Supervisors to discuss finances of county’s public utilities system
The Gloucester County Board of Supervisors will hear from financial consultants regarding the county’s ailing public utilities system during its meeting Tuesday night, beginning at 7 o’clock, in the colonial courthouse.
The board voted 5-2 during its meeting on Oct. 18 to delay a vote on borrowing $4.2 million for the department until after hearing from the consultant.
In the spring, Gloucester’s Capital Improvements Advisory Committee recommended the county seek outside financial advice on how to make the utilities department more financially stable and self-sufficient.
As a short-term solution, the committee recommended borrowing $7 million, which is proposed to be split in two borrowings, for fiscal year 2012 and fiscal year 2013.
The financing, in the form of revenue from bonds, would help offset the department’s most critical needs and the debt-service requirements would be covered by the county’s general fund, according to Nickie Champion, Gloucester’s director of financial services.