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Finance Committee OKs $8.5 million cap for airport fuel revolving fund
Summary
The Nantucket Finance Committee unanimously approved raising the airport fuel revolving fund cap from $6 million to $8.5 million to cover anticipated fuel purchases through the fiscal year, after airport staff outlined purchases, delivery estimates and how the fund is used.
The Nantucket Finance Committee voted unanimously May 13 to raise the airport fuel revolving fund cap from $6,000,000 to $8,500,000 to cover anticipated fuel purchases through the end of the fiscal year.
Airport staff presented the request during the committee’s May 13 meeting. Maria, an airport staff presenter, said the airport set the current fiscal-year cap at $6,000,000 at last year’s annual town meeting and asked the committee to approve increasing it to $8,500,000. “We would like to increase that cap to $8,500,000,” Maria said when describing purchases to date and anticipated deliveries.
The request reflected purchases through April 30 of about $5,800,000 and an estimate of additional deliveries for May and June. Maria told the committee the team had projected 58 more deliveries and added a buffer of roughly $678,000 to arrive at the $8.5 million cap request. She also said…
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