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Stonington sets mil rate, authorizes TAN and earmarks surplus as COVID‑era precautions
Summary
The Selectmen set the 2020 mil rate at 1.157 and voted to use $150,000 from surplus to offset taxes. They later authorized a tax‑anticipation note of up to $550,000 and discussed CARES Act spending for pandemic outreach, ventilations and remote-learning needs.
Selectmen adopted a 2020 municipal mil rate, authorized short‑term borrowing and directed CARES Act spending for pandemic response as staff weighed revenue risks tied to COVID‑19.
The board set the mil rate at 1.157 and voted to withdraw $150,000 from surplus to offset taxes, citing concerns about delayed collections and the broader economic uncertainty. Later in the calendar the Selectmen authorized issuance of a tax anticipation note (TAN) of up to $550,000 to cover cash‑flow needs; the board adopted a formal motion authorizing the Treasurer and Chair to execute the note consistent with state statute.
Why it mattered: The financial moves were framed as conservative steps to maintain liquidity in a year when tax collections and revenues were uncertain. Staff emphasized contingency planning to avoid service interruptions if revenue timing changed.
CARES funding and pandemic operations: The manager reported CARES Act grants and other emergency allocations would pay for items including ventilation upgrades at schools, vans for meal delivery, PPE and outreach. The board approved an $8,500 CARES budget line for local outreach and COVID public‑health measures.
Next steps: Selectmen instructed the manager and treasurer to monitor tax collections, to proceed with Tan issuance if needed under recommended terms, and to report back with updated projections after the audit and as the pandemic situation evolves.
