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Trustees review capital budget changes, borrowing plans and vehicle replacements
Summary
Town staff outlined edits to the draft capital budget — including a $5,000 increase to a fire-department air compressor, added decontamination room, police-vehicle replacement needs and potential borrowings tied to culvert construction — and described next steps for bond counsel and a November borrowing target.
Town staff presented changes to the draft capital budget and answered trustees' questions on project timing, borrowing and fund-balance impacts. Staff said the fire-department air-compressor quote increased from $60,000 to $65,000 and that a decontamination room had been added to the project list; staff estimated the current layout shows about $1.3 million of fund-balance usage and noted an unassigned fund-balance target around $7 million.
Staff also described police-vehicle replacement details, saying a current patrol vehicle is a 2022 Ford SUV with "37,000 miles and engine idle hours of 1,300, which equates to approximately 75,000 miles of vehicle and engine wear." Staff warned replacement vehicles can take up to a year from budgeting to delivery and noted a need for 4x4 PPV vehicles for winter operations. Trustees discussed borrowing timing, and staff said, assuming a 3.7% borrowing rate, the new borrowings would increase debt-service payments by about $282,250 compared with the prior plan; staff outlined a process of approving the capital budget at the end of August, sending projects to bond counsel, posting bond resolutions for 30 days and borrowing in November.
