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, batteries for electronic signs and contingency. Staff stated the sale amount as reported in the meeting materials and explained how attorney and realtor closing costs would be applied back to the relevant budget lines; the board moved to apply closing costs and related fees to the transaction and place the remaining proceeds into contingency. The motion passed (vote recorded in meeting: approved). The staff presentation named the capital-improvement allocation ($7,500) and said batteries were budgeted at $1,000; staff described the remaining contingency transfer as the balance after those allocations and after paying closing costs.

In the same budget discussion, staff recommended a 5% cost-of-living increase for all eligible employees and presented a broader salary-study comparison with neighboring towns. “I am proposing a 5% cost of living for all eligible staff,” the Staff member said, citing state and nearby-town comparisons and noting the town’s starting pay levels remain below state averages for municipalities of similar size. The presenter told the board that some departments — notably public works and administration — remain well under regional averages and that the board might consider targeted adjustments in addition to a general COLA.

Staff also identified capital needs the board should consider as part of next year’s budget: the police department requested one replacement vehicle; staff discussed vehicle options (a Ford Mustang-based option was cited at roughly $42,000 for the vehicle plus about $14,000 to outfit it) and noted recurring repair costs on some current Dodge patrol vehicles. Public works noted a failed sampler at the wastewater plant and estimated replacement costs in the low five figures, and a jetter hose was discussed as a potential future capital need (staff estimated a replacement hose could be roughly $75,000). Staff warned that some purchases will depend on revenue and water-rate pass-throughs from the county.

Board members discussed staffing retention, certifications paid by the town for technicians and possible deferred-repayment or prorated reimbursement arrangements if employees leave shortly after training. Commissioners asked staff to prepare budget amendment drafts and scenarios (including 1%–10% COLA options) for the next meeting so the board can set priorities before finalizing the fiscal-year budget.

What passed: the board approved the journal entry applying closing costs from the vacant-lot sale and moving the remaining proceeds to contingency; staff will return with formal budget amendments. The board also instructed staff to prepare more detailed cost estimates and scenarios for salary adjustments and proposed capital purchases for the next meeting.