August 25, 2011
Excellent Bond Rating Reaffirmed
Last week, Fitch reaffirmed the bond rating for Colchester at AA with a stable outlook. With everything that has been occurring with the economy, this is something we should all be proud of achieving. This strong rating shows that we continue to make good fiscal choices as a community.
Some of the factors that Fitch listed as their reasons for the strong rating include our decision to stop dipping into our fund balance and our below average debt burden. Fitch also referenced our “aggressive cost controls” as another factor.
We are still in the process of closing the books on the 2010-2011 fiscal year, but all of the indicators are looking good. Even with the harsh winter which led us to go over budget on snow removal, overall town expenses will come in significantly under budget. This will allow us to begin building our fund balance back up.
In short, our fiscal house is in order and the market has recognized all of the good financial decisions we continue to make.
Fair Rent Commission Members Needed
At the last two Board of Selectmen meetings, we discussed the future of the Fair Rent Commission. The Fair Rent Commission is empowered by state law to review complaints of excessive rent and if warranted, order a reduction in the rent to meet market prices.
Over the last few years, we have lost several members of this commission leaving just one person. Obviously, the commission can’t function with only one member. The Board of Selectmen has discussed the future of this commission and we would like to see some volunteers step up and serve on the commission. If we are unable to find people to serve, we may have to consider disbanding the commission.
If you are interested in serving, please fill out an application which can be found in the First Selectman’s office or on the town website. There is not a large time commitment needed to serve on this commission and experience in this field is not required.
Hurricane Season
This last winter gave us more than our fair share of harsh weather, so hopefully we’ll be treated nicely this hurricane season. However, we have to remember that hurricanes are regular events and that Connecticut will be hit again. In fact, we are statistically overdue for a hurricane.
Please take a little time to ensure you are prepared in case a hurricane does hit. The state recommends that, amongst other items, you have at least one gallon of water per person per day for three days, three days of food, flashlights and batteries, first aid kit, whistle, can opener, wrench or pliers, and a cell phone charger that is either solar powered or can get electricity from some other source.
It’s also important that your family have a plan so everyone knows what to do in case of an emergency or if family members should become separated. With a little planning and preparation, you can help ensure your family will be safer during any emergency.
- Gregg Schuster
First Selectman
Previous Selectman Notes can be viewed at
| 