2009-10-26-CPC-min - Laserfiche WebLink

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Community Preservation Committee Monday, October 26, 2009 Room G-15, Town Offices 4:00 pm Present: Betsey Weiss, Chair; Joel Adler, Norman Cohen, Jeanne Krieger, Wendy Manz, Leo McSweeney, Nathalie Rice, Admin. Asst.; Sandy Shaw, and Dick Wolk. Mr. David Kanter of the Capital Expenditures Committee and Mr. John Bartenstein of the Appropriation Committee were in attendance as well as Mr. Rob Addelson, Assistant Town Manager for Finance. Absent: Marilyn Fenollosa Ms. Weiss called the meeting to order at 4:05 pm. The purpose of the meeting was to address financial planning issues as the Committee headed into the FY 2011 planning cycle. The Committee also wished to discuss policies th on bonding and debt in preparation for a November 12 meeting of the CPC, Appropriation Committee, Capital Expenditures Committee, and Selectmen. Further, the CPC briefly discussed the seventeen capital projects received from the Finance Department. 1.Budget Discussion with Rob Addelson – Mr. Addelson, Assistant Town Manager for Finance, presented the CPC with an in depth financial planning model that can be used annually to determine revenue streams and assess the impact of proposed projects. Mr. Addelson explained that there is presently approximately $4,086,979 in projected revenue for FY 2011. With the balances in the three “buckets”, the Unbudgeted Reserve and the Undesignated Fund Balance, the total funds available for FY 2011 is approximately $10,168,580. Mr. Addelson also discussed the impact of bonding and its associated debt service and showed the Committee various debt service scenarios and their impact on the five year planning horizon the model was designed to accommodate. 2.Upcoming November 12th Finance Meeting – The Committee discussed various policy options related to bonding and debt service. Ms. Kreiger explained that a hard and fast policy was hard to imagine, since each appropriation is different. She felt it was in the best interest of the Committee to be as flexible as possible. Mr. Kanter said he recognized that the Committee could not commit to inflexible policies, but suggested that there might be general guidelines that the Committee might wish to adopt. He offered ideas which they might wish to look at such as (1) whether they support long term obligations, that would “lock” the Town into debt 1