Finance Committee meeting summary
At a glance
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Committee established a Board of Education Non‑Lapsing Fund and moved the BOE’s $212,031 audited surplus into it; approved transferring a $19,943 Eversource reimbursement into the BOE capital account; authorized up to $7,000 from the Open Space account for a Long Pond invasive‑species study; recommended sale of 480R Shewville Road to Kevin Blacker for $150,000 and approved listing 89 Town Farm Road for sale; discussed upcoming short‑term borrowing (BANs) and continued work on opioid funds, joint meeting scheduling, and grant opportunities.
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What this means
The town set up a new, dedicated education savings account so the school board can keep and use up to 2% of an annual surplus for education purposes without the money reverting to the general fund. The committee also moved the BOE’s most recent $212,031 surplus and a $19,943 energy reimbursement into school accounts, and agreed to spend up to $7,000 to help study and prevent invasive plants in Long Pond. The committee recommended selling one small, restricted surplus parcel to a local farmer and authorized listing another town parcel for sale; both sales must still go through required public hearings and town approvals. The town discussed but did not finalize details for planned short‑term borrowing to cover capital projects.
Key decisions
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- Established a new Board of Education Non‑Lapsing Fund in accordance with CGS 171-10-248 (motion passed 3-0).
- Appropriated and transferred $212,031 from Undesignated Fund Balance to the newly established Board of Education Non‑Lapsing Fund (motion passed 3-0).
- Transferred Eversource reimbursement of $19,943 from Undesignated Fund Balance to the Board of Education's Capital Non‑Recurring Account (motion passed 3-0).
- Authorized expenditure of up to $7,000 from Account #21090305-58920 (Acquisition of Open Space) to support a Long Pond Invasive Species Study (motion passed 3-0).
- Recommended that the Town sell town‑owned property at 480R Shewville Road (approx. 11.46 acres, fka Loftus Wellfield) to Kevin Blacker for $150,000; next steps include Land Use/Planning/Public Works review, CGS 7-163e public hearing, Planning & Zoning 8-24 review, and a Special Town Meeting vote (motion passed 3-0).
- Authorized the Mayor to enter into a listing agreement with a realtor to list 89 Town Farm Road for sale; recommended item to appear on the Town Council agenda (motion passed 3-0).
- Discussed planned short‑term borrowing (Bond Anticipation Notes) for capital projects (up to $8.5M referenced) and factors that could reduce the amount to be borrowed (state grant reimbursements, project closeouts); no borrowing motion finalized.
- Continued discussion (no final action) on: potential uses for ongoing National Opioid Settlement payments, scheduling regular quarterly joint finance meetings with the Board of Education, and upcoming grant opportunities.
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Meeting information
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Finance Committee
Regular Meeting
Agenda
- In -Person: Council Chambers, Town Hall Annex Building Remote Participation: Information Noted Below:
- Join Zoom Meeting from your Computer, Smart Phone or Tablet: https://ledyardct.zoom.us/j/88698261861?pwd=M2mr8uU2ISAJTBjzYgcu2IBKLCaAGv.1 by Audio Only: Telephone: +1 646 558 8656; Meeting ID: 886 9826 1861; Passcode: 593484
- CALL TO ORDER
- ROLL CALL
- RESIDENTS & PROPERTY OWNERS COMMENTS
- PRESENTATIONS / INFORMATIONAL ITEMS
- Chairman St. Vil email dated 5/5/2026 re: Board of Education Letter dated 3/30/2026 re: Budget Surplus & Eversource Reimbursement & Finance Director Letter dated 4/22/2026.
- APPROVAL OF MINUTES
- MOTION to approve the Finance Committee Regular Meeting Minuets of May 6, 2026
- Finance Director’s Report - Fiscal Year 2025-2026
- Financial Reports - Fiscal Year 2025-2026
- OLD BUSINESS
- Discussion regarding potential uses for the funding received from the National Opioid Settlement Payments.
- Discussion scheduling Regular Quarterly Joint Finance Committee Meetings between the Town Council and Board of Education.
- Continued discussion regarding upcoming potential Grant Opportunities.
- Any Old Business proper to come before the Committee.
- NEW BUSINESS
- MOTION to authorize the expenditure of up to $7,000 from Account #21090305-58920 (Acquisition of Open Space) to support a Long Pond Invasive Species Study.
- MOTION to authorize the Mayor to enter into a Listing Agreement with a Realtor to list 89 Town Farm Road for sale.
- MOTION to recommend the Town of Ledyard sell town-owned property located 480R Shewville Road, (fka) Loftus Wellfield approximately 11.46+/- acres, for $150,000 to Mr. Kevin Blacker, of Groton, Connecticut.
- Any New Business proper to come before the Committee
- ADJOURNMENT
- DISCLAIMER: Although we try to be timely and accurate these are not official records of the Town.
- MOTION to recommend the Town of Ledyard sell town-owned property located 480R Shewville Road, (fka) Loftus Wellfield approximately 11.46+/- acres, for $150,000 to Mr. Kevin Blacker, of Groton, Connecticut.
- Agenda Item
- MOTION to MOTION to establish a new Board of Education Non-Lapsing Fund in accordance with CGS 171-10-248.
- MOTION to appropriate and transfer the Board of Education’s Fiscal Year 2024/2025 Audited Surplus in the amount of $212,031 from Undesignated Fund Balance) to the newly established Board of Education Fund.
- MOTION to transfer Eversource Reimbursement in the amount of $19,943 from Undesignated Fund Balance to the Board of Education's Capital Non-Reoccurring Account.
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