HomeMy WebLinkAbout1999-10-14-CEC-min
Hi: Here are the proposed minutes of the October 14th meeting. Please
contact me if you have corrections or other improvements. Thanks. -Tom G-
Capital Expenditures Committee
Minutes October 14, 1999 Meeting
1) Meeting was called to order by the Chairman at approximately 7:40pm.
All members present: Charles Hornig, Shirley Stolz, Karen Dooks,
Narain Bhatia, and Tom Griffiths. Candy McLaughlin was also present
for part of the meeting to discuss the Selectmen's new cash capital
policy and projected capital expenditures.
2) The Clerk passed out minutes of the September 30th meeting and a
schedule of upcoming meetings.
3) Candy McLaughlin said the policy voted by the Selectmen reserves 5%
of the previous year's general fund revenues for cash capital
spending: to include both outstanding within-the-levy debt and small-
ticket capital projects. Small-ticket capital projects are
more-or-less defined as those with a cost between $25,000 and
$1,000,000 and a useful lifetime under 10 years. The general fund
consists of the tax levy, local receipts, school receipts, and
cherry sheet reimbursement. It does not include Chapter 90 money
for roads.
4) During FY 2001 and 2002, particularly, the new policy will see most
of the 5% cash capital reservation used to pay outstanding debt.
After that, debt retirement will free up money for small-ticket
capital spending. The Selectmen propose to finance some small-ticket
capital spending in the early years of the policy with short-term
borrowing. This will result in a five-year spending plan outlined in
a Table called "Cash Capital Financing - Scenario 1" provided in a
handout supplied by Candy.
5) Scenario 1 is a starting point, not a "for instance." The numbers are
to be refined in November: senior managers will get requests about
November 2nd and the Selectmen will get requests about November 8th.
Once the five-year small-ticket plan is set, managers will be asked
to verify their requests in subsequent years, not resubmit them.
6) It appears there will be no big-ticket requests for FY 2001. The
timing of big-ticket requests is, at the moment, uncertain. The
Selectmen intend to have a blue-ribbon committee determine the
timing of these, but that committee is not in place.
7) The anticipated $500,000 for road work in the anticipated override
would not be merged into the 5% of the general fund reserved for
cash capital.
8) Charles pointed out that the $500,000 (and its 2.5% growth/year)
combined with Chapter 90 money was anticipated to provide
sufficient ongoing revenue for road maintenance, EXCLUSIVE OF
the currently needed reconstruction and resurfacing backlog.
9) Charles also said the $500,000 was currently at risk, a potential
victim of trying to keep the override within acceptable bounds to
promote passage.
10) The Committee discussed planning and scheduling of meetings with
Town departments. November 2nd, 9th, and 16th were reserved for
these meetings with December 7th an unattractive backup.
Narain will attempt to schedule DPW within the next few days, and
then we will attempt to schedule the other Town departments.
11) Tom will find out whom to contact about any plans for expanding the
Senior Center.
12) Narain presented his initial cut at a letter requesting information
from the various departments. Charles will rework the letter and
send it out on behalf of the Committee.
13) Members going to the ATFC meeting will ride with Narain. These
include all the members save Charles.
14) The meeting ended at approximately 9:30pm.
Minutes by Tom Griffiths