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East Lyme finance director reports stronger revenues, board appoints CliftonLarsonAllen as auditors
Summary
Finance Director Kevin reported higher-than-expected revenue from building permits, interest income and a tax-sale-driven bump in collections; the board approved CliftonLarsonAllen LLP as auditors for fiscal 2026 and directed development of a five‑year projection model.
Finance Director Kevin presented a preliminary year‑end financial update to the East Lyme Board of Finance on July 8, saying the town closed the year with several positive revenue tailwinds and that preliminary, pre‑audit numbers suggest the town may be able to return roughly $1 million to fund balance.
Kevin said the tax collection rate was 99.36% for the year but cautioned that figure was aided by a tax sale and that a 99.2% historical average is a more realistic long‑run number. He also said building permit revenue topped $1 million for the year and interest income exceeded budget (the town budgeted about $1.25 million and collected roughly $1.6 million). "So that was a nice $175,000 positive tailwind for us," Kevin said, describing tax sale proceeds and other one‑time gains.
On the expenditure side, Kevin noted savings from turnover in several departments and a net positive swing that could permit replenishing fund balance. He emphasized the figures were preliminary and subject to audit adjustments and that the town is finalizing the 2024 audit while also completing 2025 and 2026 work.
The board voted to appoint CliftonLarsonAllen LLP as the town auditors for fiscal 2026 after a motion moved by Barry and seconded by Lauren; the chair called for ayes and the motion carried. Kevin and another board member described plans to collaborate on a multi‑year budget projection model, with a draft to be brought forward in August and a more polished product in September for public posting and comment.
Kevin also previewed a short‑term investment policy being prepared with the treasurer, noting the town's current holdings in the state short‑term investment fund (STIF) and an insured cash‑sweep (ICS) product at Chelsea Groton that keeps funds FDIC‑covered.
No formal audit contract details or dollar figures for the auditor engagement were provided in the meeting record.
