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Selectboard approves $175,000 tax anticipation loan to manage cash flow
Summary
To cover near-term cash‑flow needs and upcoming project costs before tax collections and grant draws, the Selectboard authorized a $175,000 Tax Anticipation Loan at 2.25% from People's Trust Company; the motion passed unanimously.
Town Administrator Cathy Ainsworth asked the Selectboard to approve a $175,000 Tax Anticipation Loan at an interest rate of 2.25% from People's Trust Company to bridge cash-flow needs while awaiting tax receipts and grant draws. Cathy said the bank reconciliations and budget tracking support the request and that Amanda had reviewed the request prior to the meeting and agreed.
Ron Bocash moved to take the $175,000 loan and Tom Howrigan seconded; the motion carried with all members voting in favor. The board recorded no additional conditions at the time of approval; staff will complete loan paperwork and manage repayment according to municipal finance procedures.
