NAUGATUCK — The Board of Mayor and Burgesses last week approved a series of budget transfers to close out the 2017-18 fiscal year.
The transfers totaled $286,678. The largest transfer was about $196,200, which was transferred into the purchase of property, land and buildings account for the purchase of 0 Great Hill Road. The property, along with adjoining property in Waterbury, is slated to become a new industrial park. The borough is working together with Waterbury on the project.
The majority of the money for the transfers came out of the employees medical and hospital account. Controller Allyson Bruce said the account had additional funds because the borough’s insurance premiums dropped more than expected.
The transfers have to be approved by the Joint Boards of Mayor and Burgesses and Finance, which is scheduled to meet Tuesday.