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Selectboard discusses $2 million Tax Anticipation Note and writes off $8,363 donation
Summary
Treasurer Alicia Boire outlined the need for Tax Anticipation Notes to bridge cashflow for the Main Street and lagoon projects; Selectboard discussion included a suggested $2,000,000 borrowing. The board also approved writing off an expected $8,363 private donation as bad debt.
Treasurer Alicia Boire told the Selectboard that Tax Anticipation Notes (TANs) may be needed to bridge cashflow for the Main Street and lagoon projects because contractors require payment before state reimbursements arrive. Selectman Sue Collins suggested borrowing $2,000,000 to cover near-term needs; Boire noted obtaining TANs typically takes a couple of months.
The board also voted to write off a private donation the town had expected from UCVH in 2024 in the amount of $8,363 as bad debt (motion by Sue Collins, second by Ray Gorman). No final TAN authorization was recorded at the meeting; staff and the treasurer will proceed with procurement planning if the board directs borrowing later.
