Wilton’s bond advisor, Barry Bernabe of Phoenix Advisors, had an optimistic message for the Board of Finance (BOF) at last week’s (July 31) BOF meeting:
“If timed appropriately, the Town can issue about $80 million [in new bonds] over the next 10 years, with no impact to the Town’s current debt service budget,” Bernabe told the board. “That’s good news for the Town.”
Substantial Needs
BOF Chair Matt Raimondi invited Bernabe to the meeting to discuss how the board should begin to think about financing the capital investments needed in Wilton over the next several years — particularly the many significant upgrades that will be required in municipal and school buildings.
“The Town right now is looking at [a] pretty substantial need for capital over the next 10 to 20 years. Part of [this need for capital] is due to Town infrastructure needs. Part is for school needs,” Raimondi said. “I’ve heard different amounts. The amount has ranged from $130 million to $160 million to $215 million. Either way, no matter how you slice it, it is a significant amount of money.”
Bernabe believes Wilton has capacity to tackle the needs.
“Debt service would stay flat at $80 million of new bonds over the next 10 years,” Bernabe repeated. “Now, if you’re willing to have debt service go up a little bit, of course you could issue more than $80 million.”
Bernabe clarified that the $80 million scenario he outlined was in “round numbers” and assumed current interest rates and 20-year bond maturities.
He explained that new capacity for borrowing becomes available as older bond issues expire.
“The Town’s existing debt service is amortized fairly aggressively,” he said. “The Town’s debt decreases each year because it’s paid off aggressively, and that allows capacity for new bonds to come on.”
Bernabe’s comments were consistent with an analysis presented by then-First Selectwoman Lynne Vanderslice in November 2023 (when the school and municipal buildings needs assessments had first come into view), showing that costs of even $100 million could be “manageable” under the right conditions.
Bernabe also noted that Wilton has benefitted from refinancing debt as interest rates become more attractive, through a process called refunding — and more refunding opportunities could be possible soon.
“I’m cautiously optimistic in the coming months, the Town may have a pretty sizable refinancing opportunity,” Bernabe told the BOF.
TSNAP Overlap
Two members of the BOF — Raimondi and BOF member Rudy Escalante — currently serve on the Town and School Needs Assessment Priorities Committee (TSNAP), which was formed to assist the Board of Selectmen in prioritizing the many projects needed, starting in FY 2026.
Escalante updated his fellow BOF members on the committee’s discussions in its first few meetings, as it grapples with the scope of its work and the deliverables it will provide.
Greater clarity is expected when the Board of Selectmen members discuss their expectations for the TSNAP committee at tonight’s (Aug. 5) meeting.
A Part-Time Resource for the BOF
At the July 31 meeting, the BOF members also discussed the need to hire a part-time employee to assist with the seemingly increasing tasks and analysis related to the BOF’s work.
A job description was circulated during the meeting. (Raimondi later told GMW the job will be posted on the Town website, but anyone interested in the position may reach out to him directly via email.)
Raimondi envisions the position would involve 50-100 hours per year, primarily during the Town’s budget season (January through April), at a rate of $40 per hour. The cost would be paid from the Charter Reserve at the discretion of the BOF.
The board members voted unanimously to authorize Raimondi to hire for the position.
More BOF News
Raimondi briefly raised the topic of the BOF’s responsibility to approve grant applications and approve the receipt of grant monies by the Town. He indicated Town attorney Ira Bloom will attend a future BOF meeting to discuss the BOF policy.
In preparation for FY 2026 budget planning, the BOF has drafted a list of specific data requests for the Board of Selectmen and Board of Education that will provide the input needed for the BOF to set budget targets for the next fiscal year.
The BOF agreed to cancel its regular August meeting and will not meet again until September 10.
Editor’s Note: An earlier version of this story incorrectly referred to Barry Bernabe as Wilton’s bond counsel. He is Wilton’s bond advisor.
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