[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6506589,"mediaKeyId","5608996-130003eb81bf74ef751a7ca0703ff074","parentId",5608996,"title","Judge denies receivership termination; Torrington remains on path to solicit developer sale for Yankee Peddler site","audioSeconds",96,"startMs",2783000,"endMs",2879000,"viewUrl","/Search/View?dp=1&key=5608996-130003eb81bf74ef751a7ca0703ff074&start=2783&end=2879","thumbnailUrl","https://assets.pipeline.soar.com/5608996-130003eb81bf74ef751a7ca0703ff074/thumbnail_2783000.jpg","articleUrl","/articles/6506589/Torrington/Northwest-Hills-County/Connecticut/Judge-denies-receivership-termination-Torrington-remains-on-path-to-solicit-developer-sale-for-Yankee-Peddler-site","mediaUrl","https://secure.pipeline.soar.com/6506589-f3cd209bdafcb85dd8ac5206e566eb22/orig.mp4?Expires=1770909048&Signature=Cf5IAh9JADfE6vdzRrFCZ~xuSxr9GSBPXpKGhwxzTySZqQNBc73phJx0C2Y8tBfohfMHrpY9vcltNMYFjtKHYxh006LVUUlNWZ2XYizFHjJTIIatRbb-Mdj3zLqhX7j1OMNMJ9ImwzfDsRLzmVBfOa5V5vXEKvOJMCvteLLTaJok~JYXdvL4XxJl7QCOG6tfSJ-Tbp-8xlI-dw2~ARAEYeZ1bJA4cuq4H3wiXqoub1o5iL9sPRALlR7Ry67mk3wjBg8nMlNYE217clkKDtNV9OouIQWbN9OzHnIocQ8fr6dMs-t4~o52AcULjwRlwwr5iY76isgBQcb0-YfbsBBCjA__&Key-Pair-Id=KUT5TJCACFTXG","author","City Council of Torrington CT","date","2025-08-20T12:33:08.293Z","article","Torrington officials told the Board of Finance on Aug. 19 that a state court denied a petition by the defendant in the Yankee Peddler receivership to terminate the receivership and retain the property, keeping the city’s planned sale process on track.

The city and the Torrington Development Corporation earlier petitioned the court to authorize sale of the property to a preferred developer selected through a competitive process. The preferred developer, Parker Benjamin, was chosen after a request-for-proposals process that drew five respondents (one late, one disqualified, three interviewed and two shortlisted). City officials said the candidate pool included local and in-state firms and at least one out-of-state respondent.

The defendant filed a petition to terminate the receivership shortly before an initial hearing, asserting it had unconditional financing. At a subsequent hearing, city counsel and staff reviewed that financing claim and showed it was conditioned on multiple items, including environmental remediation and appraisals. The judge denied the termination petition from the bench after reviewing testimony and evidence and continued the matter to a hearing on the city’s petition to authorize a sale, scheduled for Sept. 24.

Officials said the selected developer, Parker Benjamin, has experience in adaptive projects that can pivot between hospitality units and longer-term housing, which was a factor in its selection. Staff said the process used state and regional developer distribution lists and outside consulting assistance to reach a broad pool of respondents.

The city plans to present additional materials, including appraisals and licensed environmental professional (LEP) testimony on remediation costs, at the Sept. 24 hearing. City leaders invited board of finance members to a planned Torrington Development Corporation presentation to the city council later in September to review the selection and next steps.

Board members said they welcomed the judge’s ruling that kept the receivership in place while the court evaluates the sale petition.","mediaType","Video","parentTitle","August 19, 2025 | Board of Finance Regular Meeting","oneSentenceSummary","City and Trident Development Corp. petitioned the court to authorize sale of the Yankee Peddler property to selected developer Parker Benjamin; a court denied the defendant's petition to terminate the receivership and set a hearing on the sale for Sept. 24.","taxTitle","Torrington, Northwest Hills County, Connecticut","taxId",52777,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6506593,"Board of Finance presses for detail after board of education spends down surplus, BOE votes to seek RFP for internal-service review",957,2319000,3276000,"/Search/View?dp=1&key=5608996-130003eb81bf74ef751a7ca0703ff074&start=2319&end=3276","https://assets.pipeline.soar.com/5608996-130003eb81bf74ef751a7ca0703ff074/thumbnail_2319000.jpg","/articles/6506593/Torrington/Northwest-Hills-County/Connecticut/Board-of-Finance-presses-for-detail-after-board-of-education-spends-down-surplus-BOE-votes-to-seek-RFP-for-internal-service-review","https://secure.pipeline.soar.com/6506593-20887b33d007fb155448c51871659951/orig.mp4?Expires=1770909048&Signature=duut8VycXUMMnXlP4uOgj~cUMITiyWuhLk65f1J6XNCBRjwCN5j1wtCKjwchyqelxloCUWjYkZ-NOqDAzN8P7UJotIW4HaUldzLuhcTmJLysBOfIS4Oc0HipixcDcfauTRweWhF6Yn1o5PHqKEChAzL8daqKBkwi8Y8D6ryt1pItzf2Zeqf3mkx3L61J5HK2~HLfORH3rwUqqyDeOPpc774RDGdo9uEPI5AUbrY8fwfs5OshszndUv6NkE7WDD~8RZLyuzYoZCtb8WbG9WzFMZV3wNfijF6DhdvZ6wnRkASRXMxWqWLt-F6nXmMo93bGnoipmIPwXMxr0AEFfeQADw__&Key-Pair-Id=KUT5TJCACFTXG","The Torrington Board of Finance accepted city performance reports for fiscal-year closeout and early July figures on Aug. 19 but asked staff for follow-up on several anomalies, including higher-than-expected police overtime and a large month-end instructional-supplies transaction by the Board of Education.

Board members flagged police overtime for the first month of the fiscal year and noted other departments with early-year overtime and encumbrances that merit monitoring. Olivia, the comptroller, and Erica, the budget manager, said some line-item variances can be seasonal or result from encumbrances (approved purchase orders placed against prior-year reserves) and promised to provide more detail in subsequent reports.

A central concern was a $1,000,000 transaction posted to the Board of Education’s instructional supplies line in June. Board members said the amount appeared large for a single month and asked the BOE to explain what major components made up that spending. The BOE’s minutes and a subsequent report reviewed during the meeting indicate the BOE planned transfers totaling $3,200,000: $900,000 to instructional supplies, $125,000 to license renewals, $600,000 to district maintenance and $1,500,000 to a non‑lapsing reserve. Board of Finance members noted the ledger excerpts they examined did not clearly show the full $600,000 moving to district maintenance and asked the BOE business director for clarification.

The board also discussed a separate BOE vote to proceed with an RFP for a review of the internal-service (health insurance) fund. Board members at the BOE meeting approved issuing the RFP and described it as a forensic audit; the board of finance participants and auditors cautioned that the term “forensic” can imply allegations of fraud and that a narrow audit scope could affect responses. Board of Education staff later reversed a transfer to the non‑lapsing account pending the outcome of the audit process and the municipal audit.

Board of Finance members requested the BOE business director (Donna Labbe) or her staff be invited to present an explanation of major June transactions and the proposed RFP scope to the Board of Finance so the board can understand large end-of-year movements and the planned use of any non‑lapsing reserve funds.

The Board of Finance unanimously approved the city performance reports (motion by Wendy Trapp; seconded by Deb Inocido) and separately approved the Board of Education budget performance report through June and July; members said they expected more detailed reconciliations when the city’s fiscal-year soft close is finished and the external audit work advances.","Board of Finance members approved city performance reports but raised questions about early-year overtime spikes and a large June Board of Education expenditure; BOE had voted to proceed with an RFP described as a forensic audit of the internal-service (health insurance) fund.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6506598,"Board of Finance approves FY 2025–26 budget adjustments, reduces vehicle and PPE funding",270,1926000,2196000,"/Search/View?dp=1&key=5608996-130003eb81bf74ef751a7ca0703ff074&start=1926&end=2196","https://assets.pipeline.soar.com/5608996-130003eb81bf74ef751a7ca0703ff074/thumbnail_1926000.jpg","/articles/6506598/Torrington/Northwest-Hills-County/Connecticut/Board-of-Finance-approves-FY-202526-budget-adjustments-reduces-vehicle-and-PPE-funding","https://secure.pipeline.soar.com/6506598-c3a509f2b1b2ed1cd4a18597e5690918/orig.mp4?Expires=1770909048&Signature=eWYebXatGafglhqvbgF1YpByp3GKXOt5lOv6uRkEfWkQc1~~hCKdRSUQXZkV92iSj3yykVRAPGM8cnLZsStYChfLy9ck~LDjAhV4EOjeFQ~xxAb8AogIfarzEzgc4mLMoZtOfZXk0675h-xGMIDDQlk-rKkhFnnlayXLZfkitsBebELjKosKg4z7urE2xNL0bHkpvFla6XoiyefUBjBy4tyyytstn5FaBZRCZaE-C5x3ZS4BgcraY5vD5mlWJreiDfdr~skjiIYmZrOl5ySguGEHigLqNNATFfZOXpZuLRBfQIIB59ZXPR8gMSP5eqt8YkWHGqQqZytCPpCPWSBkHw__&Key-Pair-Id=KUT5TJCACFTXG","The Torrington Board of Finance on Aug. 19 approved a package of budget adjustments intended to bring the fiscal 2026 budget to the adopted total of $71,865,471.

The adjustments included cuts and reallocations across multiple departments. City staff said vehicle replacement funding was reduced to $600,000 (down from prior planning levels of $800,000 and earlier proposals near $1 million). Personal protective equipment funding was reduced to $35,000. Staff also reduced contingency and management operations line items to shave additional dollars.

City officials said the annual required contribution (ARC) for pensions will be met in full; the previously planned phased restoration of an earlier pension cut will be slowed so that the final tranche of the multi-year restoration will not be completed this year. The administration reported that investment performance has improved funding ratios since the earlier cuts, which influenced the decision to delay the final restoration tranche.

Other adjustments cited by staff: modest savings from staffing changes in purchasing and the fire department (noting one retirement), a reduction to recreational portable-toilet contract costs after lower bids, and a modest reduction in some capital outlay items after capital reserve reconciliation. The package also relies in part on $5 million of fund balance shown in the fiscal plan.

The motion to approve the FY 2025–26 budget adjustments passed unanimously (motion made by San Macedo; seconded by Wendy Trapp). Board members thanked finance staff for the detailed work identifying more than $850,000 in adjustments and noted the difficulty of making small cuts while protecting core services.

Board members asked to be kept informed of ongoing budget monitoring and of any items that could affect overtime lines and other high-variance accounts.","The board voted to adopt adjustments to reach the adopted FY 2025–26 budget figure, cutting vehicle replacement funding and reducing other line items; pension ARC remains funded but partial restoration was deferred.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6506602,"Torrington Board of Finance approves centralizing capital-reserve funds for city facilities",641,456000,1097000,"/Search/View?dp=1&key=5608996-130003eb81bf74ef751a7ca0703ff074&start=456&end=1097","https://assets.pipeline.soar.com/5608996-130003eb81bf74ef751a7ca0703ff074/thumbnail_456000.jpg","/articles/6506602/Torrington/Northwest-Hills-County/Connecticut/Torrington-Board-of-Finance-approves-centralizing-capital-reserve-funds-for-city-facilities","https://secure.pipeline.soar.com/6506602-0c0807a8d98d815a8741c05378ba9254/orig.mp4?Expires=1770909048&Signature=nO~-kFDVnJZNDWj1-ha7BJXcPw6wqepVM4OL8wzkZNfUDOOD1ZTEqlp6ni8tkVlv9j5L9e30Di9xvg1xcnxNsp4zAz676np9rwL2iZ4YtE6e7asEtuaPCc2xHzmqd2mc0ydXm7VZsuPrSS4rtdp3D2DDvzKTrpDKQIk2jhTBDb2OJlPFiNGpzEd~OFi3LEyVcj6gvkdxz6SPE6s16haI-7BDpXbrjPDe5QrM6tfufylaiPaJ5Xpe~xujalqAApO-I5q3Luyc43c9UImyCFkVZHx0Oz3Q1G~avd5dv-E31i0EB8Hgh65Gh8eQo7dqfzEkqbL-GXCbC4D0jG5uDIrRpw__&Key-Pair-Id=KUT5TJCACFTXG","The Torrington Board of Finance voted on Aug. 19 to reallocate existing capital reserve balances for building and facility improvements into a centralized city real estate (facilities) capital-reserve account and to develop a policy requiring quarterly reports to the board.

The move follows a reconciliation of capital-reserve accounts through June 30, 2025 that showed approximately $9 million in reserves across multiple departmental accounts. Erica, the city’s budget manager, told the board the reconciliation allowed staff to see which funds had been earmarked for building repairs and to propose moving those line items into a single facilities account under the city real estate department.

The board emphasized the goal is not to spend funds immediately but to reclassify existing capital-reserve balances so the facilities director can track and prioritize needs across city-owned buildings. The reconciliation identified line items earmarked for the fire headquarters and North End Station boilers, generators, diesel exhaust systems, parking lots, police maintenance, a public works roof, the former Southeast School balance and other building-specific funds. For one parking-lot fund the staff recommended transferring oversight to the city parking authority because it falls under that agency’s purview.

Board members said a centralized account will make it easier to rank repairs, plan for likely five-year spending, and reduce the risk of leaving tax-funded reserves unspent for long periods. One member noted bond counsel’s guidance that tax-funded reserves should be reasonably spent within about five years.

The board approved a motion authorizing staff to reallocate facility-related capital-reserve balances from department-level accounts into the new city real estate/facilities line item and to return with a proposed policy for quarterly reporting to the Board of Finance; the motion passed unanimously (motion made by Lorraine Pesky; seconded by Wendy Traub). The board also asked staff to present a final listing after the reallocations are complete.

Officials said the reclassification will remain within capital reserve (no funds will be removed from the capital-reserve pool as part of this action) and that staff will return with a follow-up report showing final account balances and any minor adjustments staff made as part of the setting-up process.

City staff said the new centralized account will also be considered for future capital-planning discussions for the Board of Education accounts and the city’s non-lapsing educational fund, where the board signaled interest in consistent reporting across city and school holdings.

The board did not set a final reporting frequency policy at the meeting but indicated a preference for not less than quarterly updates. Staff said they will prepare account setup and a schedule for the board to review at a future meeting.","The Board of Finance voted to reclassify facility-related capital reserve accounts into a centralized city real estate/facilities line, after a reconciliation found nearly $9 million in reserves; the board also asked staff to develop quarterly reporting requirements.","actionData","errors"]

Article not found

Judge denies receivership termination; Torrington remains on path to solicit developer sale for Yankee Peddler site

Board of Finance presses for detail after board of education spends down surplus, BOE votes to seek RFP for internal-service review

Board of Finance approves FY 2025–26 budget adjustments, reduces vehicle and PPE funding

Torrington Board of Finance approves centralizing capital-reserve funds for city facilities