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Cheshire staff to close out old capital projects, freeing roughly $1.6 million in bond authority
Summary
Town finance staff presented a list of completed or inactive capital projects they plan to deauthorize or reapply excess bond proceeds from, saying the moves could reduce future borrowing needs and lower projected debt service.
Town of Cheshire finance staff told the council they have identified roughly $1.6 million in completed or inactive capital-authority balances that can be removed from the books or applied to other projects, reducing near-term borrowing needs.
The move matters because the town’s five-year debt projections assume all authorized capital projects will ultimately be bonded. ‘‘If a project comes in under budget and we have excess bond proceeds, I can apply that to another authorized project and that reduces the amount you have to borrow,’’ a staff member explained during the workshop.
Staff walked the council through a list of more than 45…
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