Dare County commissioners took the necessary financial actions to close out the 2022 Towns’ Beach Nourishment Capital Project as well as the 2022 Buxton and Avon Beach Nourishment Capital Project.
Both projects were under budget: the towns by $1,064,510 and the Hatteras project by $1,392,678. The excess funds, $2,457,188, were transferred from Capital Projects Fund to the Beach Nourishment Fund.
As of June 30, 2024, an arbitrage calculation report was issued for the towns project. Interest rate on the bonds was 0.98%. However, “interest rates increased rapidly after bond issuance and total investment earnings on bond funds was $454,322. Of
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