PITTSFIELD, Mass. — The city's Finance Department is continuing its efforts to clean up old debt authorizations.
On Wednesday, the City Council's Finance Committee approved rescinding $227,403 worth of authorized but unissued debt from the three prior fiscal years.
Over the years the City Council had authorized the administrations to borrow for projects or purchases. But, when those projects never come to fruition, the authorization stays on the books.
A little over a year ago, Director of Finance Matthew Kerwood started a process to clean up some $190 million worth of authorizations (though that figure did include $120 million for the Taconic project, which has not fully been bonded).
Meanwhile, the state's modernization act has changed the way bond premiums can be spent. When the city borrowed for a project and it came in under budget, the excess money is still included in the city's debt services budget line each year as the bond is being paid off.
The state law now allows the city to either use those premiums for a similar project or to borrow less on another project. The Finance Committee approved using $366,152 of those funds to offset the borrowing for the Taconic High School project.
"What we are using is using the premium from the issuance to reduce the appropriation," Kerwood said. "It structures the notes. Instead of borrowing $20 million, we are borrowing $20 million minus the bond premium."
The Finance Committee approved doing a similar thing with $4,000 of unused bond premiums for a truck the city recently purchased. The council had authorized $50,000 for a purchase of a one-ton sewer truck.
"We'll be paying the debt service on $46,000 instead," Kerwood said.
The Finance Committee handled the requests with little conversation Wednesday night. The items will go before the full council for final approval.
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Dalton Town Hall Lift Solutions in Development
By Sabrina DammsiBerkshires Staff
DALTON, Mass. — Solutions are being sought for the lift in Town Hall that has been out of service since December because of safety concerns.
Building Grounds Superintendent Jeff Burch told the Americans with Disabilities Act Committee meeting on Tuesday night that Hill Engineering has been contracted to come up with a potential option.
The lift is in the police station and the only other lift for the town hall is in the library, which is not accessible after library hours.
Previous attempts by Garaventa Lift to repair it have been unsuccessful.
Replacing it in the same location is not an option because the new weight limit requirement went from 400 pounds to 650 pounds. Determining whether the current railings can hold 650 pounds is outside the scope of Garaventa's services to the town.
The first option Hill has proposed is to install a vertical lift in a storage closet to the left of the police entrance, which would go up into the town account's office.
A member of the committee expressed concern that the current office location may not be suitable as it could hinder access to the police station during construction.
Albert Ingegni III was applauded for four decades of service on the Zoning Board of Appeals during City Council. Mayor Peter Marchetti presented him with a certificate of thanks for his commitment to the community.
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Between disagreements about site design and a formal funding process not yet established, more time is needed before a decision can be made.
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The Ordinances and Rules subcommittee on Monday unanimously supported a pay raise for election workers, free downtown parking for veterans, and safeguards to better protect wetlands.
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A parking study of North Street will be presented at Tuesday's City Council meeting. The design maintains parallel parking while expanding pedestrian zones and adding protected bike lanes. click for more