HomeMy WebLinkAbout2019-05-15 Summit-min
Summit Meeting
Board of Selectmen, School Committee, Appropriation Committee,
Capital Expenditures Committee
May 15, 2019
A Summit was held on Wednesday, May 15, 2019 at 7:00 p.m. in the Hadley Public Services
Building Cafeteria, 201 Bedford Street. Board of Selectmen (BOS): Mr. Lucente, Chair; Mr. Pato;
Ms. Barry, Ms. Hai; and Mr. Sandeen were present along with Mr. Malloy, Town Manager; Ms.
Axtell, Assistant Town Manager, Ms. Kosnoff, Assistant Town Manager for Finance ; Ms. Hewitt,
Budget Officer and Ms. Katzenback, Executive Clerk.
Also present: School Committee (SC) members: Ms. Jay, Chair; Ms. Colburn; Mr. Bokun; Ms.
Sawhney. Appropriation Committee (AC) members: Mr. Parker, Chair; Mr. Bartenstein; Ms.
Basch; Mr. Levine; Mr. Michelson; Mr. Nichols; Mr. Neumeier, Mr. Padaki and Ms. Yan. Capital
Expenditures Committee (CEC) members: Mr. Lamb, Chair; Mr. Kanter; Ms. Beebee; Mr. Cole and
Mr. Smith
Mr. Lucente called the meeting to order at 7:01 p.m. as did the other committees. Mr. Lucente
explained that, due to the nature of the meeting, no public comment would be taken. Ms. Barry
indicated she would be recused from any OPEB policy discussion as her husband is an employee of
the Town; she would participate in the other discussions surrounding policy.
Discussion - Finance Policies
Ms. Kosnoff said the Summit is intended to be a kick-off and provided an overview of current Fiscal
Policies, Personal Property Tax, Other Post-Employment Benefits (OPEB), Proposition 2 1/2 -
Discussion on the level of taxation- utilizing the maximum under Proposition 2 1/2 vs. growing
excess levy capacity and Capital Expenditure Policy. She explained the Town has had a general
framework on developing the budget, but this has not been a written policy or guideline to guide
management in developing the budget. The anticipated outcome is to generate a more formalized
process to ensure expectations are being met and to reduce conflict.
Ms. Kosnoff said the Financial Goals and Objectives include developing a fiscally responsible,
balanced budget each fiscal year; avoiding the need for an operating override; establishing and
maintaining adequate levels of fiscal reserves; prioritizing investments in the Town’s physical assets
in a way that minimizes operating expenses and maximizes the useful life of the assets; stabilizing
the year-over-year fluctuation in residential tax bills; and maintaining the Town’s AAA bond rating.
Mr. Malloy explained the issues involved with Personal Property new growth. He reviewed
potential actions for consideration.
Ms. Kosnoff said there is a need to review policy on future use and funding of the Capital
Stabilization Fund including a focus on funding a potential High School reconstruction projects.
She noted that Other Post-Employment Benefits (OPEB); Capital Planning & Debt Management;
and Police Station Construction Future Debt Exclusions are additional Financial Policies and
Guidelines will be discussed.
Each member of the Capital Expenditures Committee, School Committee, Board of Selectmen and
Appropriation Committee was given time to comment on the presentation.
Ms. Kosnoff explained Staff will meet individually with Boards and Committees to receive
feedback on fiscal policies and guidelines. Next, the policy and guideline documents will be drafted
by staff with input from boards and committees. It is planned to have the documents presented at the
Fall Summit meeting accompanied by supporting financial projections. The goal is to have Staff,
Boards and Committees agree on financial policies and guidelines to be used over the next 5-10
years, with periodic check-ins as needed.
Ms. Kosnoff stated upcoming Summits will include discussions considering methods of setting the
Tax Rate reviewing the effect on revenue, tax bills, equity, fiscal reserves and flexibility as well as
discussions on uses of Free Cash.
Upon motion duly made and seconded, the Board of Selectmen voted 5-0 to adjourn at 8:40 p.m.
The Capital Expenditures Committee, School Committee and Appropriation Committee
subsequently adjourned.
A true record; Attest:
Kim Katzenback
Executive Clerk