2017-12-14-AC-min - Laserfiche WebLink

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12/14/2017 AC Minutes • Mr. Bartenstein reported that a Comprehensive Plan Advisory Committee has now been established and will be supported by Planning Department staff and official liaisons from the Planning Board, BoS, and School Committee. A decision was made not to include an official liaison from either of the financial committees. However, the meetings are open, and it may be valuable to have an AC member attend; anyone interested should inform Mr. Bartenstein. It was noted that Governor Baker has recently submitted a package of proposals to the legislature to promote additional housing in the Boston area, which may include changes in the current requirement for a two-thirds vote to amend local zoning bylaws in the case of certain types of development. It was also noted that land-use changes can have significant financial implications which this Committee would have an interest in weighing in on. • Mr. Bartenstein reported that the Community Preservation Committee (CPC)will begin meeting soon to review proposals for Community Preservation Act(CPA)funds. He asked anyone interested in attending these meetings to let him know. • Mr. Bartenstein distributed a copy of material he submitted for the Annual Town Report regarding this Committee's activity in calendar year 2017. • In response to questions, Ms. Kosnoff reported that the Annual Town Report includes a high-level financial summary but not detailed financial statements. She added that the Town's 2017 audit is currently being conducted and must be completed before issuing bonds in February. In connection with each public bond issue, the Town issues an Official Statement, a prospectus for use by prospective investors, which contains detailed financial information. 2. CEC's Proposed Warrant Article to Update Bylaws Governing Finance Committees Mr. Kanter reported that the current CEC mission statement in the Town's bylaws is narrower than current practice. It only references the CEC's responsibility to report to Annual Town Meeting, but in fact the CEC is involved in capital-related activities throughout the year, including participation in Budget Summits and reporting to Special Town Meetings. After consulting with the Town Moderator, the CEC has decided to introduce a warrant article to address this. Mr. Kanter has prepared a citizen's article,just in case the BoS chooses not to submit the matter as one of its own articles, and asked for signatures on the petition. Mr. Bartenstein stated that the article will be broad enough to cover the AC as well, although the current AC bylaw provisions seem to adequately reflect this Committee's practice, and that he and the Moderator are both supportive of the CEC's efforts. 3. December 4, 2017 Debt Exclusion Referendum Outcome and Issues Mr. Bartenstein noted that all three questions on the recent referendum passed, but they triggered conversations that will undoubtedly continue regarding the funding of projects and their impacts on residential tax bills. It was noted that Town Meeting voted to fund these projects with debt, but the length of the bonds has not been finalized. One issue which has received particular attention in the last several weeks is whether the recognition of"new growth" in taxable personal property, without an offset for depreciation in the value of personal property, effectively results in a predictable growth in average residential tax bills greater than 2.5%. Mr. Michelson urged members to read the Town of Westborough's Analysis of Levy Limit Growth,prepared by its Advisory Finance Committee, 2