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Incoming finance director may be on the way, S&P pleased.

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TLDR:

  • Three major boards in Newtown unanimously approve a new finance director hire to replace retiring Bob Tait.
  • S&P Global review went well, with hope to maintain AAA credit rating.

In Newtown, the search for a new finance director has come to a close as three major boards, the Board of Selectmen, Board of Finance, and Legislative Council, have unanimously approved an as-yet-unnamed hire. The quick timeline was set to ensure a smooth transition before the current finance director, Bob Tait, retires in April. Tait leaves the town in a much better financial position than when he started, achieving a AAA credit score and initiating a fund balance during his 16-year tenure. The name of the new hire is expected to be announced soon.

Meanwhile, Tait reported that the interview with S&P Global, a credit rating agency, “went very well,” with positive feedback and a few additional questions that were answered satisfactorily. The town currently holds a AAA credit rating, and Tait remains hopeful that it will be maintained. The rating is expected to be received by March 7, with the town’s financial advisor impressed with the presentation.


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