AUBURN – Councilors unanimously approved a slimmed down capital improvement budget Monday.
The council agreed to sell $2.7 million in capital improvement bonds at its regular meeting Monday night. That money will be used to pay for road repairs and improvements in this fiscal year.
Councilors agreed to reduce their debt in May to cut down on property taxes. That decision reduced the city’s capital improvement bond sale from about $4 million to $2.1 million.
The bond would set aside $550,000 for road reclamations in this fiscal year. Those are projects where the city grinds the existing pavement and then adds a new layer of asphalt on top.
The city also budgeted $500,000 for road reconstruction projects. That’s a steep cut, down from $1.5 million in previous years.
The bond also sets aside $350,000 to pay the city’s share of matching funds for state Department of Transportation projects.
The School Department’s building improvements fund would see $500,000 from the total bond issue and another $75,000 is being set aside for contingencies.
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