Town Council appoints auditor, addresses $1.5 million deficit
misc · Meeting of May 18, 2026
CT PROSPECT — Prospect appoints auditor, confronts $1.5 million deficit with borrowing plan. The Town Council unanimously appointed Clermont Associates as auditor for $22,000 annually after the previous financial consultant died in mid-April. Auditor Dave Cappelletti presented a concerning fund-balance trend, noting that the General Fund faces $2 million increases each in Region 16 and Board of Education expenses while tax revenue grew $1 million.
Chairman Michael Palmerie Jr. outlined a plan to pursue short-term borrowing in anticipation of tax revenue, a so-called Tax Anticipation Note (TAN) authorized by statute and repayable within two fiscal years, requiring Town Meeting approval.
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Source: the misc meeting of May 18, 2026, reported from the official video recording and transcript.
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