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Suffield finance staff report projected surplus, note bond interest segregation
Summary
Town finance officials said the town will likely run a surplus for FY 2025–26; treasurer reported remaining bond proceeds interest is segregated and does not go to the general fund, and monthly interest rates fell in May.
Town Treasurer Kacy Colston reported that the net amount remaining from bond proceeds 'has been added and segregated on the summary of accounts; this interest income does not go to the general fund.' Colston also reported that the interest rate for May decreased by 0.19 percentage points to 3.52% from 3.71% the prior month.
Finance Director Amanda Moore reviewed FY 2025–26 year-to-date budget-versus-actual reports and said interest income estimates will be updated; she told the board 'The Town will run a surplus for the year.' The minutes record few other material changes from the prior month. No dollar amounts for the projected surplus are included in the minutes.
