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February 24, 2005 <br /> <br />There are also steps the Town can take to communicate better to the public the <br />importance of building financial strength. In particular, it should emphasize that the <br />Town’s reserves (UFB plus stabilization fund) have slipped to almost half of what they <br />were five years ago: 8.5% to about 5%. The current level of reserves does not give the <br />Town adequate flexibility given the size of its budget. <br /> <br />Preparation of Annual Report to Town Meeting <br />3. . The Committee discussed <br />the preparation of its Annual Report to Town Meeting, including the allocation of <br />responsibility for drafting various sections of the report, the mechanics of preparing the <br />final report, and deadlines. <br /> <br />Discussion of CPA Warrant Articles <br />4. . Eric Michelson made a presentation <br />on the warrant articles seeking adoption of the Community Preservation Act (Article 7) <br />and creation of a Community Preservation Committee (Article 8). After extensive <br />discussion of the potential pro’s and con’s of the CPA, it was agreed to invite the <br />proponents of the articles to the next meeting to provide further information, and to <br />postpone taking a position on these articles until after that meeting. <br /> <br />The meeting concluded at approximately 10:00 p.m. <br /> <br /> <br />Respectfully submitted, <br /> <br />John Bartenstein <br /> <br />Approved July 2, 2005 <br /> <br /> - 3 - <br />