Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Finance topic
No spam. Unsubscribe anytime.
Runnemede council hears finance report; grant applications planned for sewer and stormwater upgrades
Summary
Finance reported a March 31 budget introduction, escrow closings for sewer and pump station financing, and two public-works grant applications (pump station upgrades and stormwater improvements); amounts were discussed but some figures in the transcript are imprecise and require confirmation.
Runnemede's finance and administration report outlined the borough's near-term fiscal schedule and several grant applications for infrastructure work.
The finance representative advised council members that the borough's budget introduction is scheduled for March 31 and that the annual financial statements are due this Friday. Escrow closing documents for permanent financing on the sanitary sewer and pump station were reported as expected in the coming week.
The report identified a principal-forgiveness figure (noted in the transcript as $2,49,000 and treated here as approximately $249,000) and said interest on short-term financing was noted but rendered imprecisely in the transcript. Public works submitted two grant applications: a pump-station upgrade application for about $450,000 and a stormwater-improvement application (amount unclear in the transcript and marked not specified).
Council members discussed the value of having engineering drawings completed before applying for grants and emphasized making project applications —5shovel ready— to improve competitiveness. Staff said many stormwater improvements are already planned and have drawings or preliminary designs in place.
The finance report concluded with an agreement to send escrow and closing documents to finalize financing when they arrive and to coordinate support letters with elected officials.
Next steps: council staff will circulate financing documents and continue to pursue the two grant applications; reported dollar amounts in the transcript should be confirmed with borough finance records.
