Council Approves $235,260 Debt Reserve Transfer
At a glance
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The Town Council unanimously approved a $235,260 non-budget transfer to the debt service reserve fund for the 2025-2026 fiscal year. The council also approved revisions to the debt management policy and authorized the mayor to perform Superintendent of Public Works duties through June 1 or sooner.
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What this means
The transfer sets aside money for next year's debt service that is not included in the General Fund or next year's budget. Town officials also presented information about Wolcott's property re-evaluation after residents raised concerns. The mayor will handle the Superintendent of Public Works duties temporarily, with the assignment ending by June 1 or earlier.
Key decisions
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- Unanimously approved proposed revisions to the debt management policy.
- Unanimously approved a $235,260 transfer from accounts 49118 and 49119 to account 59031 to fund the debt service reserve.
- Unanimously authorized the mayor to perform the duties of Superintendent of Public Works through June 1, 2026, or sooner.
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