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Sutton board approves two lines of credit and sets 2025 tax rate
Summary
The Sutton Select Board authorized two lines of credit totaling $1.4 million, approved a municipal tax rate of $0.6745 and a veterans rate of $0.0057 for 2025, and heard that flood-related expenses are nearing $500,000.
The Sutton Select Board voted July 31 to authorize two lines of credit to bolster municipal cash flow. Denis Royer II moved to sign a $400,000 line of credit from Passumpsic Savings Bank at an interest rate of 5.03%; Tim Simpson seconded and the motion passed. Tim Simpson then moved to sign a $1,000,000 line of credit from Community National Bank at 5.08%; Denis Royer II seconded and the motion passed.
The board also approved the 2025 municipal tax rate of $0.6745 and a local agreement veterans rate of $0.0057 after a motion by Denis Royer II that Tim Simpson seconded. Town officials additionally reported flood-related expenses from 2025 are “close to $500,000,” an amount noted during the meeting as a fiscal pressure the new credit authority may help manage.
The motions to sign both lines of credit and to set tax rates were entered as recorded votes in the minutes and passed without further amendment. The board instructed the clerk and treasurer to complete signing and related paperwork with the listed banks.
