2006-09-BOS-min - Laserfiche WebLink

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Selectmen’s Meeting September 18, 2006 A regular meeting of the Board of Selectmen was held on Monday, September 18, 2006, at 7:30 p.m. in the Selectmen’s Meeting Room. Chairman Krieger, Mr. Kelley, Mr. Pagett, Mr. Cohen, Mr. Manz; Mr. Valente, Town Manager; and Ms. Pease, Executive Clerk were present. Selectmen Concerns and Liaison Reports The Selectmen reminded the audience that Tuesday, September 19, is the primary election. Polls are open from 7:00 a.m. to 8:00 p.m. and noted that Precinct 1 and 5 should vote at Cary Hall. Commitment of Water and Sewer Charges Upon motion duly made and seconded, it was voted 5-0 to approve the following commitments of water and sewer charges: Commitments of Water/Sewer Charges for August 2006 (Cycle 9) $289,407.97 Commitments of Water/Sewer Charges for August 2006 (Finals) $44,488.34 Financial Policy Recommendations Mr. Valente presented the staff observations regarding the report of the Selectmen’s Ad Hoc Financial Policy Committee. The staff concurs with the Committee’s conclusions, but make the following recommendations: Capital Financing Policies – Asset Renewal and Replacement Fund The primary concern is the recommended transition from debt-funded capital to cash-funded capital because of the Town’s ability to maintain existing services without requiring an operating override. The staff concurs with the Committee’s recommendation to conduct an analysis of town assets and the cost of replacing them. The staff recommends continuing to fund a portion of asset renewal with cash, e.g., roads, extraordinary building/facility maintenance and technology; that the Selectmen defer endorsement of the level of cash funded asset renewal and replacement as proposed by the Committee until an analysis of town assets is completed; and that funding for an analysis of town assets be requested at the next town meeting. A lot of the analysis can be performed by Town staff, with the exception of town and school buildings and facilities, which will require review by consulting engineers. It is recommended that enough funds to analyze a couple buildings a year be requested of Town Meeting.