The Finance Committee voted to Approve (see Report):
- Increasing the Community Preservation Committee debt authorization by $1,200,000 to cover the increased cost of the Gath Pool Complex project. (6-0) Project needs to begin this fall. The City received only 1 qualified bid, which was higher than expected. The total 30-year bond debt authorization is now $7,034,362. Estimated annual bond payments from the CPA will increase from $380,000 to a little over $400,000. The total project cost is now $8,472,562. May 2024 anticipated project completion date.
- Transfer $300,000 from Reserve Funds-Budget Reserve to Phase III Gath Memorial Pool Renovation Project (6-0) Partial match from the City to bring above debt authorization to $1,500,000. Funds were not designated for elsewhere.