Brian Pugh: Building for the Future With the 2018-19 Capital Plan

To The Editor:brian-pugh-group-cropped

At it’s last meeting, the Croton Board of Trustees approved a capital budget that will both provide our Village’s departments with needed equipment and also fund important improvements to our infrastructure, while reducing the Village’s overall debt.

This year’s capital budget includes: the demolition of existing DPW facility and the renovation of the new facility; SCBA equipment replacement for the fire department; the replacement of an Ambulance for our volunteer EMS, $100,000 for general road repairs, sidewalks & curbs; to name a few. A complete accounting of the capital budget is on the Village’s web site.

This year’s capital fund reduces overall Village debt, as more old bonds will be paid-off this year than will be issued by the Village this year. Overall borrowing has also been reduced by using money from the Village’s fund balance (net assets) . Future debt service is reduced by substituting short term Bond Anticipation Notes (BANs), which have a lower interest rate, for longer-term bonds, which have higher interest rates and because of their longer terms, more accumulate interest.

I am proud of the work our Village Board and staff has done to prepare a fiscally sound capital plan. I look forward to working with my colleagues to continue to balance fiscal responsibility with the need to build for our community’s future.

Sincerely,

Brian Pugh, Mayor

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