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Board approves up-to-45-day $7M tax anticipation note; accounting software purchase debated and tabled
Summary
Milford officials authorized a short-term tax anticipation note of up to $7,000,000 to bridge cashflow until the state issues the tax rate. The board reviewed proposals for a new accounting system (BS&A) and timekeeping tools; staff recommended BS&A with a $186,020 implementation cost but members asked for staggered payment details and agreed to revisit after budget/tax-rate clarity.
The Milford Board of Selectmen voted Nov. 24 to authorize a tax anticipation note (TAN) for up to $7,000,000 for fewer than 45 days to cover operating obligations while the town awaits the state Department of Revenue tax-rate certification.
Finance director Troy Pilibati told the board the tax rate has not been issued and suggested a short-term TAN that would be repaid within about 30–45 days after bills are mailed. A motion to authorize the TAN for a maximum of $7,000,000 and a term of less than 45 days was made and approved by voice vote.
During the meeting staff also presented the results of separate RFPs for a new accounting system and timekeeping software. Pilibati recommended BS&A for accounting with an implementation cost of $186,020; he said the vendor agreed to spread the implementation cost over three payments to reduce immediate budget impact. For timekeeping, staff recommended a Kronos/Andrew’s Technology product that integrates with BS&A and would streamline scheduling and exception reporting.
Projected year‑two costs for the combined replacement systems were listed at roughly $68,600 versus the current combined cost of about $118,500 under existing vendors, producing a projected payback on implementation costs of approximately 4.88 years if the town proceeds. Board members raised concerns that the full implementation cost would contribute to a sizable budget increase in 2026 and asked staff for a payment schedule and more precise impact estimates. The board agreed to postpone final contract approvals until members receive split-payment details and tax-rate/tax-impact information; staff offered a vendor demonstration Dec. 8 to provide additional background.
