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Trustees say loan paperwork is approved; cash flow shows limited early spending ahead of construction
Summary
Trustees reported loan paperwork is submitted and approved and that initial project spending to date is modest (a few thousand), with borrowing possibly not needed until November. Staff will provide snapshots of cash flow and bills as spending increases.
Kimberly said loan paperwork has been submitted and that the lender responded quickly: "Our loan is approved. All set. When we're ready for money, one of the three people who were listed just emails him and the money will be transferred into the town's M and T Bank," she said. Trustees discussed that they expect to begin spending construction funds soon and may not need to draw on the loan until November.
A staff report noted that small grants can now be included on a single warrant, reducing extra work, and that salaries and town allotment figures will post next month creating a more accurate picture of budget percentages. Trustees agreed to provide clearer cash-flow snapshots at the next meeting as bills begin arriving.
