OSWPCA: Sunshine / Letter from Carl P. Fortuna, Jr., Chm; Old Saybrook Bd of Finance, 23Jun2011

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                Town of Old Saybrook
                Board of Finance
                302 Main Street
                Old Saybrook, CT 06475

                                    June 23, 2011
Joel Anderson
13 George Drive
Old Saybrook, CT 06475

Dear Mr. Anderson,

I apologize for the late response to your letter of May 6, 2011.

The WWMD is not spending $42,171,200 this year on sewer avoidance. This is a project that will be phased in over time, perhaps as many as 6-8 years. In addition, it is the hope of the Town that we will not have to bond nearly as much money as our bonding authority has allowed. We are hopeful, as economies of scale are reached and costs come down on this project, that there will be fewer homeowners who choose to accept the borrowed money and instead choose to pay for the system up front. I don't know how much the Town will spend on this project this year or in total. It is dependent on the numbers of systems that go in the ground and how those systems are paid for. As the project moves forward and money is expended, please feel free to ask this question and an answer will be provided.

To your second question: The Town budget was lower this year primarily due to bonds that were re-financed at a lower rate and also due to some savings on health insurance.

Should you have any further questions or comments, please feel free to contact me or to - attend a Board of Finance meeting. We normally meet on the first and third Tuesday of the month at 7pm in Town Hall.
                         Carl P. Fortuna, Jr.
                         Chairman, Board of Finance