Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Projects topic
No spam. Unsubscribe anytime.
Board approves $582,294 supplemental appropriation for Old Farms Road LOTCIP work
Summary
The Board of Finance approved a $582,294.40 supplemental appropriation drawn from a $282,294 LOTCIP award and approximately $300,000 in interest earned while those funds were invested; the Board also created a special revenue fund for costs tied to 200 Fisher Drive.
The Board of Finance voted Nov. 24 to amend the FY 25/26 budget to use additional LOTCIP funding and interest income to complete remaining work on the Old Farms Road North/South reconstruction.
Finance Director Tom DiStasio explained the town originally received a $5.1 million state award for the project and subsequently received an additional $282,294 through the state's Local Transportation Capital Improvement Program (LOTCIP). Because the town invested those LOTCIP receipts in the Short Term Investment Fund and earned interest while the funds were invested, DiStasio said the interest — about $300,000 — must be spent on the project or returned to the State. "Ultimately, any of the money that we receive through the LOTCIP program, including the interest that we've earned, must be spent on the program or it is owed back to the State," he said.
Board member Micah Rousey moved the supplemental appropriation and Brian Loveless seconded. The motion increased LOTCIP revenue (Account #03-0330-43669) by $282,294.40, increased LOTCIP interest income (Account #03-0360-43531) by $300,000, and raised appropriations (Account #03-4972-52165) by $582,294.40 to fund final costs such as replanting. The Board also approved establishing a special revenue fund to account for transactions related to 200 Fisher Drive. The motion carried 6-0-0.
