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At the March 23 meeting, Supervisor Peter Parsons originally proposed $400,000 in new debt, which would pay for road over a two-year period. He agreed to a higher amount after town officials discussed the matter.
The borrowing will be rolled into roughly $1.4 million in existing short-term debt that is unrelated, leading to a consolidated amount of about $2 million.
The town's original plan was to spend $480,000 in road resurfacing and repaving in 2015, with $155,000 of that being borrowed, Parsons said. However, the supervisor pushed for change because the town ended up going $116,000 over budget for snow removal-related line items for the highway department.
Borrowing for two years in a larger amount was proposed in order to help with transaction costs, it was noted.
Parsons attributed the extra spending to the rough winter, noting that 57 salt runs were done in 2015 alone, versus a median of 35 for the last seven years. Once moving around money on hand is done in anticipation of winter work for the latter part of the current year, Parsons told the board there is only $53,000 left for road repair work.
Parsons called for a resolution on borrowing for the board's meeting in order to avoid more transaction costs.
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