Cromwell Board of Finance accepts clean audit, approves vest grant and budget dates

Board of Finance · Meeting of February 26, 2026

Cromwell Board of Finance receives clean fiscal year 2025 audit and sets April budget hearings. Auditors Joe Centifanti and Katie Tao of Connor Davies presented an unmodified opinion on the town's financials at the February 26 meeting, noting an assigned fund balance of $14.7 million — roughly 23 percent of expenditures and above the board's 15-to-17-percent policy target. Expenditures came in $1.1 million under budget, with employee benefit savings of $642,000 among the drivers.

The board unanimously approved a $14,700 CNR fund appropriation for the 2025 Bulletproof Vest Partnership Grant, 50 percent of which will be reimbursed to the town. Budget hearing dates were set for April 2, April 7, and April 9 at 6 p.m. Board of Education liaison Ms.

Russ disclosed that Superintendent Dr. Macri will retire June 30, 2026, with a national search firm to be funded from the current year's operating budget, as soaring health insurance costs — with some towns seeking increases of 8 to 10 percent — add pressure to both the town and school budgets heading into the hearing season.

In the full story:

• The complete report — 1,041 words

Source: the Board of Finance meeting of February 26, 2026, reported from the official video recording and transcript.

The Full Article

CROMWELL — February 26, 2026 — The Cromwell Board of Finance received an unmodified, or "clean," audit opinion for fiscal year 2025, approved a $14,700 appropriation for bulletproof vests, and set a schedule of budget hearings beginning April 2 at its Thursday night meeting.

Auditors from Connor Davies presented the fiscal year 2025 audit, telling the board the town's finances are in strong shape, with an assigned fund balance of $14.7 million representing roughly 23 percent of expenditures — above the board's own policy target of 15 to 17 percent. The board also heard from the newly seated Town Tax Collector, who reported a collections rate of 91.2 percent as of last month, and from the Board of Education liaison, who disclosed that Superintendent Dr. Macri will retire effective June 30, 2026.

The Full Story

Joe Centifanti, a partner at Connor Davies, and Katie Tao, a manager at the firm, walked the board through the town's financial statements, single audit, and a new recommendations letter. Centifanti told the board the opinion on the financials was unmodified — the highest rating available — and characterized the town's overall position as strong.

"The finance department is doing what they need to do, and we're in a good place." [00:33:27] — Joe Centifanti, audit partner, Connor Davies

A new accounting standard related to compensated absences — sick and vacation time — triggered a prior-period adjustment of approximately $5 million on top-line statements, though Centifanti noted this does not affect the operating budget. The net change in fund balance was a decrease of $1.7 million, driven largely by a $5.4 million planned use of fund balance that included a $3.4 million legal settlement appropriation and $2 million to balance the fiscal year 2025 budget. Expenditures came in $1.1 million under budget, with employee benefits savings of $642,000, public safety savings of $230,000, and public works savings of $140,000 contributing to the favorable variance.

Tao presented the federal and state single audit, which also carried a clean opinion. Federal grants expended totaled approximately $3 million; state grants totaled approximately $21 million, a roughly $10 million increase over the prior year driven by the school construction grant. No findings or questioned costs were identified in either audit. Tao also walked through a new recommendations letter covering payroll and accounts payable internal controls for both the town and the school department, along with a best-practices suggestion that both entities establish a formal fraud policy.

Member Daniel Kelly, newly elected vice chair at the start of the meeting, asked whether the town's 23 percent fund balance — above its 15-to-17-percent policy range — presented any flexibility heading into a difficult budget cycle. Chair John Ireland and Finance Director Sharon explored whether the excess could be applied against capital non-recurring expenditures to reduce pressure on the mill rate without drawing down the fund balance below policy minimums. No formal action was taken on that discussion.

"We have a very strong, unencumbered fund balance at the moment. The fact that we sit at 23%, 22%, 23% is strong, but it doesn't sit within our policy." [00:48:27] — Joe Centifanti, audit partner, Connor Davies

Board of Education liaison Ms. Russ reported that Superintendent Dr. Macri announced her retirement, effective June 30, 2026. The Board of Education is moving immediately to select a search firm, which will be funded from the current year's operating budget. Russ also reported that health insurance costs remain a major budget pressure, with some neighboring districts seeking increases of 8 to 10 percent, and that the board is pushing back on vendors for better terms.

The newly seated Town Tax Collector reported a current collections rate of 91.2 percent for last month, with February trending higher. He said he plans to refer approximately 18 delinquent properties — those owing more than $15,000 or delinquent for three or more years on the grand list — to a tax attorney, following a practice established by his predecessor. The collector also said he is planning to begin accepting tax payments slightly ahead of the July 1 due date.

"I have talked with Sharon even before the audit report came out in regards to early collections, which I would love, and Sharon was all on board with that." [00:05:53] — Town Tax Collector (first name not established in transcript)

Why It Matters

The clean audit with no findings keeps Cromwell in its historically strong financial position and supports the town's AAA bond rating, which auditors confirmed is not threatened by a modest reduction from 23 percent to the policy target of 17 percent in fund balance. The board's discussion of whether to apply excess fund balance to capital projects rather than hold it idle signals the central budget tension heading into the April hearings: employee benefit costs are rising sharply, the Board of Education has yet to finalize its budget request, and the town has outstanding state reimbursements of approximately $12 million from the school construction project still to be received. Budget hearing dates are set for April 2, April 7, and April 9, with April 6 as a backup for the second date.

Key Motions & Votes

- Vote: Motion to seat Christopher Carigliano in place of Matthew Blanchette (arriving late) Tally: Approved unanimously

- Vote: Motion to seat John Flanders in place of Ed Maley (absent) Tally: Approved unanimously

- Vote: Election of Daniel Kelly as Vice Chair of the Board of Finance Tally: Approved unanimously (Kelly abstained)

- Vote: Appropriation of $14,700 within the CNR fund for the 2025 Bulletproof Vest Partnership Grant (50% reimbursable) Tally: Approved unanimously

- Vote: Setting budget hearing dates of April 2, April 7, and April 9 at 6 p.m., with April 6 as backup for the second date Tally: Approved unanimously

- Vote: Approval of meeting minutes from November 20 — Approved unanimously - Vote: Approval of meeting minutes from January 6 (with correction changing "Education" to "Finance" in the vice chair election entry) — Approved unanimously - Vote: Approval of meeting minutes from January 20 Tally: For: 5, Against: 0, Abstain: 2 (Steven Wygonowski and John Flanders abstaining)

Source

Cromwell's community access TV: Board of Finance meeting, February 26, 2026