Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Banking And Infrastructure topic
No spam. Unsubscribe anytime.
Canaan treasurer opens STEAP and bridge accounts at Litchfield Savings Bank; Cardinal Engineering presentation set for February
Summary
Treasurer Michelle Hansen said the town is opening three Litchfield Savings Bank accounts — a STEAP grant account, a bridge account for allocated funds, and a money-market sweep analysis — and that accounts will be auditable and ACH-compliant; Cardinal Engineering will present findings at a separate February meeting.
Treasurer Michelle Hansen told the Town of Canaan Board of Finance on Jan. 12 that the town is opening new accounts at Litchfield Savings Bank to better manage specific funds.
Hansen listed the accounts as: “A STEAP Grant Account to consolidate all STEAP-related transactions,” “A Bridge Account to hold the previously allocated funds for bridge work,” and “A money market analysis (sweep) account.” She said all accounts will be auditable and compliant with ACH requirements.
The board noted that Cardinal Engineering will present at a special joint meeting in February to review bridge and roadway conditions, state evaluation findings, and long-term recommendations; the date will be set once materials are finalized. Auditors are also expected to meet with the board in February.
At the public-comment period, a member of the public clarified that “rules governing appropriations, expenditures, the $20,000 threshold, and related penalties are set by state statute rather than local policy,” and offered to assist Member Wynn in locating the relevant citations.
What happens next: Town staff will open the new bank accounts with documentation to ensure auditability and ACH compliance; a special joint meeting with Cardinal Engineering to review bridge conditions will be scheduled for February.
