Great Response to Assessment “Full-pay” Option

In 2010, the Board approved offering discounts to member units (towns, schools, agencies) that wanted to pay their annual assessments in full on July 1st each year (otherwise make semiannual payments on July 1st and January 1st).  This year, participation was up markedly over last year with 34 out of 39 making the early payment (22 last year).  This year we collected $4,719,171, left $285,104 outstanding (until Jan 1), and gave a total of discounts of $84,110.  Last year we collected $4,129,880, left $808,500 outstanding, and discounted $65,334.  All of this is a great benefit to the towns.  They save the interest on half the assessment for half a year (7.875 % annual), and they get the money into our investments sooner so we get that much more opportunity for positive returns – which goes right back into our reserves and helps knock-down future costs, thereby lowering future assessments to the towns.  Click here to see the assessment chart for this year.

This entry was posted in Assessments/Appropriations, System Finances and tagged . Bookmark the permalink.

Comments are closed.