The presentation of the annual comprehensive financial report by Andrew Fan highlighted the town’s solid financial position, with no significant efficiency control issues or instances of non-compliance identified. The general fund’s balance was reported at approximately $153,000. Members of the Council sought clarification on various financial elements, such as the breakdown of long-term liabilities, the town’s investment policy, and solid waste service expenses. A notable point of satisfaction among the members was the early completion of the audit and the healthy reserve balance, which stood at roughly 30% of the amount needed to run the town.

The council also scrutinized the allocation of funds for infrastructure projects, with canal restoration and road improvements taking center stage. They allocated a budget of $370,000 for a canal bank restoration project. Additionally, the emergency repairs on Collecting Canal were completed under budget at about $193,000. However, the Road Improvement program encountered higher expenses than anticipated, with the paving bid coming in at just under $1.75 million, about $120,000 more than expected. This led to a discussion on the potential long-term cost implications of paving roads, including maintenance expenses and the impact of weather and drainage on road longevity. The council considered the cost-effectiveness of paving roads versus maintaining unpaved ones and discussed the need for a comprehensive assessment.

Furthermore, the council entertained the idea of inviting a banker to explain the town’s banking operations and investment policies, emphasizing the importance of safety and liquidity in their investments. They discussed the town’s financial condition assessment, comparing it to other municipalities and the similarity of revenue sources.

Another topic was the Road and Stormwater Drainage Improvements plan, which saw a shift in allocation, redirecting funds originally earmarked for swales, catch basins, and control structures towards specific culverts. The total funding for culvert repairs was estimated at $1,104,700, with a debate ensuing over the lack of a projected cash flow table. There were also discussions on the need for a needs assessment to prioritize future projects and a debate on the potential conflict of interest in deciding on road improvements.

The vulnerability of the canal system was a issue, with members acknowledging the need for restoration and dredging of the 100-year-old system. The expected FEMA money and plans to apply for more grants after last year’s storms were reviewed, alongside the discrepancy in the budget allocation for road paving and how donations would be handled.

The council also touched on the purchase of a dump truck for canal bank stabilization, the necessity of a second pump at a specific location, and highlighted the challenges faced during storm events.