Hempstead Town Supervisor Laura Gillen announced the results of the town’s telecommunications audit, which found multiple disconnected and nonfunctioning phone lines, as well as approximately $10,560 worth of annual savings for the next three years, or $31,680.
A resolution for an outside audit was put forward by Supervisor Gillen and unanimously approved by the Town Board in May in order to identify potential refunds for past errors and overcharges, as well as potential future savings opportunities.
“Small changes can often lead to big savings in America’s largest township,” said Supervisor Gillen. “My administration is keenly focused on exploring every opportunity to deliver savings for taxpayers in the town. This is another area that has been historically overlooked.”
The Town of Hempstead is charged $74,880 per year for basic phone and internet service on approximately 1,600 lines. Under a new contract, the town will save 14 percent over previous years, spending $64,320 per year on the exact same services.
Hempstead Town Saves $1.5 Million By Refinancing Bonds
Town of Hempstead Supervisor Laura Gillen announced that the Town of Hempstead has authorized the refinancing of $26 million in bonds in order to save approximately $1.5 million in taxpayer dollars over the next five years.
“As the chief executive and financial officer of the Town of Hempstead, it is my responsibility to protect the financial future of our residents,” said Gillen. “We seized this unique opportunity to save taxpayers money without hesitation.”
$1.5 million in savings will be realized over the next 5 years by refinancing $26 million in outstanding debt at historically low interest rates that are much more competitive than what the town originally agreed to.
Bonds will be refinanced at 1.7%, much lower than the 4% interest rate the Town has been paying when the borrowing was undertaken in 2010.
Supervisor Gillen expressed gratitude to the town board for granting the town comptroller and her administration the authority to quickly refinance the debt at these historic lows before interest rates had a chance to fluctuate.
“I thank the town board for confidently granting us the power to take advantage of these time-sensitive savings and for being a partner in the financial future of this town,” said Gillen.