Prospect addresses $1.5 million deficit with short-term borrowing option
misc · Meeting of May 5, 2026
CT PROSPECT — Prospect Town Council confronts $1.5 million General Fund deficit, explores Tax Anticipation Note borrowing. Auditor Dave Cappelletti reported declining fund balance with Board of Education costs up $2 million against $1 million in tax increases. Mayor Robert Chatfield plans to hold a Town Meeting to set the mil rate and accelerate tax collection.
Attorney Dave Hardy outlined state borrowing authority: the town can issue a Tax Anticipation Note against future tax revenues with no prepayment penalty and repayment within two fiscal years.
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Source: the misc meeting of May 5, 2026, reported from the official video recording and transcript.
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