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Selectmen set 2020 tax rate, take TAN bid and approve CARES grant spending
Summary
The Selectmen awarded a tax-anticipation note to a local bank, set the 2020 mil rate at 1.157 with $150,000 drawn from surplus, and approved $8,500 in CARES Act outreach spending for pandemic response items such as signage and PPE.
Stonington Selectmen reviewed bids for a Tax Anticipation Note (TAN) and approved operational and pandemic-related budget actions during spring and summer meetings.
At a bid opening, the board considered several local bank offers and voted to accept a bid to support cash flow through the tax collection cycle. Later, on June 29 the board set the 2020 mil rate at 1.157 and voted to use $150,000 from surplus to reduce tax impacts for residents. Selectmen discussed revenue uncertainty from COVID-19 and the need to preserve liquid funds in case of delayed tax payments.
The board also approved spending for CARES Act outreach and pandemic response. TM Billings presented a tailored outreach budget of $8,500 covering signage, PPE and communication needs to help residents comply with health guidance; the Selectmen approved the expenditure.
Other routine fiscal decisions included drafting policy items recommended by auditors and monitoring reserve balances ahead of capital projects such as road work and equipment purchases.
Next steps: Town staff will track TAN repayment, monitor revenue collections, and report back on CARES expenditures and any needs to adjust reserve draws before year-end.
