The Finance Department’s Municipal Obligations budget was reviewed at the Town Council’s April 30 budget meeting.
Chief Financial Officer Frank Childs presented the working budget of $1,976,335, at the time of the meeting up $33,690 over last year’s $1,739,645.
However, Childs announced immediately that he was able to lower the number by $35,000. The town had just conducted a refinancing of two bonds, one for $4.75 million and one for $1,160,000. The first bond went from 3 percent interest to 2.019 percent interest, and the second, from 2 percent to 1.01 percent. The bond sale produced a $35,000 cut in what had been anticipated for bond payments.
“It was a good day in the market,” Childs said. Councilor Tom Cardon asked about legal services, which is budgeted at $250,000. “Does it vary?” he asked.
Town Administrator John Anderson said it was higher 2 1/2 years ago but that the larger cases against the town have been resolved.
“Unfortunately,” Anderson said, “we can’t always control who sues us.”