GLOCESTER – Glocester’s new finance director, Mark Capuano, is wasting no time in making his mark on the town.
At the recent Glocester Town Council meeting Capuano explained that in looking at operating funds, he realized more could be done to help the town earn interest. Capuano moved $2 million from funds at Citizens Bank to Washington Trust.
Previously, the town was earning .01 percent interest at Citizens Bank, he noted. At Washington Trust the interest rate is .5 percent, which, Capuano said, would bring in $100,000 in interest to the town during a single fiscal year. Since the change was just made three months into the current fiscal year, which began on July 1, he estimated a windfall of close to $75,000 for the remainder of the current fiscal cycle.
Capuano, who officially took over as finance director Tuesday, Sept. 5, informed the council that one of the first things he did was review Glocester’s finances.
“Citizens holds our operating funds,” he explained to the council. “I noticed the balance we were carrying in the general fund was not getting interest; so, it was definitely hurting the town where the interest rates are right now.”
Capuano added that though the town had a history of doing business with the local Citizens branch in the past, he was thoroughly familiar with Washington Trust and had full confidence in them.
“One month in and he’s made us $100,000,” quipped council president William Worthy, Jr. “Good job, Mark.”
Additionally, Capuano took the time to thank Jane Steere, the town’s tax collector, for helping him make the transition into his new position as town finance director.
“I have been in several municipalities and this town is very lucky to have her,” he added.
Earlier in the meeting, the council officially closed Steere’s temporary position filling in as finance director in addition to her regular duties as tax collector. Steere took over those duties until a new director could be found. That process had begun in April when former finance director Adam Muccino abruptly left.
“I just want to say a monster, monster thank you to Jane stepping in and putting in the time she did as finance director so we could get rolling,” praised Council Vice President Stephen Arnold.
“That was incalculable the impact she made on the town in that role,” added Councilor Walter Steere.