Finance Committee Meeting | May 11, 2026

The City of Watertown Finance Committee met on May 11, 2026, to discuss several procurement and budget-related items. Key discussions included a state municipal financial agreement for the West Main Street 2033 project, which involves sidewalk widening, water main replacement, and potential traffic signal installation. The committee reviewed project constraints, design timelines, and the importance of upsizing water infrastructure to support future development. Another major topic was the utility extension project in the Highway 16 residential area, involving water and sewer connections, roadway upgrades, and storm sewer improvements. The project was bid earlier in the year, with Forest Landscaping and Construction as the lowest responsible bidder, contingent on securing funding. The committee discussed borrowing options to cover upfront construction costs estimated at $1.1 million, including short-term private placements and lines of credit with interest rates between 3.8% and 4.1%. They emphasized aligning homeowner special assessment repayment terms with city borrowing schedules, favoring an eight-year repayment period to balance cost and flexibility. The committee moved to recommend the borrowing approach and project funding to the city council for approval. Additional motions included approval of employee handbook modifications, hiring a police captain, and designating the official city newspaper. The meeting concluded with a closed session to discuss 2026 compensation pay methodology and payments for public employees.