Block Island Times

Budget season begins

As the annual budget season begins on the island, the Town Council met on March 10 with Town Finance Director Amy Land for an update on the town’s current and future debt, and to discuss capital needs, priorities, and expenditures for fiscal year 2022.
Town Manager Maryanne Crawford explained: “The council had requested a preliminary meeting for regarding current long-term debt and potential long-term debt, prior to our full-fl edged budget season.” The council has scheduled four budget work sessions and meetings to discuss the 2022 budget. The first budget work session was held on Wednesday, March 17.
Land said the town’s existing general obligation debt has an outstanding principal of $17,200,980, (referring to a graph prepared for the meeting labeled ‘Existing General Obligation Debt’, which can be found on the town’s ClerkBase, under Town Council Agendas, dated March 10, 2021).
“The town’s maturity picture is very favorable compared to other communities,” said Land. “93 percent of the town’s debt will be paid off in the next 10 years. That might feel scary but it’s a great position for a community to be in. You can see a big drop-off as we go from 2022, another step down

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