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Town treasurer recommends borrowing at least $200,000 to cover near-term obligations
Summary
Laurie told the select board the town's bank balance is low and recommended borrowing at least $200,000 as a tax-anticipation line of credit to meet upcoming obligations, including an expected school payment due within weeks; the board asked staff to explore loan and line-of-credit options.
Laurie, the town financial officer, told the board the town had roughly $350,000 left in the bank but expected to need funds to cover near-term obligations and said, "I think that we need to borrow at least $200,000 because tax money won't start coming in." She noted the state sets tax rates in July and the town cannot bill until after rates and local approval are set.
Board members discussed possible structures, including a home-equity line of credit versus a flat loan, and asked Laurie to investigate institutions and terms. No loan was approved at the meeting; members asked staff to report back with concrete options, estimated interest and timing before any borrowing occurs.
