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Selectmen set 2020 mil rate, approve TAN bid and discuss budget safeguards for pandemic uncertainty
Summary
The Selectmen set a 2020 mil rate of 1.157, authorized a $550,000 Tax Anticipation Note and selected a lender after bid openings. The board also reviewed revenue projections and recommended holding reserves against COVID-19 revenue risks.
The Town of Stonington Board of Selectmen approved key financial measures to close out the 2020 fiscal year and protect municipal liquidity amid pandemic uncertainty.
Selectman John Steed moved to set the 2020 mil rate at 1.157 and to withdraw $150,000 from surplus to offset taxes; the board approved the motion unanimously. In a separate agenda item, the board opened bids for a Tax Anticipation Note (TAN) to cover short-term cash needs and ultimately selected a lender (bid recorded in the minutes). Selectmen authorized issuance of up to $550,000 in a TAN under state statute, to mature by the end of the fiscal year.
The board reviewed projected revenues, discussed potential budget reductions and highlighted the need to keep reserves available to weather delayed tax collections or revenue shortfalls related to the COVID-19 pandemic. Selectmen also approved routine purchases and contract awards elsewhere on the agenda, including salt and equipment bids recorded in meeting minutes.
No layoffs or staff reductions were adopted at the meeting; the board discussed preserving service levels and managing capital projects conservatively as the town monitors receipts and state guidance.
