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ARTICLE 42: GUIDELINES FOR FINANCING CAPITAL EXPENDITURES 9:03 p.m. Presented by Charles Hornig. --- ------------------------ MOTION: I move that the Town Meeting adopt the following resolutions: A. Annual Renewal Capital RESOLVED, that the Town Meeting requests that the following procedure be followed when preparing the Town budget for FY2000 and for each following year: • The Town Manager, in consultation with the Capital Expenditures Committee, will determine the appropriate average annual renewal cost (as defined below) for each category of core operating assets (as defined below). • The Town Manager will arrange his budget such that the total amount appropriated for renewal of core operating assets plus the net increase in the stabilization fund equals the total average annual renewal cost for all core operating assets. • The Selectmen will ensure that this is also true of the budget they present to Town Meeting. Core Operating Assets are defined as non - enterprise capital assets for which the renewal cost is predictable, not controversial, and recurs frequently. At this time the Town Meeting believes that the following expenditures qualify: • Street Resurfacing • DPW Equipment and Vehicles costing at least $25,000 • Fire Vehicles costing at least $25,000 • Playgrounds Town Meeting may amend this list by resolution at any time. Average Annual Renewal Cost is defined as the average annual cost at current prices of the capital improvement plan for a given category of assets over an extended period of time. B. Small- Ticket Renewal Capital RESOLVED, that the Town Meeting requests that all appropriations for small - ticket capital renewal (as defined below) presented to a town meeting be presented in a single warrant article together with an appropriation to the stabilization fund. Small - ticket capital renewal projects renew or replace an existing capital asset and cost less than $1,500,000. C. Capital Budget RESOLVED, that the Town Meeting requests that the Selectmen place an article on the warrant for each annual town meeting permitting the Town Meeting to recommend a capital budget for the four years following the year for which appropriations are being made. -------------------------------- 9:03 p.m. The Moderator declared that the article would be divided and voted upon in three parts — A, B, and C. 9:03 p.m. The Moderator recognized Steve Coit, Appropriation Committee, who provided a general overview of all three components. Adjourned Session 1998 Annual Town Meeting, cont.... - April 29, 1998 9:12 p.m. Charles Hornig reiterated the intent and components of PART A