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Council okays plan to set aside $500,000 of anticipated FY25 surplus for capital projects and grant matches
Summary
Council authorized moving $500,000 of an expected FY25 surplus into a special capital account to seed road paving, match grants and enable timely use of anticipated state and federal funding opportunities.
The Town Council approved a resolution on Oct. 7 to transfer $500,000 of the anticipated fiscal year 2025 surplus into a special capital fund to support road paving and match requirements for grants.
Town finance staff told the council auditors will arrive next week and that the town anticipates a roughly $1 million surplus for FY25. Council and staff said they removed many capital items from the FY26 budget during preparation and recommended seeding a capital account so the town can take advantage of grants (including the state Municipal Road and Bridge program) and fund immediate needs such as paving or required co-shares for awards. The manager said the municipal road program can reimburse up to one-third (the town’s remaining share would be 33% where applicable) and having seed money would enable faster project starts if grant awards arrive.
Councilors approved the request; staff said specific projects will be brought back for council approval when project-level decisions and grant awards are finalized.
Ending: The council set aside $500,000 from anticipated FY25 surplus into a special capital fund. Project-level expenditures and any required matching funds will return to the council for authorization.
