Board of Finance
Tuesday, May 20, 2025
Significant
$5M Approved for Ash Creek Bridge Project
InfrastructureBudgetGrants
Why it matters
Fairfield will complete a major bridge replacement with minimal local tax impact due to state grant funding.
What happened
- Board approved increasing the Ash Creek Bridge project appropriation from $2,859,433 to $5,009,608 unanimously 8-0
- Town will receive additional grant funds of $1,587,705 and utility company credits of $562,470 to help fund the project
- Town's bond obligation remains at only $100,000, with most costs covered by state LOTCIP grants
- Board of Education projects positive budget balance of $68,185 for third quarter despite Special Education overages exceeding $1 million
- Town finances show $2 million better performance than budgeted with $1.4 million favorable revenue variance
- Board reappointed O'Connor Davies as independent auditors for fiscal year 2025
What is next
- The bridge project bond resolution requires Representative Town Meeting approval before funds can be distributed.