Board of Finance Wraps Up Fiscal Year Business

The Suffield Board of Finance met Monday night to wrap up business for this fiscal year, the last scheduled meeting until September. Members dealt with a light agenda, approving some transfers of funds, property and authorizing a Small Town Economic Assistance Program (STEAP) grant application for road repairs.

Patrick McMahon of the Economic Development Commission informed the board about the proposed application for STEAP funds. The Town is requesting roughly $500,000 for the repair of Harvey Lane and Canal Road. The roads both rate just above “poor” quality. The roads both serve some of the larger commercial properties in town.

Board member Brian Kost expressed reservations about asking for more funds for road repairs when the townspeople recently approved a bonding project for road repairs. He felt the library repair project might be a better use of the possible grant funds.

“It would seem to me the library is the next urgent order of repair, and if the STEAP grant could be utilized for that, we should spend the money there,” Kost said.

After some discussion, the Board voted to proceed with the grant application for the road repairs as presented.

McMahon also presented  an offer of a land donation to the town for industrial zoned property on Bennett Road. The owner offered to give the town two parcels covering approximately five acres. McMahon said the properties are both capable of being built on and carry a current market value of roughly $40,000 to $50,000 per acre. Accepting the donation was recommended by the Economic Development Commission as they feel the property could be sold to a developer at a profit to the town.

The Board of Finance authorized the Department of Public Works to purchase 600 tons of salt to replenish its supply while pricing is favorable. The total cost for the salt supply is $46,320, which was transferred from the town's contingency account.

Chairman Justin Donnelly offered his thanks to retiring Director of Public Works, Jack Muska. Muska has worked in the department for the last eight and a half years.

Suffield Treasurer Christine Davidson reported she was exploring options for the funding of the referendum-approved bonding projects for fire trucks and road repair. She said that financing for the firetrucks may be available through a vendor at favorable interest rates and fees. She was also speaking with various lending institutions for the additional borrowing. Procuring funds through a bank may prove more favorable than floating bonds for the projects.

The town collected less than the budgeted amount in real estate conveyance taxes due to continued weakness in the housing market. To date, roughly only $108,000 of the budgeted $150,000 has been collected.

 The Board authorized the Chairman to approve any transfers of less than $10,000 at his discretion. The next scheduled meeting of the board will occur in September.