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Selectmen's Goal Setting Meeting <br />August 1, 2005 <br />A Goal Setting meeting of the Board of Selectmen was held Monday, August 1, 2005, at 9:00 <br />a.m. in the Library Meeting Room at Cary Library. Chairman Krieger, Mr. Kelley, Mr. Pagett, <br />Mr. Cohen, Mr. Manz; Mr. Valente, Town Manager; Ms. Vine, Assistant Town Manager; Mr. <br />Young, Budget Director; Ms. McLaughlin, Facilitator; and Ms. Pease, Executive Clerk were <br />present. <br />There was considerable discussion on the following agenda: <br />Introduction — Purpose of the Meeting <br />Mrs. Krieger stated the objective of this meeting is to develop guiding principals for the coming <br />year and the future. Goals should be reflective of community values and reflect community <br />needs. <br />2. Current Situation and Outlook <br />• FY06: Budget adjustments (pending): e.g., snow deficit, health trust, contract <br />settlements, utilities <br />• FY07: Revenue and expenditure trends and initial projections <br />o Financial overview <br />• Free cash projections <br />• Debt <br />• Potential FY07 budget considerations <br />• Capital Needs <br />• Operational Issues <br />• Update <br />• Timeline to address ad hoc committee recommendations <br />Financial Policies <br />• Reserves, free cash, capital, debt management, etc. <br />• Committee charge and membership <br />4. FY07 Budget Process <br />• Schedule /calendar (move up 1 month, kick -off right after Labor Day, Selectmen <br />reviews start November 1 <br />• Collaborative process <br />o Role of Town Manager's Budget/Planning Working Group — Manager's budget, <br />get consensus, recognize obstacles, identify areas for research, identify needed <br />information, keep process moving <br />• Approach to three nonstandard items: operating override, debt exclusion, CPA <br />o Openness, Citizens' Academy in Fall <br />• Public communication <br />• Metrics and performance measures <br />