2019-10-16 Fall Fiscal Summit-min

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Summit October 16, 2019 Page 1 of 2 Summit Meeting Board of Selectmen, School Committee, Appropriation Committee, Capital Expenditures Committee October 16, 2019 A Summit was held on Wednesday, October 16, 2019 in the Hadley Public Services Building Cafeteria, 201 Bedford Street. Board of Selectmen (BOS): Mr. Lucente, Chair; Mr. Pato and Ms. Barry, were present, along with Mr. Malloy, Town Manager; Ms. Axtell, Deputy 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. Colburn, Vice Chair; Mr. Bokun; Ms. Lenihan, Ms. Sawhney and Dr. Hackett, Superintendent of Schools. Appropriation Committee (AC) members: Mr. Bartenstein, (7:04 p.m. arrival); Mr. Levine; Mr. Nichols and Mr. Padaki. Capital Expenditures Committee (CEC) members: Mr. Lamb, Chair; Mr. Kanter; Ms. Beebee; Mr. Cole, Ms. Manz and Mr. Smith. Mr. Lucente called the meeting to order at 7:01 p.m. as did the School Committee and the Capital Expenditures Committee. The Appropriation Committee did not have quorum. 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 Other Post-Employment Benefits (OPEB) and pension policy discussions as her husband is an employee of the Town; she would participate in the other discussions surrounding policy. Review Recommended Fiscal Guidelines Mr. Malloy stated the principles outlined in the recommended fiscal guidelines are designed to ensure the Town’s sound financial condition now and in the future. He defined sound financial condition as cash solvency, budgetary solvency, long-term solvency and service level solvency. Mr. Malloy presented the following fiscal guideline recommendations for the Town:  Eliminate the use of free cash for supplementing the Operating Budget.  Increase fiscal reserves to reach 16.67 % of general fund operating revenues.  Increase appropriations into the capital stabilization fund to assist with future funding of the high school project.  Adjust annual appropriation to maintain current target of FY2024 to reach full funding for pension.  Maintain a consistent level of funding for OPEB with a target of 35%-100% of the annual service cost.  Do not take any actions addressed to Personal Property Tax New Growth at this time.  Tax up to the levy limit and appropriate increasing amounts into the Capital Stabilization Fund or other reserves.  Prioritize projects in the 5-year capital plan to stay within target ranges of cash capital.