David (finance committee chair) presented Princeton’s long-range capital plan on Nov. 24, outlining major capital needs and potential offsets. The plan identified deferred maintenance and anticipated projects including road repaving, culvert replacements, sanitary sewer upgrades to reduce infiltration, streetscape and bike-lane work (Harrison Corridor and Route 27/Hamilton Wiggins study areas), a planned renovation/addition to the firehouse, consolidation of public-works spaces near River Road, and improvements to Grover Park and other recreation facilities.

To pay for these projects, the committee cited a mix of non-tax recurring revenues (PILOTs from recent projects such as Avalon and the former seminary/Roberts Campus), increased parking revenues, hotel occupancy taxes from new hotels, short-term rental occupancy taxes, grant and donation support, and monetizing underused municipal assets (including part of the Westminster property). The presentation emphasized timing: staggering project starts to align with debt retirement can reduce tax impacts; conversely, rolling short-term notes into bonds increases carrying costs.

Councilmembers praised the committee’s work and urged a user-friendly breakout of the many projects ahead of a public council retreat planned to review numbers, prioritize projects and consider realistic timing and staffing to implement the work.

Key fiscal details noted in the meeting included that some pilot revenues are currently exceeding estimates and are being reserved for operating budget increases, and that sanitary sewer investments will be paid from connection and usage fees with a planned gradual schedule of rate adjustments as projects are implemented.

Next steps: staff will prepare detailed, user-friendly project breakouts and the council retreat will be noticed and open to the public to solicit wider input on prioritization and timing.