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Selectboard approves $3.01 million warrant; finance staff explain bond‑anticipation notes and state reimbursements
Summary
The selectboard authorized Warrant 1326/1326A totaling $3,008,447.49 after a staff explanation that a bond anticipation note was increased to cover contractor payments while awaiting state reimbursement for a Main Street water and reservoir project; the town received $2.6 million from Vermont on Dec. 30 and used it to pay down the line of credit.
The Northfield Selectboard approved warrant 1326 and 1326A totaling $3,008,447.49 at its Jan. 13 meeting after members asked for clarification about bond financing for capital projects.
A staff member explained the Main Street water and reservoir project had been approved for $7.2 million and reimbursements come from the state. The town initially issued a bond anticipation note of about $3.2 million to cover contractor payments while waiting for state reimbursement; because of backlog the note was increased to approximately $4.5 million to avoid running out of available borrowing. The town received $2,600,000 from the state on Dec. 30 and used those funds to pay down the line of credit shown on the warrant.
“There were several outstanding invoices that had not been reimbursed by the state,” staff said, describing the draw on the bond anticipation note and the subsequent state payment. Board members expressed appreciation for the explanation; the chair called the vote and the warrant was authorized.
The board also received and approved payroll acknowledgments: biweekly payroll through Dec. 21 of $124,794.81, a special payroll through Dec. 29 of $73,494.96, and biweekly payroll through Jan. 4 totaling $112,463.68.
Next steps: financial reporting will continue through the town manager’s office and finance consultant as the town closes out reimbursable capital invoices and monitors bond anticipation balances.
