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West Haven council approves reduced bond authorization after questions about school fund reallocation
Summary
The City Council and its finance committee approved a revised ordinance authorizing $12,450,900 in bonds for fiscal 2023–24 capital projects and postponed final action on a proposed reallocation of 2024–25 school funds to technology pending further review.
The West Haven City Council on Jan. 27 approved an amended bond ordinance authorizing $12,450,900 in bonds, plus financing costs, to reimburse and fund capital projects from the 2023–24 fiscal year and to permit temporary borrowings for those purposes. The finance committee and the full council passed the amended amount by voice vote after a caucus and additional discussion.
The ordinance matters because it allows the city to replenish cash already spent on capital projects and to go to market for borrowing in March if conditions are favorable. Finance Director Michael Gormeny said the ordinance is “really just an ordinance authorizing us to go out and borrow for the fiscal year 2023, 2024…
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