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Controller reports strong portfolio returns, outlines ARPA balances and sewer reallocations
Summary
The town controller reported portfolio gains and said the town has spent or encumbered roughly $31 million of $31.4 million in ARPA funds; about $3.4 million remains tied to sewer projects and $1.7 million will be reallocated between sewer projects to ensure full utilization before the Dec. 31, 2026 deadline.
Joan Lynch, the town controller, presented the fiscal-year-end financial update to the Board of Estimate and Taxation on June 22, saying the retirement portfolio produced a 1.6% gain in May and is up 14% over the rolling one-year period.
Lynch reported the composite market value of the retirement portfolio was $757.3 million as of May 31 and said the OPED Trust market value was $68.4 million. "Total gain for the 12 months ended May 31 was 20.69%," she said.
On American Rescue Plan Act (ARPA) funding, Lynch said the town's ARPA cash balance was $5.16 million as of May 31, with almost $1 million of that as interest. She told the board that as of June 17 the town had spent or encumbered $31 million of the original $31.4 million appropriation; roughly $3.4 million of the remaining funds relate to sewer projects. Lynch said $1.7 million is being transferred from the Grass Island project to the Kazkob pump station within the sewer category, which she said is allowed under ARPA guidelines.
Board members asked whether the $1 million in interest must also be spent under ARPA. Lynch said the interest will be transferred into the general fund for fiscal 2026 and that there is no problem completing that transfer. She also reported that external auditors (RSM US LLP) have begun preliminary audit work under the FY26 plan.
Lynch described an operational initiative to reduce paper checks: the town will implement Arbiter Pay to automate small-value payments such as event workers and officials starting in the fall, with the Board of Education included in the initial rollout. She said the initiative is aimed at reducing mail fraud and streamlining accounts-payable processes.
The BET moved and unanimously accepted the controller's report.
