Agenda

Board of Finance - Agenda - Apr 7, 2026

Apr 7, 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.

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Board of Finance
Regular Meeting
April 7, 2026 – 6:00 p.m.
Simsbury Public Library – Friends of the Library Program Room
725 Hopmeadow Street
*Meeting May Be Held in a Virtual Only Format if Inclement Weather is Expected on Day of Meeting*
AGENDA
Call to Order
Pledge of Allegiance
Public Audience
Agenda Items
a) Public Hearing on Fiscal Year 2026/2027 Operating and Capital Budgets
Then Close or Continue the Public Hearing
b) Budget Discussion and Possible Action
Review of Minutes
c) March 10, 2026 Regular Meeting Minutes (Pages 1-14)
Communications
d) Resident Public Comments on the Fiscal Year 2026/2027 Budget (Pages 15-16)
e) Fiducient Advisors February 2026 Market Review (Pages 17-23)
f) Moody’s Credit Rating Profile for the Town of Simsbury (Pages 24-31)
Adjourn
Board of Finance Meeting Schedule:
4/21/26, 5/19/26, 6/16/26, 7/21/26, 8/18/26, 9/15/26, 10/20/26, 11/17/26, 12/15/26, 1/12/27
1
Town of Simsbury
Board of Finance
Regular Meeting Minutes
March 10, 2026
Present:
Members in attendance: Lisa Heavner, Lalitha Shivaswamy, Regina Pynn, Mike Doyle, Bert Helfand, and
Art Wallce (by Zoom).
Others in attendance included: Amy Meriwether, Finance Director; Marc Nelson, Town Manager; Wendy
Mackstutis, First Selectman; Matt Curtis, Superintendent of Schools; Neil Sullivan, Assistant
Superintendent for Administration; Jeff Tindall, Board of Education Chair; Melissa Appleby, Budget
Director; Diana Yeisley, Selectman; Kevin Beal, Selectman; Lisa Miceli, Library Director; Nick Boulter,
Chief of Police; and other interested parties.
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:
Joan Coe, 26 Whitcomb Drive, spoke about Board of Education budget increases related to special
education costs, special education mandates, and transferring responsibilities and costs to the state. She also
spoke in favor of the redistricting of schools in order to save on overhead costs.
Lori Boyko, 15 Oakhurst Road, spoke about the Board of Selectmen changes to the Town Manager’s
budget, which resulted in an increase of expenses. She said that reductions should be found to offset the
increases.
Holly McGrath, 2 Old Barge Road, spoke about the Library’s strategic plan, the importance of the Library
to members of the community, and the impact of cuts made to the Library budget for FY27.
Presentation: Board of Education Fiscal Year 2026/2027 Budget Presentation
Ms. Heavner opened by recognizing the work of all parties involved in the budget process so far, and
reviewed the role of the Board of Finance in the process.
Superintendent Matt Curtis presented the Board of Education budget, which represents an increase of
$2.79% or approximately $2.4 million. The presentation included an overview of the budget context,
including the local mill rate history, grand list growth, and the status of reserve funds. Mr. Curtis also
provided an overview of how Simsbury compares with other districts in regards to the per pupil expenditure
amount as well as the proposed percentage increase in expenditures.
Mr. Curtis said that the starting point for the budget development process was an increase of 3.85% or
approximately $3.4 million. He said that the increase is mostly driven by personnel costs, and noted that
special education costs are stabilizing. He said that the budget includes the planned use of reserves in the
Chromebook insurance fund to offset the cost of purchasing Chromebooks.1
2
Mr. Curtis presented the various reductions to the budget, which totaled approximately $1.1 million. This
included 4.8 certified full-time equivalent (FTE) positions, 1 administrative position, and offsets from a
new special education grant and the use of the non-lapsing fund. Additions to the budget totaled
approximately $212,000 and include 0.6 FTE speech-language pathologist, 0.2 FTE strings teacher, nursing
services at Henry James, a reclassification of a SHS guidance position, and funds for extended school year
planning.
Mr. Curtis explained that late in the budget development process, we learned that the increase to health
insurance costs would be higher than originally anticipated. The impact was a $400,000 increase to
expenditures, which the Board of Education accommodated through the reduction of 2 FTE, the use of the
new special education grant, and use of the non-lapsing fund. He noted that the non-lapsing fund is in a
strong position, even after the planned use of the fund in FY27.
Ms. Meriwether presented the proposed budget for New Path, the new in district special education program
located at 2 Farms Village Road. She compared the budget with the original concept plan, with the primary
difference being an increase in the number of tuition students and fewer Simsbury students being brought
back from their out of district placements. She noted total cost containment for FY27 in the amount of
approximately $26,000. Mr. Wallace asked for an update on the anticipated payback period, which was
anticipated to be five years. Ms. Meriwether said that we are on track. Dr. Shivaswamy asked why there
was a change from the concept plan; Mr. Curtis said that there is more interest from other districts than
anticipated, and that this reflects both the level of need as well as the reputation of Simsbury.
Mr. Doyle said that he was pleased to see the planned use of the non-lapsing fund for FY27, and asked
whether this creates a funding cliff in the following year. Mr. Curtis said that the fund will partially cover
one-time equipment and supplies costs, which will not create a cliff. Dr. Shivaswamy asked if there is a
policy on the use of that fund. Mr. Curtis said there is no formal policy but the BOE approves the use of the
funds and there are reporting requirements.
Ms. Pynn asked about the facilities side of the budget, which appears relatively flat. Mr. Curtis said that
this part of the operating budget is as tight as possible, and noted the types of needs that are covered through
capital non-recurring (CNR). Dr. Shivaswamy asked if the BOE needs anything from this Board regarding
CNR. Mr. Curtis said that the CNR needs and funding are always a challenge, but that funding a bus
through operating rather than CNR in FY27 will help. He also noted a new state grant that will provide
approximately $170,000 for CNR needs.
Ms. Heavner acknowledged changes made to reflect the reduction in student enrollment. She also noted the
Board of Selectmen’s role in helping to cover the escalating special education costs over the last few years.
Ms. Heavner asked about the anticipated annual operating costs to maintain the new proposed track and
turf, and requested a follow up response on this.
Ms. Heavner asked when the Board can expect to see a plan for the renovation of Squadron Line Elementary
School. Mr. Curtis said the BOE has reviewed three options: maintain the current school, renovate as new,
and build new. He said that various options for state reimbursement come into play with each option. He
said the BOE has more work to do and a public conversation will occur regarding a proposed option. He
said the BOE will work with the Board of Selectmen on the plan and proposed timing after working through
the options.
Presentation: Board of Selectmen Fiscal Year 2026/2027 Budget Presentation
First Selectman Wendy Mackstutis presented the Board of Selectmen budget, opening with the First2
3
Selectman’s budget message. She noted the budget represents a 3.39% in expenditures, and a mill rate
increase of 2.15%. She reviewed the changes made by the BOS to the Town Manager’s proposed budget,
and highlighted the major projects in the proposed Capital Improvement Plan (CIP). She said that the Town
Manager’s budget proposed a contribution to the Simsbury Volunteer Ambulance Association’s ambulance
purchase in the amount of $60,000 and that the BOS increased this to $200,000. She said this should be
moved out of the operating budget and into the CIP, due both to the dollar amount as well as the fact that
the Town may purchase the ambulance outright and lease it to SVAA.
Ms. Mackstutis explained the change in the funding method for smaller capital items and equipment, which
was formerly done through a separate capital non-recurring (CNR) plan. She presented a breakdown of the
small capital items included in the operating budget, which are funded either through the general fund or
the capital reserve fund. She also presented the new vacancy rate in the Police Department, which was
broken out from the standard organization-wide vacancy rate that is budgeted under Operating Transfers.
Ms. Mackstutis reviewed the proposed reallocation of the Business Resource Coordinator position to
provide a half-time in-house resource for economic development, working with the Town Manager and
Planning Director.
Ms. Mackstutis said that the “zero-based budgeting” approach was used for the development of the Library
budget this year, and that this method will be used on a rotating basis in one department each year moving
forward.
Agenda Items:
a) Fiscal Year 2026/2027 Budget Discussion
Mr. Wallace asked how the mill rate increase is only 2.15% if expenses are 2.79% for the BOE and
3.39% for the BOS. Ms. Meriwether said that net expenditures are 2.88%, and grand list growth offsets
the decrease in revenues.
Mr. Wallace asked what happens if we do not hit the projected vacancy rate and whether we are creating
a hole that will need to be filled in future years. Mr. Nelson explained that the rate is based on actual
anticipated departures, along with the typical eight-month hiring timeline for police officers. He said
the plan is to adjust the rate every year based on these projections. Mr. Helfand asked about the
organization-wide vacancy rate, and how the combined figures compare to what was budgeted for the
current year. Mr. Nelson said that the organization-wide rate was decreased when the Police vacancy
rate was broken out separately. Ms. Meriwether said that the total change for both rates, year over year,
is an increase of $232,500.
Dr. Shivaswamy asked for feedback from the Chief of Police and Police Commission on the projected
vacancies. Chief Boulter noted that from 2020-2024, there was a nationwide trend of officers leaving
the profession. He said that Simsbury did not really feel the impact of that, but that starting in 2025
there were several departures, including some unexpected resignations and some retirements. He said
that under normal circumstances, there are roughly two vacancies at any given time. He said that the
Police Department’s selection process is very selective. Mr. Helfand said that the decision we are faced
with is whether to risk creating a cliff in a future year or potentially experience a surplus. Ms. Heavner
said that the high number of vacancies is a one-time event, and therefore the increase in the vacancy
rate should offset a one-time cost. Further discussion ensued regarding whether to budget for two or
three vacancies.3
4
Ms. Pynn asked Ms. Mackstutis what the BOS did that was similar to the BOE approach of making cuts
to accommodate the increase in health insurance costs. Ms. Mackstutis noted that the BOE has the non-
lapsing fund available to directly offset expenditures. Ms. Pynn said that the BOE also looked at
headcount. Dr. Shivaswamy asked whether the BOS would make a change in their approach after seeing
how the BOE does it. Mr. Nelson noted that there is more room to make cuts in a $90 million budget,
and that the BOE also had vacant positions to cut. Ms. Mackstutis said that the BOS did take a hard
look at cutting a position but ultimately decided not to. Dr. Shivaswamy said that we need to start
looking at the methodology if we’re going to be able to manage large changes such as the health
insurance increase that occurred late in the process. Mr. Nelson said that we should start looking at the
health insurance line item in the same way that we consider debt service, in terms of incorporating
strategies to smooth the impact of annual increases. Ms. Pynn said that the BOS did not try to adjust for
the impact of the health insurance increase, and that the BOF guidance holds even if there is a last-
minute shock.
Ms. Heavner asked about the restructured Business Resource Coordinator/economic development
position, and why the function cannot be fulfilled by the Town Manager. She also asked if the incumbent
does not have enough to do at the Library. Ms. Miceli said that there is a full-time need at the Library
and that service to the public will decrease. Ms. Heavner asked for performance metrics for the position
and asked questions regarding the function of the current position and the job description for the
proposed position. Discussion ensued regarding the role of the Town Manager in managing economic
development initiatives.
Mr. Helfand asked about CNR, specifically where the funds are going that were “loaned” to the fund
Mr. Nelson said that the traditional payback method of funding CNR was prefunded with cash, so no
loan exists. He said that staff has done some historical research on this, and that the original intent was
to build in support from the operating budget for small capital needs without putting pressure on the
mill rate. Dr. Shivaswamy said that the Board needs more information in order to make an informed
decision about this change in approach for funding CNR needs. Mr. Helfand said that he does not
understand the mechanics of it but that he supports the goal. Ms. Heavner noted that the proposed
operating budget relies more on capital reserves than in the past, and that this budget takes a step
backwards in regards to building funding into the operating budget for capital. Mr. Nelson said that the
goal is to eventually have all of the small capital funding built into the operating budget and stop relying
on reserves. Ms. Pynn said that this is a policy change that should not be considered during budget
season.
The Board reviewed the projected balances for the capital reserve fund. Ms. Heavner asked what the
planned use of the fund is. Mr. Nelson said that the plan is to use less and less from the fund every year.
Ms. Heavner said that we need a plan to how to spend down the fund. Discussion ensued regarding how
revenues are budgeted; Mr. Helfand said that the only existing policy that results in a surplus is the tax
collection rate assumption and that he is not aware of any other policies that we are following that are
creating budget surpluses. Mr. Nelson pointed to the underestimation of the vacancy rate, which was
adjusted in this proposed budget. Ms. Heavner said that there is universal standard for the “right”
amount of surplus. She referenced the state of Massachusetts’ recommendation of 3-5%, and noted that
this Board has said 1-3% is appropriate.
Mr. Helfand asked whether management has estimated year over year cost increases associated with
union contracts. Mr. Nelson said yes, and that this information can be provided.
Ms. Pynn left the meeting at 9:22 p.m.4
5
Ms. Heavner asked for all capital project sheets to include a projected start and end date for the projects.
Dr. Shivaswamy asked for more detail on revenue anticipation bonds, which is a proposed funding
source for a future year project on the CIP. Ms. Meriwether said that our bond advisor could speak to
this.
The Board reviewed the full budget summary to be noticed for the public hearing. Mr. Helfand made a
motion to approve the legal notice, as attached, and set the public hearing for Tuesday, April 7, 2026,
at 6:00 p.m. at the Friends of the Library Program Room at the Simsbury Public Library. Dr.
Shivaswamy seconded the motion. All were in favor and the motion passed unanimously.
Ms. Heavner made a request that emails received regarding the budget be included in the meeting
minutes.
Review of Minutes:
b) February 17, 2026 Regular Meeting Minutes
Dr. Shivaswamy made a motion, effective March 10, 2026, to approve the minutes of the February 17,
2026 Regular Meeting. Mr. Doyle seconded the motion. The motion passed with Dr. Shivaswamy,
Mr. Wallace, Mr. Doyle and Ms. Heavner in favor; Mr. Helfand abstained.
Ms. Heavner asked Mr. Nelson if there is there anything of material significance that the Board should
be aware of that has not been disclosed. Mr. Nelson said that management communicates timely
when there is anything of significance to report.
Adjourn:
Dr. Shivaswamy made a motion to adjourn the Regular Meeting of the Board of Finance at 9:41 p.m.
Mr. Wallace seconded the motion. All were in favor and the motion passed unanimously.
Respectfully submitted,
Melissa Appleby
Budget Director5
Town of Simsbury
933 HOPMEADOW STREET SIMSBURY, CONNECTICUT 06070
LEGAL NOTICE TOWN OF
SIMSBURY
SIMSBURY ANNUAL BUDGET AND CAPITAL PROJECT HEARING
The Board of Finance of the Town of Simsbury will hold a public hearing on Tuesday, April 7, 2026, at 6:00 PM
at the Friends of the Library Program Room, 725 Hopmeadow Street, Simsbury, Connecticut. Pursuant to Town
Charter Section 808, copies of proposed budget estimates showing anticipated revenues by major sources, and
proposed expenditures by function or departments, and the amount to be raised by taxation for the ensuing fiscal
year are available for general distribution in the office of the Town Clerk and posted on the Town website at
www.simsbury-ct.gov/budget. The proposed annual operating budgets of the Board of Selectmen and Board of
Education and proposed capital improvement projects shall be presented at the hearing. Interested persons will
be heard in regard to any proposed appropriation, and any other business proper to come before said meeting will
be transacted.
BOARD OF FINANCE
Lisa Heavner, Chair6
Adopted Proposed
FY2026 FY 2027 Dollar Percentage
Board of Selectmen 29,624,001 30,628,420 1,004,419 3.39%
Debt Service & Capital 9,554,857 9,064,275 (490,582) ‐5.13%
Board of Education 88,261,001 90,708,518 2,447,517 2.77%
Non‐Public School 562,110 594,726 32,616 5.80%
Total Appropriations 128,001,969 130,995,939 2,993,970 2.34%
LESS ESTIMATED NON‐CURRENT YEAR TAX REVENUES 14,964,686 14,434,446 (530,240) ‐3.54%
USE OF RESERVES 1,300,000 1,610,544 310,544 23.89%
BALANCE TO BE RAISED 111,737,283 114,950,949 3,213,666 2.88%
ACTUAL ACTUAL BUDGET PROJECTED ESTIMATED
REVENUE REVENUE REVENUE REVENUE REVENUE
GENERAL FUND REVENUES FY 2025 12/31/2025 FY 2026 6/30/2026 FY 2027
Property Taxes ‐ Prior Year & Interest & Liens 440,514 306,469 580,000 780,000 680,000
Intergovernmental Revenues & Payments in Lieu of Taxes 7,909,573 2,361,816 8,986,583 9,012,827 8,900,826
Investment Income 2,894,500 1,326,382 1,875,000 1,926,382 1,395,000
Charges for Goods & Services & Misc 1,882,123 1,164,760 1,903,189 1,988,939 2,014,386
Fines & Forfeitures 12,311 4,657 12,400 9,525 12,050
Rental of Town Owned Property 204,102 83,003 172,500 175,500 174,200
Licenses & Permits 1,275,965 541,221 944,600 972,613 945,000
Operating Transfers In (Belden Trust) 28,350 28,930 28,930 28,930 34,930
Operating Transfers In (Capital Project Funds) 458,289 1,486,259 1,486,259 1,486,259 1,743,142
Operating Transfers In (Parks & Rec Fund) ‐ 95,225 95,225 95,225 85,456
Operating Transfers In (Social Services Special Revenue Fund) ‐ 180,000 180,000 180,000 60,000
Total General Fund Revenue Budget 15,105,727 7,578,722 16,264,686 16,656,200 16,044,990
FY 2025 FY 2026 FY 2026 FY 2026 FY 2027
GENERAL FUND EXPENDITURES BY FUNCTION ACTUAL 12/31/2025 BUDGET 6/30/2026 PROPOSED
General Government 1,780,003 893,614 1,788,653 1,781,100 1,772,596
Financial Services & Information Technology 1,819,963 913,678 1,859,754 1,835,679 2,083,226
Planning & Development 773,387 470,812 873,079 865,584 912,306
Public Safety 6,493,705 3,270,466 6,926,706 6,602,653 7,455,298
Public Works & Engineering 5,181,861 2,341,608 5,201,164 5,192,888 5,744,128
Health and Social Services 889,790 427,169 913,147 908,804 955,236
Parks and Recreation & Library 3,018,467 1,512,160 3,203,326 3,160,426 3,515,338
Fringe Benefits & Liability Insurance 7,329,847 5,536,276 8,349,684 8,257,138 8,196,546
Operating Transfers 3,601,995 593,995 508,488 593,995 (6,254)
Total Board of Selectmen Operating Budget 30,889,018 15,959,778 29,624,001 29,198,267 30,628,420
Debt Service 8,032,550 1,659,163 9,554,857 9,159,625 9,064,275
Education 85,689,219 40,201,496 88,823,111 88,823,111 91,303,244
Total General Fund Budget 124,610,787 57,820,437 128,001,969 127,181,003 130,995,939
ACTUAL ACTUAL BUDGET PROJECTED ESTIMATED
REVENUE REVENUE REVENUE REVENUE REVENUE
SPECIAL REVENUE FUNDS ‐ REVENUES FY 2025 12/31/2025 FY 2026 6/30/2026 FY 2027
Water Pollution Control Fund
Total Water Pollution Control Fund 4,859,616 3,843,962 4,473,402 4,946,255 4,460,995
Residential Property Fund
Rental of Town Owned Property 99,981 30,840 97,000 87,000 87,000
Simsbury Farms Complex
Total Simsbury Farms Complex 2,842,585 1,347,541 3,274,822 3,049,355 3,329,940
Total Special Revenue Funds 7,802,182 5,222,343 7,845,224 8,082,610 7,877,935
FY 2025 FY 2026 FY 2026 FY 2026 FY 2027
SPECIAL REVENUE FUNDS ‐ EXPENDITURES ACTUAL 12/31/2025 BUDGET 6/30/2026 PROPOSED
Water Pollution Control Fund
Total Water Pollution Control Requests 4,571,859 3,027,539 5,082,546 4,804,712 5,914,158
Residential Property Fund
Total Residential Properties 38,121 45,443 53,850 60,796 425,450
Simsbury Farms Complex
Total Simsbury Farms Complex 2,726,913 1,409,798 2,953,495 2,722,744 3,032,783
Total Special Revenue Funds 7,336,893 4,482,780 8,089,891 7,588,252 9,372,391
Change
BUDGET SUMMARY7
FY2027 CAPITAL Requested General
& NONRECURRING FUND BUDGET 22/23 23/24 24/25 25/26 26/27 Fund
BOARD OF EDUCATION
BOARD OF EDUCATION TOTAL 550,300 550,300 550,300 550,300 500,300 500,300
TOTAL CAPITAL & NON‐RECURRING 550,300 550,300 550,300 550,300 500,300 500,300
CAPITAL IMPROVEMENT PROJECTS FY 2027
Financing
SHS Turf & Track Resurfacing 2,200,000$ Bonds
District Flooring Improvements 250,000$ Bonds
District Security Improvements 350,000$ Bonds
Greenway Improvements 150,000$ Cash
Irrigation Replacement ‐ Various Fields & Parks 150,000$ Cash
Simsbury Farms Golf Course Clubhouse Reno and Expansion 40,000$ Cash
Simsbury Farms Pool ‐ Plaster Replacement 170,000$ Cash
Maintenance of Neighborhood Paths and Connecting Trails 380,000$ Bonds
Roof Repairs (Town Hall, Eno Hall and Library) 825,000$ Bonds
Historic Building Restoration 171,000$ Cash
Highway Street Sweeper 345,000$ Grants/Cash
Sidewalk Reconstruction 251,325$ Cash
Highway Pavement Management 1,800,000$ Bonds/Grants
Rental Buildings Exterior Repairs 341,600$ Cash
Security and Fire Alarm Upgrades 550,000$ Bonds
Wheeled Excavator 235,000$ Grants
Air Ventilation System (Highway Garage) 38,000$ Grants
Cold Storage Building 95,000$ Cash
Intersection and Roadway Safety Improvements 125,000$ Cash
Drainage Improvements 150,000$ Cash
Aeration System Energy Improvements 75,000$ Sewer Use
Influent Pump 275,000$ Sewer Use
On Site Waste Recovery System 575,000$ Sewer Use
TOTAL PROPOSED CAPITAL IMPROVEMENT PROJECTS 9,541,925$
FY2027
Charge‐Back Against8
1
Meriwether Amy
From: Contact form at simsburyct <cmsmailer@civicplus.com>
Sent: Friday, March 6, 2026 1:23 PM
To: Meriwether Amy
Subject: [simsburyct] Simsbury Public Library budget (Sent by Donald Heymann,
don@donheymann.com)
Hello Board of Finance,
Donald Heymann (don@donheymann.com) has sent you a message via your contact form (https://www.simsbury-
ct.gov/user/11911/contact) at simsburyct.
If you don't want to receive such e-mails, you can change your settings at https://www.simsbury-
ct.gov/user/11911/edit.
Message:
As a member of the Simsbury Public Library's board of trustees, I'm writing to show my support for the proposed library
budget. The library, like all town organizations these days, must deal with budget cuts, but I urge the BOF to hold off on
any further cuts it may be considering. Our great library is, arguably, the most important social/cultural/educational
institution in Simsbury, providing a depth of services to residents, from toddlers to seniors. It's great because it has the
capacity to serve so many in profound ways. Let's not put the Library's capabilities and services in jeopardy. Please
protect this vital community institution. Thank you.9
March 9, 2026
Dear Madam Chair Lisa Heavner and Distinguished Members of the Board of Finance:
I am writing to request that you fully fund the Simsbury Public Library budget as passed by the
Board of Selectmen. Our Library is a high performer because of the careful budget planning and
use of resources and the dedication of its staff and their ability to develop and maintain active
partnerships in the community and the region. We are proud of the level of engagement and use
of the Library by our community members and are committed to growing our reach and service
to all.
We understand the need to cut costs as the Town faces limited grand growth, rising costs and
contractual responsibilities. After completing an exhaustive review of all Library expenses
through the zero based budgeting process, it was determined that the Library operates extremely
efficiently. The cuts to the materials budget ($23000) will have a detrimental impact on the
quality of our collection and we will work to have this funding restored in the coming year.
It is also difficult to reduce the BCC position to 50%, but we remain optimistic that Simsbury
will be served by sharing this position with Town Hall for the purpose of economic development
which aligns with the fourth goal of our current strategic plan; “Simsbury Library supports a
thriving economy with informaƟon, tools and connecƟons to promote businesses, nonprofits
and careers.”
The Simsbury Library is well-loved and much appreciated by all because of its dedicaƟon to
serving an inclusive community that values exploraƟon and connecƟon through learning. Let us
acknowledge the efforts of our high performing Library staff and fully fund the Library budget.
Sincerely,
Holly McGrath
Chair, Library Board of Trustees10
1
Meriwether Amy
From: Contact form at simsburyct <cmsmailer@civicplus.com>
Sent: Monday, March 9, 2026 9:14 PM
To: Meriwether Amy
Subject: [simsburyct] Support for the Simsbury Public Library Budget (Sent by Laurie Shinaman,
laurie.shepard@gmail.com)
Hello Board of Finance,
Laurie Shinaman (laurie.shepard@gmail.com) has sent you a message via your contact form (https://www.simsbury-
ct.gov/user/11911/contact) at simsburyct.
If you don't want to receive such e-mails, you can change your settings at https://www.simsbury-
ct.gov/user/11911/edit.
Message:
Dear Members of the Simsbury Board of Finance,
Libraries play a unique and vital role in a community. They are one of the few places where everyone who walks through
the doors is treated equally and welcomed without barriers. Regardless of age, income, background, or circumstance,
the library provides access to knowledge, technology, opportunity, and community connection. It is a cornerstone of
civic life and a resource that strengthens the entire town.
For that reason, I am writing ahead of tomorrow evening’s meeting, when the Simsbury Board of Selectmen will present
their budget, to respectfully ask that the proposed library budget be approved as presented without further reductions.
While I appreciate the difficult decisions that come with budget planning, I am disappointed that the library budget has
already required reductions. In particular, cuts to the materials budget can be especially detrimental. The materials
budget funds the books, digital content, databases, and other circulating resources that residents rely on every day.
When this area is reduced, the impact is felt immediately by patrons, and it can take years for a collection to recover
from those losses. Maintaining a strong and current collection is essential to the library’s ability to serve the community
effectively.
The proposed library budget was developed using a thoughtful zero-based approach and already includes several
significant adjustments from the current fiscal year. These include sharing the Business and Career Center Coordinator
position half-time with the Town Manager’s Office to support economic development efforts, reducing the materials
budget by just over $23,000, reducing library hours by two hours per week by closing at 8:00 PM instead of 8:30 PM
Monday through Thursday, reducing the programming budget following an in-house program analysis conducted by
Head of Children’s Services Stephanie Prato, and including a salary increase for the Head of Children’s Services/Deputy
Director position.
I would especially like to highlight the importance of the Business and Career Center Coordinator role. In a challenging
economic climate, this position represents a critical resource for residents seeking employment, career transitions, small
business support, and workforce development guidance. Making this role part-time will inevitably create gaps that other
library staff and departments will need to fill, creating a domino effect that stretches already limited capacity.
Maintaining the strength of this program is an investment in the economic wellbeing of our residents and local
businesses.11
2
The library has clearly taken a thoughtful and responsible approach to its budget, identifying efficiencies and reductions
where possible while still striving to maintain essential services. Additional cuts would only make it more difficult for the
library to meet the needs of the Simsbury community.
I respectfully ask that the Simsbury Board of Finance support the work already done and approve the budget as
presented.
Thank you for your time, consideration, and continued commitment to the residents of Simsbury.
Sincerely,
Laurie Shinaman12
1
Meriwether Amy
From: cmsmailer@civicplus.com on behalf of Contact form at simsburyct
<cmsmailer@civicplus.com>
Sent: Friday, March 6, 2026 2:31 PM
To: Meriwether Amy
Subject: [simsburyct] Support for the Library Budget (Sent by Marianne O’Neil,
mareoneil@yahoo.com)
Attachments: library_comparison_date_24-25.docx
Hello Board of Finance,
Marianne O’Neil (mareoneil@yahoo.com) has sent you a message via your contact form (https://www.simsbury-
ct.gov/user/11911/contact) at simsburyct.
If you don't want to receive such e-mails, you can change your settings at https://www.simsbury-
ct.gov/user/11911/edit.
Message:
I would like to thank the Board of Finance for their past and continuing support of the Simsbury Public Library. I would
ask for your continued support for the Library budget for FY27. The Library is an exceptional resource for the Town of
Simsbury. It supports all our residents from infants to our Senior citizens. It is an active partner with all Town
departments, developing programs with the Senior Center, Social Services and many others. The metrics show what a
well run cost effective department it is, as demonstrated by the results of the deep dive into its budget through the zero
based budgeting process. The Library has a circulation rate of over 18.2 items checked out per resident in the past year.
This was the second highest per capital figure in Connecticut, surpassed only by Darien. Its material spending, however,
was 47th in the state. The attached document demonstrates how well the Library performs in all areas.
Thank you for all the work you do and hours you contribute as members of the Board of Finance.13
Library Comparative Data Fiscal Year 2024-2025
Simsbury Avon Cheshire Farmington Glastonbury
Resident
Cardholder % 55% 41% 34% 35% 37%
Library Visits
Per Capita 12.8 6.9 5.7 5.2 5.2
Items
Circulated
Per Capita
18.2 14.9 10.3 11.9 11.6
Material
Expenditure
Per Capita
$8.84 $10.64 $5.26 $6.79 $8.30
Total
# of Programs 1,247 994 547 970 642
Program
Attendance
Per Capita
1.47 1.66
.
.56 .85 .52
Municipal
Appropriation
Per Capita
$74.38 $89.18 $105.54 $63.16 $56.09
FTE Per 1,000
Population
.67 .86 .25 .46 .4914
Dear Ms. Heavner,
I am writing to you as a concerned constituent and a regular library patron who relies on our
local library for access to books, classes, technology, and community resources. I urge you to
oppose any further cuts to our town public library funding.
This institution is essential to education, personal growth, and the overall well-being of our
community. The library has played a significant role in my life and the lives of many others in our
community.
Thirty-five years ago my husband and I looked for a community to make our home and raise our
children. We knew that the school district was excellent, but we could not tour the schools at
that time. However we visited the town and realized that the public library told the story of this
town’s excellence.
We toured the library and saw a wonderful community center where children were learning,
teens were involved, and classes for everyone were offered. People were attending a free
concert, viewing an art exhibit, and business/technology classes were helping residents learn
new skills.
Whether it’s checking out books, attending educational programs, using free Wi-Fi, or bringing
my children to storytime, the library is an invaluable resource that we depended on as a family
regularly. Now that we are retired, we continue to benefit from the programs and resources of
our public library.
The recent reductions made by the Board of Selectmen to library staff, funding for books, and
reduction of library hours will affect residents across the library services. Limiting funding for
public libraries has a devastating impact on people in our town as it serves so many. Did you
know that our community library has many more patrons than our surrounding towns?
The BOS cut library services for town residents. It will mean fewer books and resources,
reduced programming for children and adults, and limited access to technology for those who
don’t have it at home. Many people depend on the library for job searching, resume building,
and online learning, and without adequate funding, these opportunities will be less available.
I respectfully ask you to advocate for no further cuts for our public library and to recognize its
importance in our community. Our library is more than just a building filled with books, it is a
lifeline for education, information, and connection.
Thank you for your time and for your commitment to our community. I hope that you will stand
with me in allowing NO more cuts to the library budget.
Sincerely,
Leslie Imse, 326 Bushy Hill Road15
3/24/202616
This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors LLC, A Wealthspire Company and the
information contained herein is confidential and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors
LLC, A Wealthspire Company is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently verified.
Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report
does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisors LLC, A
Wealthspire Company research and professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and
accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.
www.FiducientAdvisors.com
Winter Crosscurrents
Strong global equity markets in February were shrouded by escalating tension in the Middle East
Bradford Long, CFA, Managing Partner, Chief Investment Officer
Rob Lowry, CFA, Principal, Associate Research Director
February 2026
Key Observations
• Global equity markets were positive as cooling inflation hopes clashed with mixed Fed signals and
rising geopolitical risk. International equities delivered strong gains, benefiting from the demand
for AI related hardware, while U.S. large cap equities slipped on continued concern from AI
software disruption.
• The U.S. Supreme Court struck down the broad tariffs the President imposed under IEEPA. Policy
uncertainty remains and the initial market impact was somewhat muted on the announcement.
• Tensions escalated in the Middle East, culminating with a coordinated military strike on Iran by
the U.S. and Israel on the last day of the month. The humanitarian and geopolitical impact
overshadows the immediate near-term market impact.
Market Recap
February delivered a mix of optimism and unease, as investors grappled with a host of developments throughout
the month. Early on, markets took comfort from signs that inflation was cooling as the January CPI report
(released in February) came in lower than expected. That helped keep the conversation alive around eventual rate
cuts, even as Federal Reserve communications indicated mixed views on the future path of interest rates. Later in
the month the U.S. Supreme Court ruled the International Emergency Economic Powers Act (IEEPA) does not
authorize the President to impose broad based tariffs. Volatility ticked higher and inflation concerns reignited as
geopolitical tensions escalated in the Middle East when the U.S. and Israel mounted a coordinated military strike
against Iran on the last day of the month.
Against that backdrop, large-cap U.S. equities finished slightly lower. The S&P 500 Index fell (-0.8%), pressured
by continued anxiety around software disruption from AI. Information technology and financials were among the
sectors negatively impacted. Sentiment has shifted from the Magnificent 7 to the “HALO” trade (hard-asset, low
obsolescence). Investors favored areas of the market perceived to be more insulated and less susceptible to direct
disruption from AI. Asset-heavy sectors such as utilities, energy, materials, and industrials were top performers.17
www.FiducientAdvisors.com
Small caps held up better, with the Russell 2000
Index producing a slight positive return
(+0.80%), a reminder that market leadership
broadened beyond mega‑cap growth as
investors leaned into more cyclical and
value‑oriented areas.
Outside the U.S., returns were notably stronger.
International developed stocks (MSCI EAFE)
gained 4.6%, while emerging markets (MSCI
EM) rose 5.5%. Part of that strength reflected a market narrative that emerging market exposure to the “hardware
side” of AI, especially in parts of Asia, looked more durable than stretched U.S. software valuations. Japan was a
standout for developed markets as investors viewed the election outcome favorably due to expectations of
increased government spending. In Europe, easing inflation pressures and strengthening economic data helped
propel markets.
Bond markets offered welcome ballast. Core fixed income (Bloomberg U.S. Aggregate Bond Index) returned 1.6%,
supported by a meaningful rally in Treasuries during the month as longer‑term yields moved down. High yield
lagged, but still finished modestly positive (+0.2%), as carry remained supportive even with pockets of risk
aversion near month‑end. Real assets were a bright spot. REITs surged 7.5%, benefiting from falling long‑end
yields and improving sentiment toward rate‑sensitive income sectors. Commodities gained 1.1%, supported by
firming inflation expectations at the end of the month as U.S.-Iran tensions grew.
Operation Epic Fury
On February 28, 2026, U.S. and Israeli forces launched coordinated military strikes on Iran (Operation Epic
Fury), targeting nuclear facilities, military infrastructure and senior leadership. Iran's Supreme Leader, Ali
Khamenei, was killed, and retaliatory strikes have since begun. The situation remains fluid.
Military action that results in civilian death and displacement is, of course, a grave humanitarian tragedy. We
hope for a swift resolution. Turning to our investment remit, the financial market impact of such events often
proves far less severe than the human toll, and where material, tends to be concentrated in specific markets and
economic sectors. In the Middle East, that nexus is energy production and its transit. Below, we examine the scale
of the potential impact and, most importantly, answer the question: how does this affect your portfolio?
Financial Market Performance
Index February Y TD
S&P 500 -0.8% 0.7 %
Russell 2000 0.8% 6.2%
MSCI EAFE 4.6% 1 0.1 %
MSCI EM 5.5% 1 4.8%
Bloomberg U.S. Agg Bond 1 .6% 1 .7 %
Bloomberg U.S. HY Corp Bond 0.2% 0.7 %
FTSE NAREIT All Equity REITS 7 .5% 1 0.5%
Bloomberg Commodity 1 .1 % 1 1 .6%
Source: Morningstar Direct. As of February 28, 2026.18
www.FiducientAdvisors.com
Economic Fall Out
A complete accounting is not yet possible while military action remains kinetic, but we can begin to frame for
context. The immediately affected region1 represents approximately 2.6% of global GDP,2 with Iran accounting for
approximately 0.4%3 on its own. Importantly, even during active conflict, commerce does not halt entirely. It
slows but continues. Assuming a 50% decline in Iran's GDP and a 10% decline across the broader region, the drag
on global GDP would be approximately 0.4%, roughly equivalent to five days of U.S. economic output.4 Significant
for those within the region, but not at a scale that alters global economic trajectory.
Country 2024 GDP % World GDP GDP Growth
(2024) GDP / Capita Primary Export
Saudi Arabia $1,239.8B 1.11% +2.0% $35,122 Crude Oil
UAE $552.3B 0.50% +4.0% $50,274 Petroleum / Trade Hub
Iran $436.9B 0.39% +3.3% $5,779 Crude Oil / Natural
Gas
Iraq $279.6B 0.25% +1.4% $6,277 Crude Oil
Qatar $219.2B 0.20% +2.4% $76,689 LNG / Petroleum
Kuwait $160.2B 0.14% -2.6% $32,718 Crude Oil
Regional Total $2,888.0B ~2.60% — — —
Collateral Damage
The impact, however, does not stop at regional borders. Energy is the most consequential export at risk. The
Middle East accounted for approximately 30% of global oil production and 17% of global natural gas production in
2024.5 Material disruption to these facilities would place upward pressure on headline inflation. The more likely
friction point, though, is not at the well or refinery. It is in transit. The Strait of Hormuz, a 21-mile passage, is one
of the world's most critical chokepoints for seaborne energy. In 2024, flows through the Strait accounted for more
than one-quarter of total global seaborne oil trade and approximately 20% of global oil and petroleum product
1Region defined as: Saudi Arabia, UAE, Iran, Iraq, Qatar, and Kuwait. Source: World Bank Open Data; IMF World Economic Outlook (October
2025) | data.worldbank.org | As of: 2024.
2Aggregate 2024 nominal GDP of the six-country region totals approximately $2,888B against world nominal GDP of $111.3 trillion, yielding
~2.60%. Note: the original paper cited 2.4%; corrected to 2.60% based on sourced data. Source: World Bank Open Data; IMF World Economic
Outlook (October 2025) | data.worldbank.org | As of: 2024.
3Iran 2024 nominal GDP: $436.9 billion = approximately 0.39% of world GDP. Original paper cited 0.3%; corrected. Source: World Bank Open
Data — GDP (current US$), Iran | data.worldbank.org | As of: 2024.
4U.S. 2024 nominal GDP: $28.75 trillion. Daily output ~$78.8B. A 0.36% drag on $111.3 trillion global GDP equals ~$401B, approximately five
days of U.S. output. Source: World Bank Open Data — GDP United States | data.worldbank.org/country/united-states | As of: 2024.
5Middle East provided approximately 30% of global oil production and 17% of global natural gas production in 2024. Source: IEA, World Energy
Investment 2025, Middle East | iea.org/reports/world-energy-investment-2025/middle-east | As of: 2025.
Source: 2024 Nominal GDP - Affected Region | Source: World Bank Open Data (2024); IMF World Economic Outlook, October
2025. World GDP base: $111.3 trillion.19
www.FiducientAdvisors.com
consumption.6 Separately, approximately 20% of global liquid natural gas (“LNG”) trade also transited the Strait
in 2024, primarily from Qatar.7
That flow, however, is not distributed evenly across the globe. Roughly 84% of crude oil and LNG volumes moving
through the Strait are destined for Asia,8 with China, India, Japan and South Korea as the dominant oil importers
and, to a lesser extent, Asia also absorbing the bulk of LNG flows. Europe is a secondary recipient of natural gas.
The U.S. has limited direct exposure, given its status as a net commodity exporter. Even so, oil is priced globally,
and rising prices would affect U.S. producers and consumers alike.
Market Impact
History, unfortunately, offers no shortage of data points on how markets respond to military conflict. The pattern
is consistent: when conflict remains regionalized, the market impact tends to be transitory. Initial reactions are
typically negative, as uncertainty drives investors toward safe havens such as bonds and the U.S. dollar.
6In 2024, oil flow through the Strait averaged 20 million barrels per day, more than one-quarter of total global seaborne oil trade and ~20% of
global petroleum liquids consumption. Source: U.S. EIA, "Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint" |
eia.gov/todayinenergy/detail.php?id=65504 | As of: June 2025.
7In 2024, approximately 20% of global LNG trade transited the Strait, primarily from Qatar (~9.3 Bcf/d) and UAE (~0.7 Bcf/d). Source: U.S. EIA,
"About one-fifth of global LNG trade flows through the Strait of Hormuz" | eia.gov/todayinenergy/detail.php?id=65584 | As of: 2025.
8EIA estimates 84% of crude oil/condensate and 83% of LNG transiting the Strait in 2024 destined for Asian markets. China, India, Japan, and
South Korea were the top crude oil destinations. Source: U.S. EIA Strait of Hormuz analyses | eia.gov/todayinenergy/detail.php?id=65504 and
eia.gov/todayinenergy/detail.php?id=65584 | As of: June 2025.
Time to
Bottom
(trading
days)
Time to
recover
(trading
days)
Size of
selloff
1w from
bottom
1m from
bottom
3m from
bottom
12m from
bottom
Median 17 16 (6.3%) +3.5% +6.7% +6.6% +13.5%
Average 16 112 (7.6%) +3.9% +6.7% +7.7% +12.2%
Pearl Harbor 17 201 (10.8%) +8.6% +6.5% (3.8%) +15.3%
Kennedy
Assassination 2 1 (2.8%) +5.2% +6.7% +11.5% +23.9%
9/11 Attacks 6 15 (11.6%) +7.8% +11.1% +18.5% (12.5%)
Russia
Invasion of
Ukraine
20 16 (9.1%) +2.2% +7.6% (1.3%) (4.3%)
Equity Market Selloffs and Recoveries Around Geopolitical Events
Subset of Geopolitical Events and Market Outcomes
Source: Bloomberg Finance, LP., Deutsche Bank (data through 4/12/2024)20
www.FiducientAdvisors.com
With limited public appetite for a sustained U.S. military engagement in Iran, and the risk that prolonged conflict
could lift headline inflation ahead of an affordability-focused midterm election later this year, we expect either
resolution or meaningful de-escalation in the near term. The larger puzzle pieces on the board are connecting the
events in Iran with developments in Venezuela, pressure on Cuba and Greenland, and the evolving arc of U.S.-
China relations. President Trump and Xi are scheduled to meet in a number of weeks to discuss evolving relations.
Given the transitory and regionalized nature we described above, we believe portfolios are well positioned to
navigate near-term volatility. We will continue to monitor and should the situation evolve meaningfully we will
follow up with the potential impact.
About the Authors
As a member of the Global Public Markets Team, Rob researches and performs
due diligence on fixed income investment managers. He is also a member of our
Capital Markets Team. Rob joined Fiduciary Investment Advisors LLC in 2011,
which combined with Fiducient Advisors in 2020. Prior to joining the firm, he
was an Investment Analyst at USI Advisors, Inc. He received his BA from
Bucknell University, is a CFA® charterholder and a member of the CFA Institute
and the Hartford CFA Society. Rob volunteers as a member of the Finance and
Investment Committee for Chrysalis Center, Inc., a nonprofit organization in
Hartford, CT providing support to those struggling with poverty, mental health
issues and other challenges. In his free time, Rob enjoys biking with his wife and
son, golf, running and platform tennis.
Robert Lowry, CFA
Principal, Associate
Research Director
Bradford L. Long, CFA
Managing Partner
Chief Investment Officer
Brad joined Fiducient Advisors in 2012. He is chair of the firm’s Investment
Committee and a member of the firm’s Discretionary Committee, Research
Forum, Capital Markets Team and Mission-Aligned Investing Committee. In
2019, Brad was name named a “Rising Star” in City Wire’s annual Professional
Buyer publication for his contributions in the investment manager research
industry. Prior to joining the firm, Brad worked in various research capacities at
Citigroup and Wells Fargo in New York. He received a BA in Finance and Minor
in Economics from The University of Colorado and is a CFA® charterholder and
member of the CFA Society of Chicago and CFA Institute. Additionally, he is
active with Greenhouse Scholars, a nonprofit providing financial and personal
support to under resourced college students. In his free time, Brad loves cooking
and spending time with his wife and young sons.21
www.FiducientAdvisors.com
Disclosures & Definitions
Comparisons to any indices referenced herein are for illustrative purposes only and are not meant to imply that actual returns or volatility
will be similar to the indices. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all
distributions and do not reflect our fees or expenses. Market returns shown in text are as of the publish date and source from Morningstar or
FactSet unless otherwise listed.
• The S&P 500 is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in
the aggregate market value of 500 stocks representing all major industries.
• Russell 2000 consists of the 2,000 smallest U.S. companies in the Russell 3000 index.
• MSCI EAFE is an equity index which captures large and mid-cap representation across Developed Markets countries around the world,
excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
• MSCI Emerging Markets captures large and mid-cap representation across Emerging Markets countries. The index covers
approximately 85% of the free-float adjusted market capitalization in each country.
• Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for government
and corporate securities, mortgage pass-through securities, and asset-backed securities.
• Bloomberg U.S. Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt
issues from countries designated as emerging markets (sovereign rating of Baa1/BBB+/BBB+ and below using the middle of Moody’s,
S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included.
• FTSE NAREIT Equity REITs Index contains all Equity REITs not designed as Timber REITs or Infrastructure REITs.
• Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity futures price movements. The index
rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity,
sector and group level for diversification.
Material Risks
• Fixed Income securities are subject to interest rate risks, the risk of default and liquidity risk. U.S. investors exposed to non-U.S.
fixed income may also be subject to currency risk and fluctuations.
• Cash may be subject to the loss of principal and over longer periods of time may lose purchasing power due to inflation.
• Domestic Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to changes
to underlying company conditions, sector or industry factors, or other macro events. These may happen quickly and unpredictably.
• International Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to
changes to underlying company conditions, sector or industry impacts, or other macro events. These may happen quickly and
unpredictably. International equity allocations may also be impacted by currency and/or country specific risks which may result in
lower liquidity in some markets.
• Real Assets can be volatile and may include asset segments that may have greater volatility than investment in traditional equity
securities. Such volatility could be influenced by a myriad of factors including, but not limited to overall market volatility, changes in
interest rates, political and regulatory developments, or other exogenous events like weather or natural disaster.
• Private Real Estate involves higher risk and is suitable only for sophisticated investors. Real estate assets can be volatile and may
include unique risks to the asset class like leverage and/or industry, sector or geographical concentration. Declines in real estate value
may take place for a number of reasons including, but are not limited to economic conditions, change in condition of the underlying
property or defaults by the borrower.
• All investing involves risk including the potential loss of principal. Market volatility may significantly impact the value of your
investments. Recent tariff announcements may add to this volatility, creating additional economic uncertainty and potentially
affecting the value of certain investments. Tariffs can impact various sectors differently, leading to changes in market dynamics and
investment performance. You should consider these factors when making investment decisions. We recommend consulting with a
qualified financial adviser to understand how these risks may affect your portfolio and to develop a strategy that aligns with your
financial goals and risk tolerance.22
1
Meriwether Amy
From: Chris Kachmar <ckachmar@fiducient.com>
Sent: Friday, March 27, 2026 12:56 PM
To: Chamberlain Kelsey; Meriwether Amy
Cc: Tyler Polk
Subject: Market Conditions
Attachments: Fiducient Advisors - February 2026 Market Review.pdf
Hi Kelsey/Amy.
Attaching a recent piece from our research team that helps frame our thoughts regarding the current state of
the markets.
As you know, markets have been more volatile recently but not to a level, in our estimation, that yet
necessitates outright changes to the positioning of client portfolios. Bond markets through last night are
down 0.8% year-to-date and global equity markets have declined 3.2% over that same timeframe. March
declines have been a bit more pronounced with bonds and equities declining 2.5% and 7.2%,
respectively. Again, we’re mindful of the volatility but not of the opinion that adjustments to positioning are
required. We are, of course, monitoring market conditions closely and will reach out proactively if our
perspective changes.
Otherwise, the portfolios remain thoughtfully and well-diversified at the asset class, strategy, and manager
levels and should be positioned to withstand current market volatility.
Please reach out should you have any questions.
Deferring to you, of course, but feel free to distribute this information to the entire committee.
Regards,
Chris & Tyler
Christopher F. Kachmar, CFA
Partner, Chief Market Strategist
5 Waterside Crossing 2nd Floor| Windsor, CT 06095
860.683.1187 | 860.697.7412 | ckachmar@fiducient.com | www.FiducientAdvisors.com
Fiducient Advisors LLC and certain of its affiliates are separately registered investment advisers.
This e-mail may contain information that is privileged, confidential or protected under state or federal law. If you are not
an intended recipient of this email, please delete it, notify the sender immediately, and do not copy, use or disseminate
any information in the e-mail. Any tax advice in this email may not be used to avoid any penalties imposed under U.S.
tax laws. E-mail sent to or from this e-mail address may be monitored, reviewed and archived.23
U.S. Public Finance
ISSUER COMMENT
27 March 2026
RATING
Issuer Rating 1
Aaa No Outlook
Analyst Contacts
Nathan Carley +1.312.706.9958
AVP-Analyst
nathan.carley@moodys.com
Thomas Jacobs +1.212.553.0131
Associate Managing Director
thomas.jacobs@moodys.com
CLIENT SERVICES
Americas 1-212-553-1653
Asia Pacific 852-3551-3077
Japan 81-3-5408-4100
EMEA 44-20-7772-5454
Town of Simsbury, CT
Update to credit metrics
Issuer profile
The Town of Simsbury is located in Hartford County in north central Connecticut,
approximately 10 miles northwest of Hartford.
Key indicators
Exhibit 1
Simsbury (Town of) CT
2022 2023 2024 2025 Aaa Medians
Economy
Resident income ratio (%) 182.8% 190.8% N/A N/A 167.9%
Full Value ($000) $4,318,606 $5,099,385 $4,852,886 $5,903,130 $9,704,244
Population 24,617 24,747 N/A N/A 36,112
Full value per capita ($) $175,432 $206,061 N/A N/A $239,458
Annual Growth in Real GDP 2.9% 2.3% N/A N/A 2.1%
Financial Performance
Revenue ($000) $142,889 $157,992 $170,368 $165,181 $116,165
Available fund balance ($000) $41,897 $35,583 $42,526 $48,426 $78,547
Net unrestricted cash ($000) $49,133 $47,220 $50,914 $51,345 $109,144
Available fund balance ratio (%) 29.3% 22.5% 25.0% 29.3% 65.8%
Liquidity ratio (%) 34.4% 29.9% 29.9% 31.1% 93.9%
Leverage
Debt ($000) $45,245 $38,259 $52,536 $58,436 $81,498
Adjusted net pension liabilities ($000) $59,367 $55,014 $45,214 $38,894 $71,276
Adjusted net OPEB liabilities ($000) $9,797 $8,566 $3,261 $1,088 $10,296
Other long-term liabilities ($000) $2,113 $2,164 $2,542 $2,922 $4,168
Long-term liabilities ratio (%) 81.5% 65.8% 60.8% 61.4% 183.1%
Fixed costs
Implied debt service ($000) $3,669 $3,160 $2,658 $3,636 $5,076
Pension tread water contribution ($000) $2,532 $3,403 $3,284 N/A $3,403
OPEB contributions ($000) $954 $1,065 $1,322 $1,373 $543
Implied cost of other long-term liabilities
($000) $168 $148 $150 $176 $279
Fixed-costs ratio (%) 5.1% 4.9% 4.4% 5.1% 10.0%
For definitions of the metrics in the table above please refer to the US Cities and Counties Methodology or see the Glossary in the
Appendix below. Metrics represented as N/A indicate the data were not available at the time of publication. The medians come
from our most recently published US Cities and Counties Median Report.
The real GDP annual growth metric cited above is for the Hartford-East Hartford-Middletown, CT Metropolitan Statistical Area.
Sources: US Census Bureau, Simsbury (Town of) CT s financial statements and Moody s Ratings, US Bureau of Economic Analysis24
Moody's Ratings U.S. Public Finance
Economy
Exhibit 2
Resident Income
Median household income ($) Resident income ratio (%) Median resident income ratio
2017 2018 2019 2020 2021 2022 2023
$0
$50,000
$100,000
$150,000
120%
140%
160%
180%
200%
Source: US Census Bureau - American Community Survey 5-Year Estimates; US Bureau of Economic Analysis; Moody's Ratings
Financial performance
Exhibit 3
Fund Balance Ratio
0%
20%
40%
60%
2022 2023 2024 2025
Available fund balance ratio Median available fund balance ratio
Source: Audited financial statements; Moody's Ratings
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com for the
most updated credit rating action information and rating history.
2 27 March 2026 Town of Simsbury, CT: Update to credit metrics25
Moody's Ratings U.S. Public Finance
Leverage
Exhibit 4
Total Primary Government - Long Term Liabilities
0%
50%
100%
150%
200%
2022 2023 2024 2025
Long-term liabilities ratio Median long-term liabilities ratio
Source: Audited financial statements; Moody's Ratings
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Appendix
Exhibit 5
Key Indicators Glossary
Definition Typical Source*
Economy
Resident income ratio Median Household Income (MHI) for the city or county, adjusted for
Regional Price Parity (RPP), as a % of the US MHI
MHI: US Census Bureau - American
Community Survey 5-Year Estimates
RPP: US Bureau of Economic Analysis
Full value Estimated market value of taxable property in the city or county State repositories; audited financial
statements; continuing disclosures
Population Population of the city or county US Census Bureau - American Community
Survey 5-Year Estimates
Full value per capita Full value / population
Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or
county minus the five-year CAGR of real GDP for the US
Real GDP: US Bureau of Economic Analysis
Financial performance
Revenue Sum of revenue from total governmental funds, operating and non-
operating revenue from total business-type activities, and non-
operating revenue from internal services funds, excluding transfers
and one-time revenue, e.g., bond proceeds or capital contributions
Audited financial statements
Available fund balance Sum of all fund balances that are classified as unassigned, assigned or
committed in the total governmental funds, plus unrestricted current
assets minus current liabilities from the city's or county's business-
type activities and internal services funds
Audited financial statements
Net unrestricted cash Sum of unrestricted cash in governmental activities, business type
activities and internal services fund, net of short-term debt
Audited financial statements
Available fund balance ratio Available fund balance (including net current assets from business-
type activities and internal services funds) / Revenue
Liquidity ratio Net unrestricted cash / Revenue
Leverage
Debt Outstanding long-term bonds and all other forms of long-term debt
across the governmental and business-type activities, including debt
of another entity for which it has provided a guarantee disclosed in
its financial statements
Audited financial statements; official
statements
Adjusted net pension liabilities (ANPL) Total primary government's pension liabilities adjusted by Moody's to
standardize the discount rate used to compute the present value of
accrued benefits
Audited financial statements; Moody’s
Ratings
Adjusted net OPEB liabilities (ANOL) Total primary government's net other post-employment benefit
(OPEB) liabilities adjusted by Moody's to standardize the discount
rate used to compute the present value of accrued benefits
Audited financial statements; Moody’s
Ratings
Other long-term liabilities (OLTL) Miscellaneous long-term liabilities reported under the governmental
and business-type activities entries
Audited financial statements
Long-term liabilities ratio Debt + ANPL + ANOL + OLTL / Revenue
Fixed costs
Implied debt service Annual cost to amortize city or county's long-term debt over 20
years with level payments
Audited financial statements; official
statements; Moody’s Ratings
Pension tread water contribution Pension contribution necessary to prevent reported unfunded
pension liabilities from growing, year over year, in nominal dollars, if
all actuarial assumptions are met
Audited financial statements; Moody’s
Ratings
OPEB contribution City or county's actual contribution in a given period Audited financial statements
Implied cost of OLTL Annual cost to amortize city or county's other long-term liabilities
over 20 years with level payments
Audited financial statements; Moody’s
Ratings
Fixed-costs ratio Implied debt service + Pension tread water + OPEB contributions +
Implied cost of OLTL / Revenue
*Note: If typical data source is not available then alternative sources or proxy data may be considered. For more detailed definitions of the metrics listed above please refer to the US Cities
and Counties Methodology.
Source: Moody's Ratings
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Endnotes
1 Issuer Rating reflects the government’s ability to repay debt and debt-like obligations without consideration of any pledge, security
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Moody's.com issuer page and credit opinions explaining our credit view for each rating.
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