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BET Budget Committee approves bond-reconciliation resolution, separates $1.395M in sewer proceeds
Summary
The BET Budget Committee approved a resolution reconciling bond issuances from FY2008–2018, directing the deauthorization of excess bond authorizations and separating $1,395,144.16 in Sewer Improvement Fund proceeds from General Fund proceeds before the full BET meeting.
The Board of Estimate & Taxation (BET) Budget Committee on April 14 approved a Finance Department resolution reconciling bond issuances and deauthorizing excess bond authorizations covering fiscal years 2008 through 2018. The committee voted 4-0 to adopt the resolution as amended.
Comptroller Joan Lynch said the reconciliation, initiated by her predecessor, was carried out in coordination with the town’s financial advisor, Bill Lindsay of Munistat, and Bond Counsel Keisha Palmer of Robinson & Cole to match appropriated, authorized and expended amounts for each capital project and to close out projects both administratively and legally. Lynch said the town will move to annual reconciliations in the fall, ahead of bond offerings.
Bond counsel Keisha Palmer provided a section-by-section summary of the resolution and said it is intended to deauthorize excess appropriations and bond authorizations, reallocate any remaining bond proceeds to uses allowed by IRS regulations, and address modest overspends on individual line items while ensuring the overall bond authorization was not exceeded. During discussion the committee agreed to separate Sewer Improvement Fund proceeds from General Fund proceeds; the sewer proceeds were identified as $1,395,144.16. Harry Fisher moved the amendment to correct a date in the fourth whereas clause and to require the allocation revision; Doug Fenton seconded. The committee voted 4-0 on the amendment and then 4-0 to approve the motion as amended.
Keisha Palmer agreed to revise the resolution language to reflect the separate sewer allocation before the matter goes to the full BET. The revised resolution and its allocation adjustments will be presented at the full BET meeting for final action.
