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Water Works reports net fund adjustments after capital project closeouts
Summary
A Water Works representative told the trustees that closed capital projects produced a surplus (~$492,009.84) and deficits (~$708,008.21) across sections, yielding a net effect on the water fund balance of roughly $215,008.37; several projects overstated the village share and funds will shift to debt service to pay bonds.
A representative from Westchester Joint Water Works briefed the Board of Trustees on the closeout of several capital projects and the required fund adjustments. He reported a section surplus of $492,009.84 to be returned to the water fund balance and approximately $708,008.21 in deficits for other closed projects to be covered by the fund balance, yielding a net effect on the fund balance of about $215,008.37.
The presenter also said several projects had overestimated the village’s percentage responsibility; those amounts will transfer into debt service and will be used to pay off related bonds. Trustees asked for confirmation of project locations (for example, whether Osborne Road is in Harrison or within the village’s responsibility) and staff said they would verify the specific resolution and locations.
Trustees did not vote on these closeouts during the work session; staff said some projects will be funded from water fund balances rather than new bonds.
