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Council agrees to continue $20,000 monthly payments on internal loan; staff reports State Street Aid receipts are stronger than expected
Summary
Council agreed to continue a $20,000 monthly payment plan to pay down an internal loan balance related to prior paving expenditures; staff reported increased state-shared revenue and recommended continuing payments through the fiscal year and reassessing at budget time.
Staff updated council on the town's internal repayment of a prior payment error involving Waycaster LLC and related road-paving expense accounting. The town made an initial $400,000 lump-sum payment, then set up a $20,000 per month internal payment plan beginning in January 2024. Staff reported the loan balance had been reduced to…
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