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Finance committee backs big supplemental funding and transfers for Lovers Lane rebuild; airport to use retained earnings for projects
Summary
Committee discussed a multi-million-dollar supplemental appropriation for Lovers Lane reconstruction, transferred balances from earlier capital articles to prioritize the road project, and approved multiple airport transfers and rescissions that shift construction funding from borrowing authorizations to retained earnings.
The Nantucket County Finance Committee voted unanimously March 10 to recommend a package of prior-year transfers and supplemental funding that reprioritizes capital dollars, including additional funding requests tied to the reconstruction of Lovers Lane and related roads.
Brian Turbot, finance director, told the committee that engineering scope changes and rising construction prices have driven a substantial supplemental request for the Lovers Lane reconstruction program. “As you can see, there's quite a substantial amount. It's about 5 point a little over $5,000,000 here,” Turbot said, noting the supplemental would be coordinated with the capital program committee for review before final warrant placement.
Turbot said the…
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