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BET accepts FY2025 audits, ACFR and state single audit; town earns AAA ratings from Moody’s and S&P
Summary
The BET accepted the fiscal year 2025 annual comprehensive financial report and state single audit, and the controller reported that Moody's and S&P assigned AAA ratings; the town plans a $40 million GO bond and $140 million BAN sale on Jan. 22.
The Board of Estimate and Taxation voted Jan. 20 to accept the town’s annual comprehensive financial report and the state single audit for the year ended June 30, 2025, and acknowledged completion of the annual audit work.
Joan Lynch, the controller, said external auditors completed the fiscal year 2025 audit in December and that the ACFR and state single audit were filed with the Connecticut Office of Policy and Management on Dec. 23, 2025. She reported that credit-rating agencies awarded the town top ratings: AAA from Moody’s and AAA from S&P for the bonds; short-term notes received MIG-1 (Moody’s) and SP-1+ (S&P). "These are the highest ratings possible," Lynch said, and the town will go to market Jan. 22 for a $40 million general obligation bond issue and a $140 million bond anticipation note sale.
Members commended the controller and staff for completing filings and for the favorable rating outcomes. The BET also voted to accept the town’s annual report for 2024–25 (subject to minor edits).
The controller’s report also summarized retirement portfolio performance, internal audit activity, and the budget calendar. Members asked questions about assets in flood zones and the status of remaining ARP funds; the controller and departments responded that the remaining unencumbered ARP balance is roughly $400,000 with commitments in place and the majority of remaining obligations tied to sewer and human-services projects.
