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August 4, 2005 <br /> <br /> <br /> Richard expressed interest in CPA advocates returning to AC in October to talk <br /> again. <br /> <br />3. Town Manager’s financial projections: Michael Young distributed additional <br />debt information prepared for BOS goal-setting and highlighted several items, <br />including: <br /> <br />?? <br />$114,288,695 in total debt has been authorized by Town Meeting (not <br />necessarily all issued) <br /> <br />?? <br />$18,185,401 will be retired in FY2006 <br /> <br /> Michael said that the proposed budget preparation schedule had an earlier starting <br /> date than last year and had a goal of a completed budget by February 1, 2006. <br /> <br /> Paul Hamburger commented that financial projections prepared for goal-setting <br /> look very similar to those made by the Town Manager and the AC at last spring’s <br /> town meeting. <br /> <br />Michael also discussed free cash and local receipts, which were both up over <br />projections. He described $1.8m earned in arbitrage on school building <br />borrowing which the Dept. of Revenue has now directed be released to free cash. <br /> <br />4. Water/Sewer audit: AL referenced his comments in response to the report of the <br />W/S Committee, but acknowledged that there was not sufficient time to discuss <br />them at this meeting. David Kanter described the Town Manager’s presentation <br />to BOS. DK said he was satisfied with Carl Valente’s acknowledgement that the <br />entire answer on water/sewer billings is not yet in hand, and his acknowledgement <br />that he felt obligated to get the answer and report back. Michael noted that the <br />BOS will continue discussion of the W/S Committee’s report at its August 29 <br />meeting. <br /> <br />5. Fiscal Policy Review Committee: Al agreed to make this a major agenda item for <br />next meeting. <br /> <br />6. School budget: Al reported that Superintendent Paul Ash would like to meet with <br />one or several members of the AC. Pam Hoffman indicated that she is interested <br />in participating in this discussion. <br /> <br />7. Other business: <br /> <br />?? <br />David cannot attend the October 17 or November 21 BOS meetings and needs <br />volunteers to cover. <br /> <br />?? <br />Deborah has submitted draft of June 22, 2005 minutes; all edits should be <br />emailed to her. <br /> <br /> 2 <br /> <br />