Town Council Meeting April 12, 2021

Short Term General Fund Borrowing: Finance Director John Quartararo is recommending the Town Council consider a policy which will allow the Town to provide short-term financing for bond projects from the General Fund using inter-funds loans until other financing is arranged. The other financing may be a bond anticipation note or a bond issue. School Construction Bond Order -- The School Board is requesting the Town Council authorize a bond order in the amount of $300,000 to pay for the development of a concept design for the construction of the Pond Cove/Middle School.

A public hearing on Short Term Rental Amendments was held on February 8, 2021. The town council voted to table the vote until March 8. On March 8, amendments to the proposed amendments were approved however the council voted to table the vote on the amended motion to the April 12 town council meeting in order for the changes to be written into the draft for a final vote.

Staff is recommending $45,000 be appropriated from the unassigned fund balance to offset the difference in the cost ($418,128) and budgeted amount ($375,000) for the communications tower project. The difference follows value engineering and savings within the current year budget.