Financials Highlight Town Board Meeting
by Denise Wright
During these trying times known as the COVID-19 pandemic, many municipalities have been trying to develop creative ways to tighten their financial belt, and Schodack is no exception. During their September 24 Town Board meeting, cost-saving measures were discussed. After battling some health issues in his office, Comptroller Paul Harter II approached the board about not using temporary workers because it costs more money because of hourly rate adjustments, agency requirements, and benefits. Adding a full- time employee would save the town money by creating a fully-trained individual who would be able to assist the town “for many years to come” by not allowing “material to fall through the cracks.” This position has been included in the 2021 budget, but Harter expressed that he “would like to get them in ASAP” to assist with budget modifications and abstracts.
Besides the position being discussed, Harter reviewed the refinancing initiative agreement from the New York State Environmental Facilities Corporation (EFC) Clean Water and Drinking Water Revolving funds (SRF), Series 2010C. According to a letter from the EFC to Supervisor Harris, the primary goal of this refinancing is to reduce the interest cost on the SRF financing. By refunding the Series 2010C Bonds and replacing it with a new SRF bond issued at a lower interest rate, the town receives a reduction in net debt for the bond. Harter believes while the savings might not be substantial, but over the life of the bond, which has its final maturity in 2029, it could add up and save the town approximately $1,000-$3,000 a year. For the town to receive these savings, they needed to respond by October 1, and the board approved the refinancing agreement unanimously.
Town Clerk, Debra Curtis, discussed the new Broadband smartphone contract from Verizon to update the Jetpack system for the police department. The Jetpack is a separate device that lets a person wirelessly share a Verizon network connection with other devices. In order to attain the savings from the new contract, it needed to be signed and submitted by October 8. Curtis is in the process of making sure the new contract will be submitted in a timely manner so the town will be able to attain the savings.