Minutes

Board of Finance - Minutes - Feb 17, 2026

Feb 17, 2026

A public record published by the Town of Simsbury (simsbury-ct.gov). mySimsbury indexes it and makes it readable; it is not the official copy. View the original file.

1
Town of Simsbury
Board of Finance
Regular Meeting Minutes
February 17, 2026
Present:
Members in attendance: Lisa Heavner, Lalitha Shivaswamy, Regina Pynn, and Mike Doyle (by Zoom).
Others in attendance included: Amy Meriwether, Finance Director; Marc Nelson, Town Manager; Wendy
Mackstutis, First Selectman; Brett Marchand, Interim Information Technology Director; Dave Flint, Principle
(CliftonLarsonAllen LLP); Tyler Polk, Consultant (Fiducient Advisors); and Kate Pizzi, Consultant
(Fiducient Advisors)
Call to Order:
Ms. Heavner called the meeting to order at 5:45 p.m.in the Main Meeting Room in the Simsbury Town
Hall.
Pledge of Allegiance:
Everyone stood for the Pledge of Allegiance.
Public Audience:
Ms. Heavner said that public audience is included on the agenda due to the supplemental appropriation.
Joan Coe, 26 Whitcomb Drive, spoke against an increase in taxes and said there should be no increases in
spending if there is no grand list growth. She spoke against tax abatements for profitable businesses and
said that abatements are not necessary to retain businesses. She also spoke about legal fees incurred by
outside counsel, and expenses related to field maintenance at the schools.
Presentation: CliftonLarsonAllen LLP:
Dave Flint introduced himself and CliftonLarsonAllen LLP, an independent CPA firm, as the town’s
auditor. He said the 2025 audit was handled by Vanessa Rossitto, who retired effective December 31, 2025.
Mr. Flint will be taking over the Simsbury audit moving forward. He said that CLA was hired to ensure
that the financials are in compliance with Generally Accepted Accounting Principles (GAAP), review
federal funding, state funding, internal controls, etc. He presented an unmodified opinion on financial
statements, which he noted is the best opinion an organization can receive. He also presented an unmodified
opinion on the federal and state single audits. Mr. Flint indicated that there were no compliance findings,
and no significant deficiencies with internal controls. Ms. Heavner congratulated staff on the unmodified
opinions.
Mr. Flint reviewed the financial highlights of governmental activities, which includes long-term assets and
long-term debt. He turned to the fund financial statements noting each of the major funds that is identified
to make up the total governmental funds. Ms. Heavner inquired about the State of CT teacher’s retirement
pension contribution being included in the education line of the financial statements. Mr. Flint confirmed
the teacher’s retirement pension contribution is included in the education line of the expenditures as well
as well as the intergovernmental line within the revenues which nets out to zero. Ms. Heavner asked if they
could breakout the Teacher’s Retirement Contribution within the financial statements. Mr. Flint noted that
the financial statements are standard but could accommodate the request within the presentation.
2
Mr. Flint reviewed the fund balance for the general fund of $21.8 million, noting that $356,000 is “non-
spendable” (pre-paid items), $860,000 is committed (Board of Education non-lapsing fund), and $21,000
represents FY25 encumbrances that will roll forward into FY26. He said the net result is a fund balance of
$20.6 million, which is approximately 16% of the 2026 budget. He said that general fund revenue was
approximately $2 million above budget. He also noted a net position of $5.4 million in the health and dental
fund; Ms. Heavner clarified that this is our internal service fund.
Mr. Flint said that there was an increase in net position for all of the pension and OPB funds, due to strong
market results for 2025. He said the General Government plan is 73.4% funded, the Police plan is 80.7%
funded, and the Board of Education plan is 74.8% funded. He noted that the town contributed 100% of
what we are actuarially required to put into the funds.
Dr. Shivaswamy asked what the driver was of the decrease in net pension liability. Mr. Flint said it is the
10.85% return of investment. Dr. Shivaswamy said that the liability did not decrease, but the net liability
decreased. Mr. Flint confirmed, noting the value of the investment increased.
Mr. Flint said that the OPEB plan is 105% funded, which is unusual. He said the investment return was
11.7%. Ms. Heavner said that we plan to begin using this fund starting in that we are going to start using it
starting in FY27.
In regards to the federal single audit, Mr. Flint said that we expended $2.6 million in federal grants, which
is down from $6.4 million in the prior year due to the majority of ARPA funds being fully spent. He said
that the Individuals with Disabilities Education Act (IDEA) program was specifically reviewed, with an
unmodified opinion.
In regards to the state single audit, Mr. Flint said that we expended $17.4 million in state grants, which is
down from $21.9 million in the prior year due primarily to LOTCIP and the motor vehicle tax grant. He
said that the Open Choice program was specifically reviewed, with an unmodified opinion.
Mr. Flint said that two new GASB standards were adopted. GASB 101 pertains to how compensation
absences are accrued, and GASB 102 pertains to risk disclosures. GASB 102 has no impact to Simsbury.
Mr. Flint brought awareness to the “significant estimates,” which are the net pension and net OPEB
liabilities, noting that there are several actuarial assumptions that go into those estimates. Ms. Heavner
noted that we will be doing an experience study to get clarity on those assumptions. She asked Mr. Flint if
he is seeing towns creating trust funds for compensated absences; he said he has not seen this. Ms.
Meriwether clarified that the value of the liability is not typically paid out. Mr. Flint agreed, noting that we
are accruing for time taken, not time to be paid out. He said it is not significant to the point of needing a
trust fund. Ms. Heavner asked Ms. Meriwether what the annual payout amount would be; Ms. Meriwether
said that it is likely less than $15,000.
Dr. Shivaswamy asked if the impact of the newly adopted standards are noted anywhere in the audit. He
said this is only noted if there is a material change, which there is not. Dr. Shivaswamy asked what the
material threshold is. Mr. Flint said that materiality levels are not shared.
Mr. Flint said that there is nothing new in the management advisory letter. He said the comment from FY24
remains regarding the implementation of capital asset reporting in the accounting system. He explained that
this module would allow the town to track fixed assets within Munis. Ms. Meriwether said this improves
reporting capabilities and reduces the chance for errors that can occur in Excel.
3
Ms. Heavner asked about the inclusion of the Department of Continuing Education in the audit report when
the Director of Finance/Treasurer is not the treasurer for that entity. Mr. Flint said that he would have to
look into this further. Dr. Shivaswamy asked if DCE is a separate 501(c)(3). Ms. Meriwether said that DCE
has a separate employer identification number (EIN) and that staff has been trying to determine what type
of entity it is classified as. Ms. Heavner asked for an update within six months.
Mr. Flint indicated that a new standard, GASB 103, is forthcoming. This will include a greater level of
detail in the management discussion and analysis as well as a new variance column for actual budget to
final budget.
Ms. Heavner noted that we received the GFOA award for excellence in financial reporting.
Presentation: Fiducient:
Kate Pizzi introduced herself and said she is filling in for Chris Kachmar, Simsbury’s advisor at Fiducient
on the pension plans.
Ms. Pizzi began by reviewing the current market themes. She said that 2025 was first year since 2009 that
we have seen international stocks outperform domestic stocks. She noted, however, that returns were strong
across the board: international stocks were up 30%, domestic stocks were up 17%, and bonds were up about
7%. She said there is some uncertainty to kick off 2026, specifically with the impact of artificial intelligence
(AI). She noted that almost 40% of U.S. large companies have exposure to AI already. Ms. Pizzi said that
we do want exposure to this area of the market, but we also want to temper that exposure due to the risk.
Ms. Heavner asked if international portfolios have a similar exposure to AI. Ms. Pizzi said that they do not,
because so many of these companies are domiciled in the U.S. She said that there is some exposure, such
as in China, but it is not to the level of concentration that it is in the U.S.
Ms. Pizzi said that valuations are currently very high, and that opportunity exists in smaller companies for
less expensive small cap stocks. Dr. Shivaswamy asked if this implies overvaluation, or that there are just
a few companies dominating the market. Ms. Pizzi confirmed that there are a handful of companies in the
AI space that drive this. She noted that year-to-date, large companies are essentially flat, while mid-size
companies are up 8%.
Ms. Heavner asked about the data used in Fiducient’s analyses. Ms. Pizzi said that he has been difficult
with the government shutdown, as they lean on the data that the government sends out. She said they use a
blend of what they hear in the market and the data that they do receive. Dr. Shivaswamy asked if what they
are hearing is consistent with the data; Ms. Pizzi said that it is largely consistent in that there is a high level
of uncertainty. She said investors are waiting with baited breath for hard data that they can rely on.
Ms. Pizzi said that in terms of returns moving forward, we are expecting lower returns as compared with
where we were last year. Dr. Shivaswamy asked how this outlook compares to the 2024 to 2025 analysis,
and whether they were expecting volatility at this time last year. Ms. Pizzi said that they were expecting
volatility, and were focused on diversification in order to drive some returns that were outside of the
standard stocks and bonds. She said that the expectations are not much different this year in regards to
volatility. She noted that there is still some opportunity with the international market, and clarified that
“internationals” refers to anything outside of the U.S.
Ms. Pizzi said that based on this outlook, the expected returns for the pension plan is 7.1%, as compared to
7.2% for the prior year. She noted that this is still above our expected returns of 6.5%. She said the
4
expectations are similar for the OPEB plan, but that the OPEB plan has a slightly higher allocation to fixed
income. Ms. Heavner asked about the investment income projection. Ms. Pizzi said the expectation for
income generation is 3.25% and this is usually connected to the Federal Reserve’s policies. They also look
to the futures markets, and those markets are expected to be around 3% by the end of the year.
Ms. Pizzi reported that for calendar 2025, the pension portfolio returned 14%. She said that over the last
ten years, the returns have been an average of 7.4% per year. She said that there is one fund “on watch” and
that they will come back with a recommendation on that. Dr. Shivaswamy asked if they are watching the
actual fund managers, or the investments; Ms. Pizzi said they are monitoring the teams who drive the
portfolio decisions.
Ms. Pizzi reported that the OPEB plan is up 16.3%, due to having less fixed income and more stocks. She
said that over the last ten years, the returns have been an average of 8% per year. Ms. Heavner asked
whether the Board of Finance needs to monitor the Board of Education defined contribution plan. Mr. Polk
said that this is similar to other communities, and that it is not included in the investment policy statement.
Ms. Heavner asked for follow-up on who the plan fiduciary is for that plan.
Mr. Polk reviewed the fiduciary governance calendar, noting that the fourth quarter focus is on practice and
policy. He noted the pending regulatory and legislative topics, including the inclusion of collective
investment trusts in 403(b) plans, and the inclusion of private equity investment vehicles in defined
contribution plans. He also reviewed the litigation trends, including lawsuits around forfeitures.
Mr. Polk said there are no recommended changes to the investment policy statement at this time. He
provided an overview of the balances; the 457 plan is at $21 million, the BOE plan is at $2.5 million, and
the 401(a) is $2.6 million. He said the target date funds are slightly underperforming in the short term but
overperform in the long term. One fund is flagged for discussion, and another is on watch. Ms. Heavner
asked how the returns in these funds compare with the pension plan returns. Mr. Polk said that it might be
slightly higher, but that it is different pool of assts and is typically weighted more towards equities. Ms.
Heavner asked who does the education for the employees, and Mr. Polk said it is Mission Square. Mr.
Nelson explained how employees typically connect with Mission Square.
Mr. Polk provided a brief overview of how the defined contribution plan works, noting that the default is
the target date fund. Dr. Shivaswamy confirmed that it operates similar to a 401(k), with no risk to the town.
Ms. Heavner said that we have to have reasonable offerings, and that the fee structure is reviewed
periodically. Mr. Polk added that they provide a benchmark to ensure that the investments are in line. He
said they provide a diversified menu of options that also limits risk for the investor.
Finance Director’s Report:
Ms. Meriwether directed the Board to page 266. In response to the question regarding the recreational grant
that came up at the last meeting, she said this would be $248,000 for maintenance of the Farmington River
trail. She said that the LOTCIP grant noted is for a roundabout at Hoskins and County Roads. She reviewed
the money market account on page 267, noting the interest rate of 3.75% for the 6- and 9-month CDs. She
said this rate will be coming down to 3.7% effective this month.
In regards to the revenues starting on page 268, Ms. Meriwether noted that revenues are consistent with the
same time period last year. On page 271, she noted that expenditures are also consistent with the same time
period last year.
Dr. Shivaswamy asked if expenditures are consistent year over year, or if line items need to be monitored.
5
Ms. Meriwether said they are fairly consistent, but that sometimes the timing changes. She said that it is
mainly the full-time salary lines that can vary throughout the year. Ms. Heavner asked how many vacancies
there currently are. Mr. Nelson said it is approximately twelve, which is higher than usual due to the high
number of vacancies in the Police Department. Dr. Shivaswamy asked why there are so many vacancies in
the Police Department. Mr. Nelson said that three of the departures were unexpected. He said we are
improving the way that we plan for retirements.
Ms. Heavner asked for an explanation on the Board of Education budget adjustment for tuitions and
transportation. Ms. Meriwether said that when we budget for students who are placed out of district, there
is both a tuition and a transportation cost, and that this adjustment is to reflect actual expenditures between
those line items.
Agenda Items:
a) Supplemental Appropriation – Aquarion Water Paving Funds
Ms. Heavner said that this is on page 272. She noted that this supplemental appropriation request occurs
every year, and she would like to get to a place where we can budget for this. Ms. Meriwether said that
the town matches up its paving work with the work that Aquarion does with water lines, and then
Aquarion reimburses us for our paving work that Aquarion would otherwise have to perform.
Ms. Heavner asked how overtime is charged for these projects, and Ms. Meriwether said it would be
charged to the general fund. Mr. Nelson said that any overtime charges would be included in the
reimbursement from Aquarion. Mr. Nelson said that it would be challenging to budget for this since the
planning occurs immediately in advance of the paving season.
Dr. Shivaswamy made a motion, effective February 17, 2026 to approve a supplemental appropriation
for the Town’s pavement management program in the amount of $196,000. Ms. Pynn seconded the
motion. All were in favor and the motion passed unanimously.
b) Fiscal Year 2025/2026 Mid-Year Transfers
Ms. Meriwether explained that when we develop the budget, there is a contingency line item, that
includes amounts for unsettled union contracts, comp time payouts, and other contingencies that need
to be allocated during the year so that we charge the correct accounts. Board members asked whether
the contingency worked out as planned; Mr. Nelson said that we are not asking for additional funds. He
noted that we are up-to-date with all of our union contracts, so our estimates should be much more
accurate moving forward. Discussion ensued regarding the continued need for a contingency account
for unaffiliated wage increases, reclassifications, and other one-time needs.
Ms. Meriwether said that there was $264,493 budgeted in contingency, and the request is to allocate to
the full-time and part-time lines as presented in order to clear out that line item. She then reviewed the
individual department requests. The first is a request for additional funds in the Finance Department to
cover an FMLA leave. The second is a budget correction in the liability insurance line item to account
for Latimer Lane coming back onto the master policy after having a separate builders risk policy during
the renovation. This will be offset by a transfer from the health insurance line. She said that Highway
will need additional funds to account for overtime expenses incurred this winter, and that this will be
offset by a transfer from the Police full-time line. Ms. Heavner asked if Public Works has any savings
within their budget to cover this; Ms. Meriwether said that she does not anticipate that Public Works
could cover the increased costs within the existing budget.
6
Dr. Shivaswamy made a motion effective February 17, 2026 to approve the transfer requests between
departments as presented and attached to these minutes. Ms. Pynn seconded the motion. All were in
favor and the motion passed unanimously.
c) Fiscal Year 2024/2025 Annual Report Draft
Ms. Heavner thanked Dr. Shivaswamy and Mr. Doyle for their work on this, and noted that there are a
few more things to add to the report. She said that on page 284 there is a placeholder for capital projects
which needs to be added. She also said they need to add a glossary and a report on the use of Town Aid
Road (TAR) funds. She commended the boards and commissions for their contributions to the report,
specifically Aging and Disability, the Economic Development Commission, Fair Rent, Sustainability,
the Youth Services Bureau, and the Charter Revision Commission.
Review of Minutes:
d) January 20, 2026 Regular Meeting Minutes
Ms. Heavner asked Mr. Nelson for an update on the assessment appeals in advance of the Board of
Selectmen budget presentation on March 10.
Dr. Shivaswamy said that on the first page of the minutes, former member Art House should be referred
to as “Dr.”
Ms. Heavner mentioned that she toured 2 Farms Village, and spoke positively of the work that was
completed.
Dr. Shivaswamy made a motion, effective February 17, 2026, to approve the minutes of the January
20, 2026 Regular Meeting, as amended. Ms. Pynn seconded the motion. All were in favor and the
motion passed unanimously.
Communications:
e) 2025 Grand List Reports
a. Projections vs. Final Analysis
b. Net Assessment Comparison
c. Gross Assessment Comparison
d. Exemptions & Abatements
e. Grand List 15 Year Historical Changes
f. Top 10 Taxpayers
Ms. Meriwether walked through the grand list projections starting on page 352. She said the major
change from the original projections was that an apartment complex was put on hold. Other factors
included the veterans’ exemption and settled tax appeals. She said that personal property came in much
higher primarily due to an under projection for one company. She said the motor vehicle assessment
came in higher due to an increase in the number of vehicles as well as an increase in the average
assessment. Ms. Heavner commended the work of the Town Assessor. She asked about the increase
in the veterans’ exemption; Ms. Meriwether said more veterans applied than previously.
Ms. Heavner asked Ms. Mackstutis to speak to the exemption for horses. Ms. Mackstutis said that the
Board of Selectmen voted 5 to 1 to approve the horse exemption. She said that the rationale is that the
time it takes to get an accurate assessment on the horses is not worth the small amount of revenue
7
generated from the taxes.
Discussion ensued regarding tax appeals, how settlements impact the grand list, and the role of the
Board of Assessment Appeals.
f) Simsbury Performing Arts Center Band Shell Expansion Project Update
Ms. Pynn thanked Public Works Director Tom Roy for the update. Mr. Nelson reported that Mr. Roy
would attend the next meeting to report out in person.
Executive Session:
g) Pursuant to CGS 1-200(6)(c) and 100-200(6)(e) – Cyber Security Update
Dr. Shivaswamy made a motion to go into Executive Session, to include Brett Marchand, Amy
Meriwether, and Marc Nelson. Ms. Pynn seconded the motion. All were in favor and the motion
passed unanimously.
Ms. Pynn made a motion to adjourn the Executive at 8:09 p.m. Dr. Shivaswamy seconded the motion.
All were in favor and the motion passed unanimously.
Adjourn:
Ms. Pynn made a motion to adjourn the Regular Meeting of the Board of Finance at 8:09 p.m. Dr.
Shivaswamy seconded the motion. All were in favor and the motion passed unanimously.
Respectfully submitted,
Melissa Appleby
Budget Director
Projected Original Adjusted
Surplus(Deficit) 2026 Additioal Budget 2026
Description as of 12/31/25 Budget Appropriation Reduction Budget Notes
GENERAL GOVERNMENT
TOWN MANAGER'S OFFICE (427) 397,365 11,207 - 408,572
Unaffiliated, union contract negotation
and comp time payouts
HUMAN RESOURCES 6,905 305,473 6,458 - 311,931
Unaffiliated, union contract negotation
and comp time payouts
HEALTH DEPARTMENT - 190,890 - - 190,890
LEGAL SERVICES (8,000) 171,000 - - 171,000
GENERAL GOVERNMENT 13,158 175,346 - - 175,346
TOTAL GENERAL GOVERNMENT 11,636 1,240,074 17,665 - 1,257,739
BOARDS & COMMISSIONS
ECONOMIC DEVELOPMENT COMMISSION 650 93,150 - - 93,150
BOARD OF FINANCE 4,305 59,660 - - 59,660
LAND USE COMMISSION 2,700 14,650 - - 14,650
BEAUTIFICATION COMMITTEE (960) 6,000 - - 6,000
DEI COUNCIL - 4,550 - - 4,550
PUBLIC BUILDING COMMISSION 1,000 2,000 - - 2,000
AGING & DISABILITY COMMISSION 705 7,250 - - 7,250
POLICE COMMISSION 750 750 - - 750
PARKS & REC COMMISSION 750 750 - - 750
TOTAL BOARDS & COMMISSIONS 9,900 188,760 - - 188,760
SELECTMEN - COMMUNITY SERVICES
COMMUNITY SERVICES 1,852 242,358 5,000 - 247,358 January referendum mailer costs
TOTAL SELECTMEN - COMMUNITY SERVICES 1,852 242,358 5,000 - 247,358
PROBATE
REGIONAL PROBATE COURT - 13,874 - - 13,874
TOTAL PROBATE - 13,874 - - 13,874
ELECTION ADMINISTRATION
Town of Simsbury
General Fund
Mid-Year Budget Transfers
For the Year Ended June 30, 2026
Projected Original Adjusted
Surplus(Deficit) 2026 Additioal Budget 2026
Description as of 12/31/25 Budget Appropriation Reduction Budget Notes
Town of Simsbury
General Fund
Mid-Year Budget Transfers
For the Year Ended June 30, 2026
ELECTION ADMINISTRATION 2,733 183,783 - - 183,783
TOTAL ELECTION ADMINISTRATION 2,733 183,783 - - 183,783
TOWN CLERK
TOWN CLERK 2,720 294,904 6,331 - 301,235
Unaffiliated, union contract negotation
and comp time payouts
TOTAL TOWN CLERK 2,720 294,904 6,331 - 301,235
INFORMATION TECHNOLOGY
INFORMATION TECHNOLOGY 15,221 547,615 8,311 - 555,926
Unaffiliated, union contract negotation
and comp time payouts
TOTAL INFORMATION TECHNOLOGY 15,221 547,615 8,311 - 555,926
FINANCE
FINANCE DEPARTMENT 2,538 639,191 28,870 - 668,061
and comp time payouts, additional
staffing
ASSESSOR'S OFFICE 9,160 411,988 8,055 - 420,043
Unaffiliated, union contract negotation
and comp time payouts
TAX DEPARTMENT 8,122 201,300 3,722 - 205,022
Unaffiliated, union contract negotation
and comp time payouts
TOTAL FINANCE 19,820 1,252,479 40,647 - 1,293,126
PLANNING & BUILDING
PLANNING DEPARTMENT 3,254 429,777 11,339 - 441,116
Unaffiliated, union contract negotation
and comp time payouts
BUILDING DEPARTMENT 758 333,502 6,994 - 340,496
Unaffiliated, union contract negotation
and comp time payouts
TOTAL PLANNING & BUILDING 4,012 763,279 18,333 - 781,612
PUBLIC SAFETY
Projected Original Adjusted
Surplus(Deficit) 2026 Additioal Budget 2026
Description as of 12/31/25 Budget Appropriation Reduction Budget Notes
Town of Simsbury
General Fund
Mid-Year Budget Transfers
For the Year Ended June 30, 2026
POLICE DEPARTMENT 320,303 6,157,228 30,330 (170,000) 6,017,558
Unaffiliated, union contract negotation
and comp time payouts; Transfer of
$170,000 to Highway budget for
Overtime and Salt expenditures
DISPATCH 3,000 615,550 - - 615,550
ANIMAL CONTROL - 80,166 1,918 - 82,084
Unaffiliated, union contract negotation
and comp time payouts
EMERGENCY MANAGEMENT - 73,012 - - 73,012
TOTAL PUBLIC SAFETY 323,303 6,925,956 32,248 (170,000) 6,788,204
PUBLIC WORKS
HIGHWAY DEPARTMENT 2,470 3,223,578 210,589 - 3,434,167
Unaffiliated, union contract negotation
and comp time payouts; $170,000 or
overtime and Salt budget increase
BUILDINGS & MAINTENANCE (14,648) 576,848 12,817 - 589,665
Unaffiliated, union contract negotation
and comp time payouts
ENGINEERING 1,150 370,614 7,221 - 377,835
Unaffiliated, union contract negotation
and comp time payouts
PUBLIC WORKS ADMINISTRATION 9,761 384,340 9,471 - 393,811
Unaffiliated, union contract negotation
and comp time payouts
TOWN OFFICE BUILDINGS 188 208,100 - - 208,100
LIBRARY 22,737 196,501 - - 196,501
ENO MEMORAL HALL (3,300) 104,841 - - 104,841
OTHER BUILDINGS 7,576 49,343 - - 49,343
LANDFILL - 87,000 - - 87,000
TOTAL PUBLIC WORKS 25,934 5,201,165 240,098 - 5,441,263
COMMUNITY & SOCIAL SERVICES
SOCIAL SERVICES ADMINISTRATION - 358,351 7,491 - 365,842
SENIOR CENTER SERVICES 500 174,247 3,740 - 177,987
TRANSPORTATION SERVICES - 182,409 - - 182,409
TOTAL COMMUNITY & SOCIAL SERVICES 500 715,007 11,231 - 726,238
Projected Original Adjusted
Surplus(Deficit) 2026 Additioal Budget 2026
Description as of 12/31/25 Budget Appropriation Reduction Budget Notes
Town of Simsbury
General Fund
Mid-Year Budget Transfers
For the Year Ended June 30, 2026
LIBRARY
LIBRARY 22,259 1,824,821 38,762 - 1,863,583
Unaffiliated, union contract negotation
and comp time payouts
TOTAL LIBRARY 22,259 1,824,821 38,762 - 1,863,583
PARKS & RECREATION
PARKS & OPEN SPACE 19,775 1,156,841 21,551 - 1,178,392
MEMORIAL POOL 8,115 95,225 - - 95,225
RECREATION ADMINISTRATION - 77,648 5,316 - 82,964
MEMORIAL FIELD 5,538 42,041 - - 42,041
TOTAL PARKS & RECREATION 33,428 1,371,755 26,867 - 1,398,622
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS 113,045 7,830,160 - (26,000) 7,804,160
Latimer Lane added back to policy;
Finance department additional staffing
TOTAL EMPLOYEE BENEFITS 113,045 7,830,160 - (26,000) 7,804,160
INSURANCE
LIABILITY INSURANCE (15,000) 519,523 15,000 - 534,523 Latimer Lane added back to policy
TOTAL INSURANCE (15,000) 519,523 15,000 - 534,523
TRANSFERS
TRANSFER OUT - SIMSBURY FARMS - 151,715 - - 151,715
TRANSFER OUT - MSP SENIOR FUND - 10,480 - - 10,480
TRANSFER OUT - YOUTH SERVICE BUREAU - 8,000 - - 8,000
TRANSFER OUT - ATHLETICS FIELDS - 2,250 - - 2,250
TRANSFER OUT - SIMSBURY CELEBRATES - 5,300 - - 5,300
CONTINGENCY RESERVE 264,493 264,493 - (264,493) -
Unaffiliated, union contract negotation
and comp time payouts
CONTINGENCY VACANCY (350,000) (350,000) - - (350,000)
TRANSFER OUT - CNR - 416,250 - - 416,250
Projected Original Adjusted
Surplus(Deficit) 2026 Additioal Budget 2026
Description as of 12/31/25 Budget Appropriation Reduction Budget Notes
Town of Simsbury
General Fund
Mid-Year Budget Transfers
For the Year Ended June 30, 2026
TOTAL TRANSFERS (85,507) 508,488 - (264,493) 243,995
DEBT SERVICE
PRINCIPAL 173,207 7,103,207 - - 7,103,207
INTEREST 222,025 2,451,650 - - 2,451,650
TOTAL DEBT SERVICE 395,232 9,554,857 - - 9,554,857
TOTAL GENERAL FUND EXPENDITURES 881,088 39,178,858 460,493 (460,493) 39,178,858