Selectmen Approve Creation Of Great Island Special Revenue Fund

DARIEN, CT — As the town prepares to make its purchase of Great Island final, the Board of Selectmen on Monday approved a request to establish a special revenue fund to manage the operations of the property.

A special appropriation of $400,200 was approved as part of the agenda item, which which will be put into the fund for facility repairs and maintenance.

The source of funds is the income from the rental properties on Great Island. On an annual basis, rental income is $800,400 with estimated expenditures of $370,00, according to the town. Darien wouldn't take ownership of the rental properties until late August/early September, and the current leases run through February 2023.

The amount of the appropriation reflects six months of rental income, the town said in documents associated with the agenda item.

In the event the leases are extended beyond February 2023, the rental income and expenses will continue to be accounted for in this new fund, the town said. Any funds that are collected and not expended will remain in the new fund and may be used for other Great Island maintenance expenses.

The Board of Finance approved the special appropriation last week. The RTM will vote on the Great Island purchase June 27 ahead of a June 28 approval deadline.

The town will be able to continue its due diligence on the property until Aug. 6.