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<br />MEETING DATE 11/6/2001-SUMMIT <br />Call to order 7.10 PM <br />Present all CEC except TomG, All SC, All BOS, Six members of AC, John Ryan, Joanne Benton, <br />Rick White, CandyM <br /> <br />RickW , JoanneB and CandyM Presented the overview of the budget gap. RW noted that the <br />town admin. had been given guidelines not to restrict their programs in making budget requests <br />and also to include inflation which may show larger increases compared to FY 02. CandyM <br />explained the reduction of 702K on available cash capital representing the expiration of SBAB <br />reimbursements. PaulH and SheldonS enquired about the extent of increase due to new <br />programs and inflation. RickW said in excess of 800K and JoanneB said about 300K. <br /> <br />The main discussion on the budget gap of 5.7 million was the 702K reduction in CC funds. <br /> <br />CharlesH questioned the logic of reducing the entire 702K from CC rather than 5% of the revenue <br />drop, since our policy was 5% of general funds, that included the SBAB reimbursements. He <br />emphasized the need to keep the 5% policy while giving possible consideration to one time <br />current year budget gap to divert CC funds. This issue got lots of comments. <br /> <br />PeterE commented that while he agreed with the overall policy, we all perhaps missed the expiry <br />of SBAB reimbursements. NarainB commented that the policy was based on the capital needs <br />when it was adopted and because the capital improvements had been neglected for a long time, <br />so it should not be changed now. This was echoed by PaulC (after polling AC), DawnM and <br />concluding in remark by JeanK that the consensus seems to be to keep the current (5% of last <br />year's general revenue) policy, leaving room for current year exception, and clarifying that all the <br />non-excluded, general fund debt service like the proposed borrowing for the library, should be <br />part of CC. <br /> <br />Next two summit meetings set at 7.30 PM on Dec 5 and Jan 16. <br />Summit adjourned 8.05 PM <br /> <br />CEC continued to listen to SC meeting. <br /> <br />Respectfully submitted, <br /> <br />Narain Bhatia <br />8 Nickerson Rd <br />Lexington, MA 02421 <br />email: bhatia@cheerful.com <br />Tel: 781-863-0893 (USA) <br /> <br />Fax: 781-861-1143 <br />