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Published date: March 7, 2024 03:00 PM
Late Wednesday, First Selectman Jeff Capeci announced that Glennis Salas has been named Newtown’s new finance director. Saras starts on April 1st.
“Glennis is highly qualified and the perfect choice to replace Bob Tait as Newtown’s finance director, who will retire in mid-April,” Capeci said. “[Salas] I will begin work on April 1st and will spend the first two weeks with Bob to ensure a smooth transition. I look forward to her onboarding and Newtown’s success under her financial leadership. We wish Bob all the best in his retirement. ”
Mr. Salas is the Director of Budget and Financial Analysis for the City of Saco, Maine.
“I am thrilled to have the opportunity to serve the City of Newtown as Treasurer,” said Salas. “While visiting Newtown, I was drawn to its friendly people and unique combination of leafy suburbs, charming downtown, and recreational facilities. I am particularly impressed by the culture of activism and am excited to be part of the next chapter of this great community.”
The full text regarding Mr. Salas’ nomination to the position will be published in the March 15 issue. newtown bee.
This announcement comes after the Town announced at its March 4th Board of Selectmen meeting that its AAA/Stable credit rating has been reaffirmed by S&P Global, as it has for the past 10 years. The credit rating and 2024-2025 budget will be part of Tate’s final work for the town.
Tite said the town was first rated from AA+ to AAA in 2014, and this AAA designation marks the town’s 10th consecutive rating. In 2023, only 33 of Connecticut’s 169 towns had a perfect credit rating, according to S&P’s website.
S&P Global Ratings is an American credit rating agency and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. Formerly known as Standard & Poor’s.
The fact that Newtown continues to maintain such a sterling credit rating, which only the top 20% of municipalities in Connecticut maintain, is a testament to sound financial management by the town, Mr. Tate himself, and the town’s financial community. This is the evidence. Newtown should be proud and pleased to have such stewardship from both sides of the political spectrum.
Tite said there were “no surprises” in S&P’s report and that it was “a very good read.”
According to the report, S&P’s view is that “Newtown’s operating environment remains very favorable, and the town continues to adhere to well-established fiscal policies and practices. Connecticut’s municipal institutional framework also We note that it remains strong and stable.”
The report goes on to note “strong budgeting techniques,” the town maintains “strong available reserves,” and the new town’s “wealth and stability,” as well as “conservative management practices and It praised the budget as reflecting “solid budgetary performance with strict compliance with policies.”
Selectman Michelle Embry Khoo called the feat “good news, as it has been for many years.”
“Thank you for guiding us,” Embry Ku said to Tate.
The town maintains debt service at 7.8% of the town’s annual budget, capped at 10%. Tite said debt service levels are expected to continue to decline if the town “pays attention to projected debt service amounts.” Tite also pointed out that S&P currently views debt service as a percentage of the town’s total funds, including endowment balances and capital non-recurring funds, rather than as a percentage of the annual budget. Based on this indicator, Newtown’s debt service is only 6.6%.
Although this was not expected, it continues to be good news for the town as the town’s bond interest rates remain low. It’s part of the legacy Tate, who is retiring next month, will leave as an upgrade from his tenure in charge of the town’s finances. In a town like Newtown, where there are many cooks in the kitchens and select committees, finance committees, and legislative councils all keeping an eye on the purse strings, this feat is a result of Mr. Tate’s guidance and daily work. brought about by financial management.
In announcing Tate’s departure, Capeci said: “You’ve known him for nearly 16 years. He’s the nice guy in the corner office, best known for using his soft British accent to relay unwanted budget details. I have known Bob for a long time. I was a member of the Legislative Council when he was hired and have relied on his expertise on and off for many years as a volunteer elected official. Bob was an excellent steward of the town’s finances and would be difficult to replace. His extensive knowledge of city finances and even-keeled disposition led him to explain the budget to various committees and typically meet with residents once a year. It gave him the unique ability to get it passed on the ballot.”
bee We wish Tate well in his retirement and thank him for his years of hard work and dedication to Newtown.
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