Ann Gallelli: Planning for our financial future

To the editor,ann2016

At Monday night’s Village Board work session, we were updated about the status of several capital projects that are underway including the improvements to Elliott Way, sidewalks and paving on Farrington and Hunter, the bridge and culvert replacement on the road to the Water Dept. offices and well field, and the installation of the corrosion control system for the Village’s water supply

These projects are critical to the well-being of the entire community – keeping us safe, updating our infrastructure, maintaining property values and adding to our quality of life.

These projects have been in-progress for a long time as, for better or for worse, capital projects take a very long time to initiate and carry out.  Beyond identifying a project or purchase, designing its details, applying for financial help where possible, working with affected neighbors, writing requests for proposals, reviewing bids, obtaining permits, authorizing contracts, and actually performing the work, can take a very long time.  The projects reviewed on Monday night  were  all identified and initial steps taken many years ago.  Fortunately, they are reaching fruition.

What does this tell us about the future?  We know there are projects and purchases that are necessary in the coming years.  Many have been identified in our 5 and 10-year Capital Plan. Others will be unexpected.  Among these are the Croton Point Avenue Improvement Project, a rehabilitation of the Half Moon Bay Bridge, two sanitation trucks, a replacement fire truck for the 20+ year old Engine 118, and more.  

While we are seeing completion of projects that were initiated many years ago, we are not seeing action on the Capital projects that have been identified for the future.  

Right now, we should be taking steps to move forward on these future capital requirements, especially while interest rates are relatively low.  As time goes by, construction and purchase costs are going to rise as are interest rates for financing these.  These are not optional items, but already identified as needed.  Prudent financial planning calls for taking the steps now to meet the identified needs of the future.

 

Ann Gallelli

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