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Council approves cancellations of lingering capital balances; hears two tax‑related resolutions
Summary
The council reviewed and advanced several administrative financial items on Sept. 24, including proposed cancellation of about $626,000 in encumbered and unencumbered capital balances and resolutions to grant a 100% tax‑exempt veteran refund and to cancel taxes on a village‑held foreclosed parcel.
Finance staff presented a package of capital balance cancellations that had been reviewed with department heads. CFO Bob Rooney said the list included encumbered and unencumbered items that departments agreed were no longer needed; the total of the items proposed for cancellation is about $626,000 and will be returned against net debt once adjustments are complete.
Rooney told council the team reviewed each ordinance and filtered out items that still had encumbrances; the remaining unencumbered amounts will be canceled and removed from the capital ledger. "We've filtered them down to some that have encumbrances still against them, which will have to be adjusted because they're going to be taking them off the books," he said.
Council also advanced a resolution granting a 100% tax‑exempt veteran refund for Block 44502 Lot 46 and discussed canceling taxes on Block 4407 Lot 2, a parcel the village foreclosed on and now holds. Councilmembers noted the parcel has a PSE&G easement and may be in the floodplain; council members said they would discuss future uses offline and that canceling taxes is appropriate while the village owns the parcel.
These items were presented as routine financial housekeeping; no new appropriations or debt were authorized as part of the cancellations.
