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Select board authorizes Treasurer to seek $1.5M tax‑anticipation borrowing; warrant approved
Summary
After reviewing cash‑flow projections showing an August shortfall, the board voted to authorize the Treasurer to borrow up to $1.5 million for the calendar year and approved adjustments to the town warrant (including increasing the TAN interest line).
The North Haven Select Board voted on Feb. 19 to authorize the Treasurer to seek up to $1.5 million in tax‑anticipation borrowing to cover a projected late‑summer cash shortfall.
Staff described a projected August accumulated deficit that could peak around $1.5M and explained that the town typically solicits bids for lump‑sum or as‑needed borrowing. The board discussed options, including changing the fiscal year to align with the school to reduce borrowing needs. The board also approved adding $3,000 to the Debt Service line to cover TAN interest.
A motion to authorize the Treasurer to proceed with borrowing up to $1.5M passed; staff will solicit bids and return financing proposals to the board for final approval of loan terms. The board also voted to approve the town warrant for March 2025 after debate about allocations to outside organizations; members asked for clearer protocols for future requests from organizations seeking municipal funds.
The votes were voice approvals recorded during the meeting; detailed vote tallies were not specified in the minutes.
