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Granby Board of Finance authorizes $690,000 transfer to Capital Improvement Fund
Summary
The Town of Granby Board of Finance voted 5-0 on June 22 to transfer $690,000 from the General Fund balance to the Capital Equipment/Improvement Fund to help mitigate future mill-rate increases; the transfer is subject to Board of Selectmen approval on July 6, 2026.
The Town of Granby Board of Finance voted 5-0 on June 22 to authorize an additional $690,000 appropriation from the General Fund balance to the Capital Equipment/Improvement Fund, a measure officials said is intended to reduce the need for future mill-rate increases. The appropriation is subject to approval by the Board of Selectmen at its July 6, 2026 meeting.
Director of Finance Kimi Cheng told the board that staff projects the town will finish the fiscal year with a surplus and recommended the transfer to help mitigate future tax increases. Cheng reported that as of May 31, 2026 total tax collections were 103% of the levy (compared with 102% the prior year), and that STIF interest earned in May was approximately $54,800; as of June 9 the daily rate and seven-day yield were 3.71%. She also said General Fund expenditures were at about 87% through May and summarized projected overtime variances: roughly $107,000 for Public Works (expected to be absorbed within DPW operating budgets, contingency, or fringe benefits) and about $49,000 for the Police Department (to be offset within the department budget). Cheng did not recommend an additional appropriation to cover those overtime variances at this time.
John Spatcher of Round Hill Road spoke during public comment in support of the staff recommendation, saying the extra funds would help mitigate future tax increases. On the motion to authorize the appropriation — moved by Kevin Hobson and seconded by William Kennedy — the board approved the transfer unanimously. The board’s action is governed by Town Charter Section 10-6(e), which restricts additional appropriations during the fiscal year to no more than 1.5% of the current tax levy; based on the FY26 levy of $46,056,383 the charter cap was calculated at $690,845.75, and the proposed $690,000 appropriation falls within that limit.
Votes at a glance: • Approval of additional appropriation to Capital Equipment/Improvement Fund — motion by Kevin Hobson, second by William Kennedy; vote 5-0-0; outcome: approved; note: subject to Board of Selectmen approval July 6, 2026. • Approval of May 19, 2026 special meeting minutes — motion by Thomas Proctor, second by William Kennedy; vote 3-0-2 (K. Hobson and K. McCord abstained); outcome: approved. • Adjournment — motion by Kevin Hobson, second by Thomas Proctor; vote 5-0-0; outcome: approved.
The Board confirmed its next regular meeting for Monday, July 27, 2026, in the Town Hall Meeting Room. The appropriation now proceeds to the Board of Selectmen for final approval on July 6, 2026.
