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Selectboard weighs bonding, reserve reallocation to cover Main Street Bridge cost exposure
Summary
Facing an estimated exposure of roughly $600,000 for the Main Street Bridge, the Selectboard discussed adding $150,000 this year, moving bridge reserve funds among projects, or asking voters for a not‑to‑exceed bond authorization to secure the town's future cost share.
Board members reviewed the Main Street Bridge account and agreed the project's cost has grown: the town currently has about $309,970 in the reserve but faces a likely exposure near $600,000 as the project is delayed and prices rise.
Finance staff and board members considered three options: (1) add $150,000 to the reserve this budget year and $50,000 next year; (2) reallocate existing bridge reserve funds to cover urgent local bridge work (e.g., Slaughterhouse Bridge) and later bond for the Main Street Bridge; or (3) place a "not to exceed" bonding authorization on a town meeting warrant to cover the town's cost share. Staff said they will consult the municipal attorney and LCT to confirm whether internal reserve reallocation requires voter approval and to determine appropriate ballot language.
Members noted tradeoffs: using reserve funds now would free surplus for other equipment needs but could require voter approval and reduce the town's flexibility if Main Street costs grow. The board asked staff to obtain updated engineering estimates for affected bridges and to return with a clarified legal and financial recommendation. No borrowing decision was made at this session.
