Finance Committee Minutes – 23 January, 2007, Hapgood Room
Meeting called to order at 7:35 p.m.
Finance Committee Members Present: Colwell, Donovan, McKenna, Ricci,~Russo, Sobalvarro
Administrators Present: Bragan, Leonard (arrived later)
Water Department:
Dave Swain presented the Water Department’s capital plan, and the implications of the 40B development on Littleton Road. Tim Bragan updated the group that the timetable for this development is to break ground in late spring/early summer 2007.
For this project, Rich Nota suggested that the DPW would purchase materials and be responsible for resurfacing the road, and that the excavation and pipe laying would be contracted out.
- The proposed Cross Street project is estimated by Nota at $50k.The second project is for replacing pipe for ~380 ft from the hydrant to Fairbanks Street.
- Dave and Rich will submit estimates for both projects to Debbie by 1/24.
DPW Budget:
Rich provided additional detail re. the 2 p/t transfer station attendants. The p/t administrative assistant will be incorporated into the budget.
Given the p/t transfer station attendants, Rich would get back to Debbie regarding whether the DPW would have adequate manpower to address the Water Department’s planned projects.
- Lorraine to provide YTD actuals for the DPW budget.
- The $70k of DPW equipment in recurring capital expenditures will need to be double-checked against projected FY08 equipment expenditures.
Pond Committee:
Bruce Leicher presented the Pond Committee’s FY08 proposed budget. A level operating budget is $12k, plus $2k drawdown monitoring, plus $18.5k additional electric costs. The $18.5k is a worst-case; the Pond Committee is trying to join the Town’s umbrella electric contract. (TBD when this would be resolved).
- Bill Johnson to provide Tim Bragan the YTD spending for electricity.
School Budget:
Two FinComm documents were presented for discussion: FY 07 Budget Cuts by Area; FY08 Possible School Budget Savings.
- Outstanding questions regarding the School Budget were discussed; FinComm’s expectation was that School Committee would present on Saturday a budget prioritized into $200k increments.
Other:
The stabilization fund balance is ~ $1.76M. Projected transfers would result in a balance of $1.34M (24% decrease), which will not materially affect the Town’s bond rating.
The meeting was adjourned at 10:00 p.m.
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