Board of Finance reports five-year auditor contract and tighter capital-account rules

The Sterling Board of Finance reported at a Tri-Board meeting May 27 that it has moved to secure a five-year contract with audit firm King and King and is restructuring capital accounts to preserve an emergency reserve while deploying surplus funds for town priorities.

Board of Finance Chair Robert Salisbury said the BOF has issued an RFP and, reporting on a recent BOF meeting, said the board voted to pursue a five-year arrangement with King and King. Salisbury said the finance board will use a portion of the General Account surplus to seed capital accounts while keeping a reserve for emergencies and intends to manage future expenditures through a more granular fiscal framework aimed at mitigating tax increases.

Salisbury also described a planned project to improve the town’s budget-making process. He said the BOF will work with First Selectman Myron (Jack) Joslyn and BOE Business Manager Sara Howley to develop structured priority lists, schedules and measurable timelines; officials plan to begin that work in the fall.

The meeting minutes do not specify contract amounts, specific reserve targets or the number of capital accounts to be created. Officials said an RFP process has taken place and that the five-year contract decision was reported from a BOF meeting; the Tri-Board minutes record the BOF’s intent rather than a separate Tri-Board vote on the auditor contract.

The meeting adjourned at 7:30 p.m. after a motion by David Malo and a second from Catherine Malo; the minutes record the vote as "All in favor."