Princeton board approves budget amendments, moves vacant-lot proceeds to contingency; staff proposes 5% cost-of-living increase

Princeton — The Princeton Board of Commissioners on April 7 approved budget amendments for the current fiscal year and voted to apply closing and transaction costs from a recent vacant-lot sale to the town's contingency account, the board said during the meeting.

Town staff reviewed current revenues and expenditures and said budget amendments would be needed to balance the fiscal year. “These amendments are required to balance the current budget,” a Staff member told the board while reviewing a packet of budget notes and line-item variances. Staff said detailed amendments will be brought back at the next meeting for formal incorporation into the town’s financial system.

The board also ratified a transaction the board had previously approved in concept: the accounting entries tied to the sale of a vacant lot. Staff said the sale proceeds would be split among the capital improvement plan, roof repairs,…