Politics & Government
Ridgefield Finance Board Raises Concerns About BOE Surplus Policy, Reviews Capital Planning
Ridgefield finance officials discussed BOE surplus rollovers, debt policy development and year-end finances.
RIDGEFIELD, CT — Members of the Ridgefield Board of Finance on June 16 expressed concerns about how a proposed Board of Education policy governing budget surplus rollovers could affect the town's budget process and financial reporting, while also beginning work on a long-term capital and debt management policy.
During a lengthy discussion with Board of Education Policy Committee co-chairs Jon Paradiso and Christine More, finance board members reviewed a draft school board policy outlining how the district could retain year-end budget surpluses in a non-lapsing account authorized under state law. Board of Finance Chairman Mike Rettger said the board's concerns were less about whether the school board should have the authority to retain surpluses and more about how those decisions could affect the town's budgeting and audit processes.
Rettger said one concern involves situations where projected Board of Education surpluses are already incorporated into the town's budget calculations before the school board decides whether to retain some or all of those funds. He also said the timing of any rollover decision is important because year-end financial statements and audit work rely on finalized surplus figures. Board members discussed whether those issues should be addressed directly in the policy or through administrative procedures.
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Paradiso said the Board of Education is revising the draft policy following feedback from board members and legal counsel and will consider the finance board's comments as part of that process. He said the district's goal is to remain a collaborative partner while complying with state law. More said timing concerns raised by the finance board would be brought back to the policy committee for further discussion.
The board also continued developing a proposed capital budget and debt policy intended to guide future borrowing and capital planning decisions. Members reviewed draft guidelines addressing what projects should qualify for inclusion in the capital budget, minimum useful-life standards and financial metrics that could be used to evaluate debt levels. Rettger said additional data comparing Ridgefield with other highly rated Connecticut municipalities will be presented later this year before the board considers adopting specific debt benchmarks.
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Earlier in the meeting, the board reviewed year-end financial reports. Rettger said the town remains on track to meet investment income projections and noted that recent market fluctuations appear unlikely to significantly affect fiscal year-end results. Tax Collector Jane Berendsen-Hill reported collections remain strong heading into the final weeks of the fiscal year and said tax bills for the upcoming fiscal year are scheduled to be mailed in late June.
Board members also reviewed the controller's 11-plus-1 financial forecast, which projected a combined town and school operating surplus of roughly $1.5 million before additional year-end adjustments. Officials noted that some revenue categories, including tax collections, could still improve before the fiscal year closes, while several expense accounts were affected by winter storm-related costs and higher-than-budgeted utility expenses.
The board discussed a management letter recommendation from the town's auditors regarding fixed-asset accounting procedures. Finance officials reviewed an analysis of available software options and agreed to seek a formal recommendation later this year on whether the town should continue using its current spreadsheet-based tracking system or transition to a software platform integrated with the town's financial system.
Board members also received an update on discussions between town and school officials regarding the district's ongoing facilities master planning effort. Rettger said consultants working with the Board of Education sought information about the town's debt capacity, the status of the proposed public safety building project and other major capital projects that could affect future borrowing decisions. No action was requested from the finance board.
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In other business, officials discussed approximately $67,500 in additional state aid included in Connecticut's adopted budget, including about $22,700 for Ridgefield Public Schools and roughly $44,800 for the town. Rettger said guidance from the state remains limited but appears to require local officials either to amend budgets or adjust tax rates to account for the funding. He said the financial impact on Ridgefield's mill rate would be negligible.
The board unanimously appointed CliftonLarsonAllen LLP as the town's independent auditor for the fiscal year ending June 30, 2026.
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