Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Town Board discusses $17 capital-reserve fee, contemplates $9 million cap
Summary
Grand Island Town Board members discussed adopting a $17 capital-reserve fee that would take effect after the permissive referendum period and the possibility of capping the reserve at roughly $9 million; board members asked staff to supply a missing water‑meter cost figure before finalizing resolution language.
Board members reviewed a proposed capital-reserve fee that would begin once the permissive referendum period closes and be deposited into a dedicated capital account.
The discussion centered on the fee amount — referenced in the meeting as $17 — and on what maximum project cap should be included in the adopting resolution. Members said they intend to adopt a resolution subject to permissive referendum and then begin collecting the fee directly into the capital reserve account once the referendum period ends.
Members discussed timing and implementation. One board speaker said the fee could take effect in April, after the first quarter, so collections would begin at that time; another member said the resolution should include a ceiling on what constitutes the reasonable anticipated expenditure. The board discussed a range of caps, including $8 million, $9 million and $10 million; the consensus expressed in the workshop was that a ceiling around $9,000,000 would be reasonable given current cost estimates and anticipated inflation, with the understanding a future board could amend the cap as needed.
Council members noted a missing line in the draft resolution linked to a water‑meter purchase figure. Staff (identified in the transcript as Elaine) was expected to provide the specific meter cost to be inserted in the resolution before final adoption. Members emphasized that adopting a number in the resolution sets a ceiling but can be changed later by the same process.
No final vote to adopt the resolution was recorded in the public workshop transcript. The board instead discussed the draft language, timing and cap amount and asked staff to supply the omitted water‑meter cost before formal adoption under the permissive referendum process.
Ending
Board members agreed in principle on a $17 fee (as discussed) and on using a cap in the multiple‑millions range (the workshop settled on roughly $9,000,000 as a working figure). Staff will provide the missing water‑meter number and prepare a resolution for a future meeting; the board reiterated that any adopted capital reserve resolution will be subject to the permissive‑referendum process.
