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Newtown to schedule 'debt vacation' in 5 year capital plan

A five year Capital Improvement Plan has been finalized by the Newtown Board of Finance and the Legislative Council.  The plan includes a moratorium on bonding in the 2025 fiscal  year.  Similar to Governor Lamont's 'debt diet', Newtown officials are calling this a 'debt vacation.'  According to the Newtown Bee, Town Finance Director Robert Tait said taking a single year off from borrowing not only saves approximately $900,000 in debt service, but creates an opportunity to shift about a half-million dollars into the municipal capital nonrecurring account.  The plan calls for creating a pay-as-you-go scenario by planning a savings schedule to build earmarked funds in the capital recurring account.

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Rich Valdes

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