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Greenwich BET committee reviews capital closeouts, updates model to ease pressure by 1–2 years
Summary
The Board of Estimate & Taxation Debt and Fund Balance Policy Committee heard that 105 capital projects totaling about $6.99 million have closed and reviewed a revised flexible capital model that staff said pushes the town's projected capital pressure point out roughly one to two years; members prioritized follow-up on the largest, oldest open projects and set DPW sewer for June discussion.
The Board of Estimate & Taxation Debt and Fund Balance Policy Committee reviewed capital project closeouts and a revised flexible capital model at a May 13, 2026 meeting, and agreed to prioritize follow-up on the town's largest, oldest open projects.
Comptroller Joan Lynch and Budget Director Agnes Cawai told the committee that 105 projects have been closed out, representing approximately $6.99 million across the B Fund and Z Fund. Lynch and Cawai said closed B Fund balances reduce the town's authorized and issued debt and can be reallocated to other capital projects; bond counsel recommended closing out one full borrowing year at a time, with bond year 2019 scheduled next.
"The three primary levers available for long-term capital planning are increasing the capital tax levy, extending debt maturities, and re-evaluating or reducing the CIP," said Elliot Alchek, chair of the committee, outlining the framework members will use as they examine longer-term projects.
Cawai presented the open capital project listing as of May 8, 2026. The oldest open project dates to 2017 and several material balances remain across the Board of Education, Department of Public Works and Parks & Recreation. She singled out the Round Hill Fire Station as particularly complex, noting approximately $4.65 million has been appropriated across multiple fiscal years and that ongoing delays are attributable to "a combination of town-imposed procedural requirements and communication difficulties with the volunteer company." The committee asked staff to solicit written updates from relevant department heads and to invite them to future meetings as appropriate.
Committee members reviewed a revised base-case flexible capital model that incorporates interim appropriations, project closeouts and reimbursements; staff said those changes improve the town's capital position and move the projected fiscal pressure point out by about one to two years. Members agreed the base case should reflect actual data as received and that alternate scenario models should be separately titled, dated and logged for reference. Discussion noted the current base model includes an annual capital tax levy increment of $3 million and that the full 12-member Board of Estimate & Taxation should discuss what figure to use for the base case.
Two members of the public commented during the meeting. One asked that the committee model a scenario in which policy guidelines are met without long-term debt; another suggested anchoring the capital tax levy to a percentage of debt growth rather than a fixed dollar amount.
A procedural motion to approve the April 8, 2026 meeting minutes, made by Joe Pellegrino and seconded by Stephen Selbst, passed unanimously, 4-0. The committee later voted unanimously, 4-0, to adjourn at 11:25 AM. The committee scheduled a June 10, 2026 meeting at 10:00 AM in the Cone Room, where DPW Commissioner Jim Michel is expected to present on sewer capital projects.
Actions recorded at the meeting included the minutes approval (motion by Joe Pellegrino; second by Stephen Selbst; vote 4-0) and the adjournment motion (motion by Joe Pellegrino; second by Stephen Selbst; vote 4-0).
