The purpose of the Aquatics fund is to pay for the reconstruction of the pool and for its ongoing operation. This fund is integrally linked to the bed tax fund because it is the bed tax fund that funds the aquatics fund. This fund, as revised by town council in June, is $5 million.
The initial financing for the aquatic fund was $3.45 million. On June 20, 2012, town council was forced to add $1.55 million to the aquatics fund to the pool they thought they were going to get for the initial funding. You can read our postings about the aquatic center to read about what happened here.
Because extra required late funding, the funding of the aquatic fund is a "hodgepodge". You can read our comments on this also in a previous post. Here is the "hodgepodge":
The FY2012/2013 Aquatics Pool Center Project Fund has a designation called Donations for $300,000. These donations represent what the Town calls “Capacity” (setting up a reserve for expected future money). This $300,000 will supposedly come from contributions from Naming Rights to the Pool, Corporate Sponsorships, Individual Businesses and Citizens. These funds have not yet materialized
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1 comment:
Um, something is broken here; original post refers to "outside assignments" for PD, not Aquatics fund, yet clicking comments takes you here....
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