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Canterbury Board of Finance approves suspense list and authorizes up to $750,000 short-term borrowing
Summary
At its regular meeting the Canterbury Board of Finance accepted the tax suspense list of uncollectible accounts, discussed FY25 audit timing and approved a temporary borrowing authorization of up to $750,000 in anticipation of tax receipts; the board also approved interim spending at prior-year levels if a budget is delayed.
The Canterbury Board of Finance accepted a suspense list of unpaid or uncollectible tax accounts and authorized short-term borrowing in anticipation of tax receipts at its meeting.
Chair Sarah called the meeting to order and led the board through routine business, including corrections to minutes and a note that former member Bob Barrett had resigned. Natalie, the town tax collector, gave an overview of the suspense list and described the board's efforts to locate delinquent taxpayers. She said many entries reflected deceased owners, people who moved out of state or businesses that were no longer operating and that the town had 'exhausted every possible effort to get them to pay.' She said the current itemized suspense total discussed in the meeting represented prior years plus some current-year balances (figures discussed around a cumulative tens to a few hundreds of thousands of dollars; an exact consolidated total was not specified in the transcript).
The board moved to accept the suspense list as presented; the chair called for the question and the motion passed.
On budget and audit matters, finance staff reviewed revenue timing and grant accounting, noting that state grant payments can arrive over multiple months and that the FY25 audit was in a drafting phase. Staff said they had developed a year-end close process and were working with the auditor to resolve a small number of notes to help ensure a smoother future cycle.
To manage near-term cash flow, the board discussed and then authorized the town treasurer to borrow in anticipation of taxes up to an amount not to exceed $750,000. The board debated appropriate caps and timing before voting to permit the borrowing authority. The board also approved a motion to permit spending at prior-year levels (a preparatory measure to cover operations if a new budget is not adopted by July 1); the motion passed.
The meeting closed after scheduling logistics were confirmed for an upcoming town meeting and budget referendum. The board asked staff to provide follow-up on several items, including whether a school security grant had arrived and details from a private-investment participant that had previously received municipal funds.
The board recorded no detailed vote tallies in the publicly provided transcript for the suspense-list or borrowing motions; the record shows the chair calling the question and reporting passage for the routine items.
