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<br />
<br />Community Preservation Committee Financial Policy Meeting
<br />Thursday, November 12, 2009
<br />Room G-15, Town Offices
<br />7:30 pm
<br />
<br />Present:
<br />Betsey Weiss, Chair; Joel Adler, Norman Cohen, Marilyn Fenollosa, Jeanne
<br />Krieger, Wendy Manz, Leo McSweeney, Nathalie Rice, Admin. Asst; and Sandy Shaw.
<br />Members of the Capital Expenditures Committee attending were Charles Lamb, Chair;
<br />Ted Edson, Bill Hurley, David Kanter and Shirley Stolz. The Appropriations Committee
<br />members in attendance were Alan Levine, Vice-Chair, Richard Eurich, Molly Garber,
<br />Glenn Parker and Joe Pato. Members of the Board of Selectmen attending were George
<br />Burnell, Norman Cohen (a CPC member), Jeanne Krieger (a CPC member), and Peter
<br />Kelley. Mr. Carl Valente and Mr. Rob Addelson were also in attendance.
<br />
<br />Absent:
<br /> DickWolk and Leo McSweeney, members of the CPC.
<br />
<br />Ms. Weiss called the meeting to order at 7:35 pm.
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<br />The purpose of the meeting, which was sponsored by the CPC, was to bring the CPC,
<br />financial committees and the Board of Selectmen together in order to discuss and
<br />formalize CPC financial policies.
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<br />
<br />1.Rob Addelson – Review of CPC Budget Projections.
<br />Mr.Rob Addelson,
<br />Assistant Town Manager of Finance, reviewed a model he had formulated for
<br />the CPC as a planning tool. The model was designed for a five year planning
<br />period, and tracked the property surcharge and State match revenues, offset
<br />by projected projects costs. Mr. Addelson explained that the present available
<br />balance in the CPC accounts totals $10,181,318. He said this figure included
<br />the $98,000 bonding fees for Busa, but did not include the cost of the Busa
<br />acquisition. In addition to handing out the CPC spreadsheet, Mr. Addelson
<br />also gave attendees a handout on debt service scenarios, relative to the Busa
<br />acquisition. The chart showed potential debt payments at 4% for 5, 10 and 20
<br />year periods for the $4,197,000 Busa purchase.
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<br />2.Financing guidelines – Mr. Carl Valente
<br />– Mr. Valante, Town Manager,
<br />next addressed the meeting, and presented a set of Draft Financing
<br />Guidelines he had prepared for the CPC. He explained that his two page
<br />document was only for discussion purposes, and that it had only been
<br />reviewed by Mr. Addelson. The document suggested in its “General
<br />Guidelines” that a $500,000 balance be kept in each of the reserve accounts
<br />from year to year, including $500,000 in the Undesignated Fund Balance,
<br />which supports recreation projects.
<br />
<br />Mr. Valente then summarized the Specific Guidelines in the document. In
<br />regard to Financing New Fixed Assets, such as land or new affordable
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