2023-12-14-AC-min - Laserfiche WebLink

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12/14/2023 AC Minutes 3 Mr. Bartenstein asked if there was any need to change the allocation to the Capital Stabilization Fund to balance the FY2025 budget. Ms. Kosnoff replied that the budget was balanced and no change in the allocation would be needed. A couple of changes since the last Budget Summit have somewhat eased the pressure on the budget. The updated assessment from Minuteman Regional High School is significantly lower than ex- pected (by Town staff) for FY2025 by several hundred thousand dollars. The original 8% growth projection for health insurance has also been refined. State GIC health plans have all been updated since last year, and there has been a fair amount of movement of Town staff in and out of plans resulting in updated estimates. As a result, healthcare costs in the prelimi- nary budget have been reduced by a few hundred thousand dollars. The Town is still waiting to see final premium rates from the GIC, which might result in a small additional decrease in the expected level of healthcare costs. The Governor is advocating to set the minimum per-student Chapter 70 aid at $100, over three times the rate of $30 that the Town assumed in its original budget plan. All these changes have resulted in significant increases in the allocations to municipal and school budgets. At the last Budget Summit, the allocatable revenue was projected to increase by 3.7%, but that growth is now estimated at 4.1%. Barring any major unexpected budget issues, the budget should be able to accommodate the financial guideline directing new growth revenue to the Capital Stabilization Fund this year. It may still be necessary to revisit that guideline in the coming years. Ms. Kosnoff stated that negotiations for a potential purchase of land using CPA funds faced con- flicting appraisals. The owner’s appraisal considered the land to be buildable, while the Town’s does not, and there was a drastic difference in the appraised values. The CPC’s Open Space reserve currently has about $800,000 available, and the CPC has already allocated all other available funds, so if the negotiations between the Town Manager and the owner do not arrive at a price within the CPC’s existing capacity, then the purchase will be deferred. Ms. Kosnoff stated that there was no interest in using debt for this purchase, and there is “not a rush to sell the property”. Mr. Parker reminded the Committee that the next meeting will be January 4, 2024, and on every Thursday after that until the week before the start of the Annual Town Meeting. The only exception to that will be the final Budget Summit on Thursday, January 25 at which the White Book will be presented. Adjourn The meeting was adjourned at 8:49 p.m. Respectfully submitted, Glenn P. Parker Approved: January 4, 2024 Exhibits ● Agenda, posted by Mr. Parker ● Report assignments spreadsheet, from Mr. Parker