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At a glance: Board of Finance special meeting on CNR payback
Summary
No votes were taken. Counsel said there is no legal barrier to either continuing or unwinding the town's long-standing CNR "payback" practice; staff will circulate a written accounting and the board plans a summer review before any change.
What happened: The special meeting focused on whether Simsbury can stop the traditional CNR payback method and what statutory steps (chapter 108, Conn. Gen. Stat. —7-346) apply.
Key numbers: Town CNR purchases discussed totaled $416,250 with an annual one-fifth charge displayed as $83,250; prefunded balances were described as roughly $832,500 for the town and $1.1 million for the Board of Education (about $1.9M total).
Outcome: Town counsel advised there is no clear legal prohibition to unwinding or maintaining the practice given current facts; the board asked staff for written materials and scheduled further review. No motions or votes were taken.
Next steps: Finance staff will circulate the written analysis and audit excerpts; counsel recommended considering an ordinance or formal documentation under chapter 108; the board expects follow-up and public materials over the summer.
