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The committee voted 4-0 to become a standing Board of Estimate and Taxation committee, subject to approval by the full board. Its financial model showed a significant projected deficit in tax-funded capital projects during the latter half of the 10-year forecast, while higher capital tax levy increases could reduce or eliminate that deficit.
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The committee is seeking a permanent role in reviewing Greenwich’s long-term capital needs and borrowing strategy. Members found that the current capital plan may not meet the board’s financial guidelines within five to 10 years. Longer debt terms improved guideline compliance but would increase total outstanding debt and borrowing costs over time, so additional analysis is planned.
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