GOOD News: $6.3 Million Under Budget on Recent Town Projects Means Lower Bond Sale
At Monday night’s Board of Selectmen meeting, First Selectwoman Lynne Vanderslice and CFO Anne Kelly-Lenz brought some positive news, to the tune of $6.3 million in savings.
It was part of a discussion to review savings on recent bonded projects. They reported that seven projects were recently completed under budget, totaling a combined savings of $6,298,166.
As a result, the planned bond sale in March to fund approved projects for FY2019 will be reduced by $590,103 due to savings.
Vanderslice distributed a schedule of projects, which includes 12 projects–seven that have been completed and five that are in progress. The first yellow highlighted column shows the savings by project. The second yellow highlighted column shows the portion of the savings which will result in a reduction in the March bond sale.
The biggest savings realized by the town was in the Miller-Driscoll renovation project, which came in a little over $6 million below budget.
Vanderslice noted that the town never borrowed the full amount on the Miller-Driscoll cost, because the town received reimbursement from the state and had savings from previously completed projects, including the renovation of Comstock Community center, both of which reduced what was required for the Miller-Driscoll project.
She added that if and when the town receives additional reimbursement from the State related to Miller-Driscoll, those savings will be used to reduce the bond sale for any approved bonded projects for FY2020.