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Selectboard approves $175,000 tax anticipation loan to cover near-term cashflow
Summary
The Selectboard approved a $175,000 Tax Anticipation Loan at 2.25% from People’s Trust Company to bridge cashflow timing before tax receipts and grant draws; the motion passed unanimously.
Town Administrator Cathy Ainsworth presented a July–September income-over-expenses chart and recommended the Selectboard take a $175,000 Tax Anticipation Loan at 2.25% from People’s Trust Company to cover expenses until tax receipts and grant draws are available. Cathy said the request had been reviewed with Amanda and aligned with the town’s accounting reconciliation.
After discussion, Ron Bocash moved to take the loan and Tom Howrigan seconded; the motion carried with unanimous consent. The board recorded the loan amount and interest rate in the minutes and staff will complete the loan paperwork with People’s Trust Company. No alternative financing was proposed at the meeting.
