working on-site.

Other financial notes in the report: no capital expenditures were recorded for July; $514,000 was available in CNR funds as of July 31; and the town has prepared required state filings including the LOCIP grant annual report, FY25 dog report and Town Aid Road annual report. The treasurer and first selectman have met with bond counsel and drafted short-term borrowing language to finance upcoming capital projects, which will be presented at a special meeting in September.

The board did not authorize a contract extension at the meeting; it authorized research into a possible two-year extension and continued audit oversight and reporting.