2019-05-15 Summit-min - Laserfiche WebLink

Browse Search

Summit Meeting Board of Selectmen, School Committee, Appropriation Committee, Capital Expenditures Committee May 15, 2019 A Summit was held on Wednesday, May 15, 2019 at 7:00 p.m. in the Hadley Public Services Building Cafeteria, 201 Bedford Street. Board of Selectmen (BOS): Mr. Lucente, Chair; Mr. Pato; Ms. Barry, Ms. Hai; and Mr. Sandeen were present along with Mr. Malloy, Town Manager; Ms. Axtell, Assistant Town Manager, Ms. Kosnoff, Assistant Town Manager for Finance ; Ms. Hewitt, Budget Officer and Ms. Katzenback, Executive Clerk. Also present: School Committee (SC) members: Ms. Jay, Chair; Ms. Colburn; Mr. Bokun; Ms. Sawhney. Appropriation Committee (AC) members: Mr. Parker, Chair; Mr. Bartenstein; Ms. Basch; Mr. Levine; Mr. Michelson; Mr. Nichols; Mr. Neumeier, Mr. Padaki and Ms. Yan. Capital Expenditures Committee (CEC) members: Mr. Lamb, Chair; Mr. Kanter; Ms. Beebee; Mr. Cole and Mr. Smith Mr. Lucente called the meeting to order at 7:01 p.m. as did the other committees. Mr. Lucente explained that, due to the nature of the meeting, no public comment would be taken. Ms. Barry indicated she would be recused from any OPEB policy discussion as her husband is an employee of the Town; she would participate in the other discussions surrounding policy. Discussion - Finance Policies Ms. Kosnoff said the Summit is intended to be a kick-off and provided an overview of current Fiscal Policies, Personal Property Tax, Other Post-Employment Benefits (OPEB), Proposition 2 1/2 - Discussion on the level of taxation- utilizing the maximum under Proposition 2 1/2 vs. growing excess levy capacity and Capital Expenditure Policy. She explained the Town has had a general framework on developing the budget, but this has not been a written policy or guideline to guide management in developing the budget. The anticipated outcome is to generate a more formalized process to ensure expectations are being met and to reduce conflict. Ms. Kosnoff said the Financial Goals and Objectives include developing a fiscally responsible, balanced budget each fiscal year; avoiding the need for an operating override; establishing and maintaining adequate levels of fiscal reserves; prioritizing investments in the Town’s physical assets in a way that minimizes operating expenses and maximizes the useful life of the assets; stabilizing the year-over-year fluctuation in residential tax bills; and maintaining the Town’s AAA bond rating. Mr. Malloy explained the issues involved with Personal Property new growth. He reviewed potential actions for consideration. Ms. Kosnoff said there is a need to review policy on future use and funding of the Capital Stabilization Fund including a focus on funding a potential High School reconstruction projects. She noted that Other Post-Employment Benefits (OPEB); Capital Planning & Debt Management; and Police Station Construction Future Debt Exclusions are additional Financial Policies and Guidelines will be discussed.