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S&P may place Windsor Locks on credit watch unless FY24 audit completed by April 1, town told
Summary
The Board of Finance was told an email from the town’s municipal advisor said S&P would place Windsor Locks on credit watch with negative impacts unless the FY24 audit is updated by April 1; Finance Director Yana Abramovich's response was entered into the record.
Chairwoman Patty Murphy read into the record an email from the town’s municipal advisor, Barry Bernabe, stating that S&P would place Windsor Locks on a credit watch with negative impacts if the FY24 audit was not updated. The email warned that if the FY24 audit was not completed by April 1, the town’s credit rating would be removed.
Finance Director Yana Abramovich’s response email was entered into the record. Abramovich and the board noted that FY24 and FY25 surplus figures referenced during public comment are preliminary and subject to audit adjustments; final numbers will not be known until audits are complete.
Board members signaled the urgency of completing the audit to avoid credit consequences and potential impacts on financing and revenue-sharing arrangements.
