Excess funds will reduce Miller-Driscoll bonding
The Board of Finance recently authorized the transfer of $252,749.21 in excess funds from already completed and closed-out projects sitting in capital project fund accounts to an account currently being used for the Miller-Driscoll renovation project.
During the finance board’s Jan. 16 meeting, Chief Financial Officer Anne Kelly-Lenz said she had been “analyzing old bonding accounts.”
“Every time we had a new bonding, we opened up a new fund, so it got pretty big but it didn’t always close out,” she said. “Now we bond through one fund and setup new project codes every time we need to do it.”
To do this, Kelly-Lenz said, she has to “close out all the other bond funds that have been outstanding.”
“We probably had about 10 to 12 funds that are still active,” she said, “but there’s nothing in them.”
The transfer of $252,749 in excess funds means the town will be able to issue that much less in bonds this spring than it otherwise would have had to in order to finish the Miller-Driscoll project.