Town of Brewster, Massachusetts
Debt - Other
Section III - Non-Departmental: 7001 Debt - Other
This section of the budget is comprised of the following: Road Betterment debt, Septic Betterment debt, interest, and amounts budgeted to make payments on short-term debt.
Debt payments for septic and road betterments are not paid from the tax levy, but rather from assessments that are passed on to the taxpayer - each property parcel receiving the benefit is assessed a proportionate share of the cost.
Short-term debt is an instrument used to generate cash, for particularly for smaller purchases or projects, and has a paydown period of up to ten years. The Town of Brewster currently has outstanding short-term debt for the following purchases & projects: Tri-town demo, CCSC Long Pong acquisition, DPW dump truck and the fuel depot project.
- The budget represents a $82,400 (23.94%) increase over the FY22 budget.
- The increase is primarily due to a planned $50k increase in short term debt to cover costs associated with the purchase of the Cape Cod Sea Camps Long Pond Parcel.
- The Town has a plan to pay off its' other short-term debt not related to betterments and apply capacity in this line item to pay off the remainder of the short term borrowing for the Long Pond Parcel in the next 2 to 3 years.