Financial Advisor: Westerly Can Afford to Bond Roads, Schools, Sewers | Westerly

Financial Advisor: Westerly Can Afford to Bond Roads, Schools, Sewers |  Westerly

WESTWARD – The city’s financial adviser presented city council with a path forward that would allow borrowing money to repair roads, schools and the municipal sewage plant. If carefully plotted, the advisor said, the route could avoid damaging the city’s bond rating.

The board, after listening to a presentation on Monday from Steve Maceroni, director of PFM Financial Advisors LLC, decided to hold a special meeting on Tuesday to vote on adding an $ 11 million road bond proposal as a matter of voting. for the May 4 referendum. The referendum will also include a question asking voters to approve a $ 2 million loan for school renovations, including a new roof at Dunn’s Corners School. The results of the council vote on Tuesday were not available at the time of going to press.

Maceroni, who was the city’s financial advisor for several years, referred to “strong numbers” and a “very healthy tax base” to describe the city’s current financial situation. As the city wears lightly more as some of his peers in Rhode Island and New England, he said, the weight of his tax base offsets the hike.

The board invited Maceroni to make his presentation as it continues to examine a few large potential expenses, including between $ 12 million and $ 15 million to repair and upgrade the sewage treatment plant, a full-scale school. ..

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