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Treasurer reports higher short-term interest; auditors not yet started
Summary
Treasurer Tom Lindon told the Board that short-term interest income exceeded budgeted expectations ($264,846 actual vs. $150,000 budgeted), no ARPA disbursements occurred, bond payments were made for a sewer project, and auditors have not yet begun work with completion expected late July or August 2026.
Treasurer Tom Lindon reviewed the board's monthly financial reports, reporting that budgeted short-term interest of $150,000 was exceeded, with actual short-term interest earned of $264,846. He reported two wire transfers from the Liberty Bank money market account to the Citizens Bank account, noted that no disbursements were made from the Capital Improvement Borrowing account or from ARPA funds during the month, and said bond payments were made for the Kirtland Street/River Street Sewer Project.
Lindon also said auditors have not yet begun their work and that the audit is not expected to be completed until late July or August 2026. He noted a pension meeting is scheduled Sept. 4, 2026, with Ivory Wealth Management. Board members discussed the FY 2025'026 budget development process and possible process improvements but took no formal budget action at the meeting.
