Financial considerations regarding capital projects delayed

Published 12:48 pm Saturday, September 26, 2015

The Southampton County Board of Supervisors has three capital projects planned for the upcoming fiscal year, including courthouse security improvements, construction of a new kitchen and dining hall at the county jail farm and the repair and painting of water tanks in Newsoms, Branchville and the Southampton Business Park. The hope was to have the funding commitment for the projects ready to present at Monday evening’s meeting, but that will be talk will be tabled for another month.

“Regrettably, we’re still working through the final details,” county administrator Michael W. Johnson said. “It’ll likely be early October before we have the commitment.”

Because of the structure of the financing, the supervisors are required to hold a public hearing in advance of the closing. It’ll be Oct. 26, pending approval, at the month’s regularly scheduled board meeting.

“The aggregate net debt service for all three projects is projected at approximately $156,300. The Fiscal Year 2016 budget includes approximately $140,000 for debt service for the projects,” Johnson added. “That will be sufficient for this year since only one semiannual payment will be due before June 30, 2016, but the Fiscal Year 2017 budget will need to be adjusted accordingly.”