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Board of Finance hears $2.2 million surplus, asks staff to check rules on restricted emergency-dispatch funds
Summary
The Board of Finance reviewed the towns fiscal-year-to-date finances (reporting roughly $2.24 million in surplus as of May 31) and discussed whether restricted off-budget account 2832 for emergency dispatch could cover police radio upgrades; staff will verify statutory and bank restrictions before any spending.
The Old Saybrook Board of Finance reviewed a mid-year financial report and flagged both a revenue surplus and a potential funding source for police communications equipment. The finance presenter reported the towns fiscal-year-to-date revenues were above budget and said the town had surplus of about $2.24 million as of May 31. The presenter also reviewed investment activity, including a June 1 purchase of an 18-month municipal bond.
Board members raised a specific question about off-budget account 2832, labeled Emergency Dispatch, which holds roughly $53,000 and is restricted by statute and bank rules. One member asked whether the funds could pay for new radios the police chief had requested; others said the amount and purpose appeared to match that equipment request but cautioned the board must follow restrictions. The finance presenter said staff would check the account detail and bank restrictions and report back.
The meeting also covered revenue details and receipts: May tax receipts were reported slightly above budget for the month, and the town received state distributions including education-related funds and a larger-than-budgeted LOS payment. The board discussed how special-education reimbursements appear on town revenue reports even though the Board of Education treats them as offsets to its own expenditures.
Audit and procurement updates were included in the finance report. Auditors plan to review e-card and procurement controls, tax-payment reconciliation routines (including protections against backdated payment entries), and cyber-policy practices. Staff described recent steps to centralize purchasing activity (the Amazon Business account) and tighten merchant-code and receipt controls for PC/credit cards.
No formal vote was taken on using the restricted emergency-dispatch funds. The board recorded the minutes approval earlier in the meeting and asked staff to return with a legal/accounting determination on account 2832 and any necessary steps to authorize equipment purchases.
The board scheduled follow-up finance materials for the July 28 special meeting, when preliminary surplus lists and bond-related financials will be presented.
