Originally published in Island Ad-Vantages, December 13, 2018
Voters called to transfer funds in Stonington
by Faith DeAmbrose
Voters in Stonington are called to a special town meeting on December 17 to transfer funds from unappropriated surplus to two line items that require additional monies before the end of the fiscal year.
The town’s Public Fire Protection rates increased by $9,000 as determined by the Public Utilities Commission during the utility’s May 1 rate hike process. The town’s fire protection rates were allocated at only 25.6 percent versus 30 percent required by the PUC. The increase, which amounts to $2,400 per year, will keep the individual customer’s fire protection rates flat over the next five years. Voters are asked to allocate $2,250 from surplus.
A second transfer asks for $13,358 from surplus funds to cover debt service for the newly-created Hagen Dock loan. A shortfall occurred during the change from a construction loan which funded the project to a regular loan which covers the debt. The change in status occurred last March, and when the 2018 budget was constructed, loan costs were estimated. The shortfall represents the difference between estimated and actual payments.
The special town meeting will take place December 17 at 7 p.m. upstairs at the town hall.