NEW FAIRFIELD — The Board of Finance recently approved spending about a quarter million dollars in surplus money for capital projects, including the replacement of middle school flooring and the purchase of a new public works vehicle.
After discussing the projects and requesting prioritized lists from the selectmen and school boards, the Board of Finance decided that the extra funds would be best spent on eight capital projects with a total $236,550 price tag. Six of the projects need town meeting approval and will be up for a vote next week.
A surplus of funds occurs when more money is collected than is spent by the end of a fiscal year. The excess funds are transferred to the town’s unassigned fund balance, and the Board of Finance has the power to dispense the money to the town and school board.
During…
