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Tolland named 37th Best Small Town to Live in America by Money Magazine 2011

Money Magazine has announced that they have ranked Tolland as the 37th best small Town to live in America.

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Posted October 20, 2014
Ebola Information

The Eastern Highlands Health District (EHHD) is continuing to field many inquiries from local communities regarding Ebola. In an effort to get consistent Ebola information out to local communities they have suggested visiting the following web-sites for the most current up-to-date information.

CDC -  http://www.cdc.gov/vhf/ebola/index.html

CT DPH – http://www.ct.gov/dph/site/default.asp

EHHD – http://www.ehhd.org/

Posted October 7, 2014
Tolland Farmers’ Market Closing Soon for 2014 Season

The Tolland Farmers’ Market on the Tolland Green is coming to an end soon for this 2014 season.  Please join us for the Saturdays in October and November (ending Nov. 22nd) from 9:00 a.m. to 12:00 p.m.  Tolland Green is located near the intersection of Route 195 and Route 74 just a 1/2 mile from Exit 68 off Interstate 84, and is an excellent example of a preserved Colonial center ringed by colonial homes, some with Victorian modifications.  It is home to several museums and the Arts Center of Tolland.  We hope you will find that a visit to the Farmers Market in this lovely setting is well worth the drive.  All are invited to enjoy a morning at the Tolland Farmers’ Market on beautiful historic Tolland Green.

Posted October 6, 2014
Standard & Poor’s Financial Rating

Standard and Poor’s Financial Rating Services on October 1st assigned it AAA long term rating to Tolland’s 2014 general obligation refunding bonds and affirmed its AAA long term rating and underlying rating on the Town’s debt. At the same time Standard and Poor’s assigned its highest rating to the Towns Bond Anticipation Notes.  All of these ratings are the highest possible making Tolland one of only approximately a dozen towns in the State with these ratings.

The high ratings reflect a strong economy in the area; strong financial reserves; adequate budgetary performance; very strong liquidity; very strong management conditions and adequate debt and contingent liability profile.

The Town is extremely proud to have been awarded these ratings which will allow bonds and notes to be sold with a lower rate of interest. 

Posted September 24, 2014
Tolland to Issue Refinancing Bonds

The Town Manager’s Office is pleased to announce that the Town refunded $9.8 million of previously issued debt saving $550,000 over the remaining term of the existing bonds.  The Present Value savings divided by the refunded bonds is 5.3% which is much better than the GFOA benchmark minimum of 2.0%.  The $550,000 in savings is after issuance costs.  The bulk of the savings will be captured in the current and next three fiscal years.  The Town plans to setup a Debt Service Fund (DSF) to set aside the savings and utilize them in the future years to allow the maximum flexibility to mitigate new debt issuance per the Debt Management Plan.  Rating agencies look favorably at Debt Service Funds which provide additional security and flexibility to the General Fund.  The rate on old Bonds was 4.07% and the rate on the new Bonds is 1.87% (13 year term).  The rate on the 1 year BAN is 0.18% and the town will be receiving a premium of $42,000.  The Town’s AAA bond rating combined with the lowest interest rates of the year resulted in higher savings!

Municipal Advisor quote – “The Town was able to save $550,000 by capitalizing on a favorable interest rate environment combined with the Town’s “AAA” bond rating.  The savings will help the Town to continue to invest in infrastructure needs while minimizing the impact on the Town’s budget.”

Posted September 24, 2014
GFOA Distinguished Budget Presentation Award

The Town Manager’s Office is pleased to announce that the Town of Tolland has received the Government Finance Officers Association’s (GFOA) Distinguished Budget Presentation Award for its budget.

The award represents a significant achievement by the entity.  It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting.  In order to receive the budget award, the entity had to satisfy nationally recognized guidelines for effective budget presentation.

For budgets beginning in 2013, 1,425 participants received the Award.  Award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments throughout North America.  This is the fourth consecutive year the Town has received this award.