Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance Actions topic
No spam. Unsubscribe anytime.
Board of Finance approves May financial report, LoCIP road reimbursement and recommends $303,000 in appropriations to Town Meeting
Summary
On June 23 the Board of Finance approved the May 2026 financial report, authorized LoCIP reimbursement for Read Hill Road ($61,187.48), recommended a $223,000 Public Works supplemental appropriation and approved recommending up to $80,000 from the Police Equipment Sinking Fund for a new vehicle; the board also adopted its annual banking resolution.
The Board of Finance voted unanimously on several year‑end items at its June 23 meeting.
Finance Director Tracey Celentano presented the May year‑to‑date report showing May tax collections of $42,500 and YTD tax collections of $27,357,939 (100.89%); state and federal revenues were reported at 115.83% of budget and the town received a LoCIP grant of $61,187. Celentano said total revenues were 101.17% of budget, expenditures YTD were $26,087,766 (91.12%), and the overall surplus projection was revised to approximately $620,000. The board voted to approve the financial report as presented.
The board took several formal actions with unanimous votes and motions recorded in the minutes. Key votes at the meeting:
Votes at a glance
• Annual banking resolution — Motion by Mary‑Louise Polo, seconded by Terry Stewart: approved unanimously. The resolution authorizes the Treasurer to invest General Fund portions in specified instruments and approves a list of financial institutions for FY2026‑27 (Charles Schwab; Bank of America; Essex Bank; TD Bank; Liberty Bank; Key Bank; Webster Bank; Washington Trust).
• LoCIP project authorization for Read Hill Road — Motion by Terry Stewart, seconded by Brian Weinstein: approved unanimously. The board accepted the Road Reconstruction of Read Hill Road as a local capital improvement project and authorized submission for state reimbursement of $61,187.48 under LoCIP.
• Public Works supplemental appropriation recommendation — Motion by Brian Weinstein, seconded by Terry Stewart: approved unanimously. The board voted to recommend to Town Meeting a FY2025‑26 supplemental appropriation of $223,000 for Public Works as approved by the Board of Selectmen.
• Police Equipment Sinking Fund request — Motion by Brian Weinstein, seconded by Mary‑Louise Polo: approved unanimously. The board recommended to Town Meeting an appropriation not to exceed $80,000 from the Police Equipment Sinking Fund for a new vehicle.
Other routine items included approval of the agenda and the May 11 meeting minutes; a Park and Recreation sinking fund request was tabled. No public comment was recorded. The board adjourned at 9:40 PM.
Provenance: SEG 001–SEG 004.
