TOWN OF HARVARD
FINANCE COMMITTEE
Minutes
Meeting Date: February 23, 2008
Meeting Place: Town Hall
Members Present: Steve Colwell, George McKenna,(Temporary Acting Chair), Terry Mead,
Bob Thurston,
Others: Lorraine Leonard, Finance Director,Tom Jefferson, Superintendent of Schools
BOS: Bob Eubanks, Lucy Wallace, Tim Clarke,
School Committee: Virgina Justicz, Willie Wickman, Stu Sklar (9:20)
Meeting Time: 9:10 am
Adjournment Time: 12:50 pm
Discussions and Actions
l Open of Tri-board Meeting at 9:12 Lorraine reviewed the Recap as of today with all of the changes put in place over the last week. Local receipts interest rates are down, Fees are down
l Review of the Capital Plan- Taken out recurring capital from before. This is how it stands for FY09 . George McKenna asked Lucy Wallace to call a Capital Plan Committee meeting as things have changed. Lorraine Leonard will post the Capital Plan Committee meeting for Tuesday, February 26, 2008 at 1:00 pm
l Glen W. from Pioneer Valley has given a quote for the Bromfield boiler and piping system at ~$130-140K for upgrading a more energy efficient heating system. The work would consist of taking out one big boiler and replacing it with two smaller ones and retrofitting piping as necessary. The other larger boiler was refurbished a few years ago. Only one boiler is needed at a time with a functional back-up system. Steve Reynolds gave an estimate for the HES fan project coming in at~$25K for all the classrooms if done at one time.
l A discussion of State House notes and the use of solid numbers when borrowing. At ATM the article could be written to propose a borrowing plan with a cap at a dollar level and borrow less as the solid quotes come in on the approved projects. A companion article is necessary if it is funded by debt exclusion. The recommendation of FinCom ( a previous vote:4-1-0)is to fund by debt exclusion. Projects can be written up as one article or individual articles . Bob Eubanks suggested presenting this process in a flow-chart to clearly identify when,what, and where borrowing will and how it will impact the tax rate. Debt exclusion is 2/3 vote
at town meeting and majority at town ballot.
l When solid information is completed, Selectman Tim Clark will give an update on the Septic Design project estimated between $25-50K, a decrease from the $250K estimate on Recap.
l Selectman Lucy Wallace suggested to all Tri-board members her hope that the boards will work together to get things passed as a sound budget. The only question at this time is the format,not content, of what is in the budget. Tri-board ended at 10:40 am.
l Reopened FinCom meeting.
The minutes of the Feb.19th FinCom meeting were reviewed and approved with minor modifications. Passed (4-0-0)
l The committee made a decision on which of Janet Fowke's drawings for the Warrant cover, the Apple Blossom Festival picture. Passed 4-0-0. Terry Mead will send a note to Janet as to our decision and to thank her for the use of the artwork.
l Review of Draft of Finance Committee Report . Terry Mead will update numbers from Recap. Lorraine Leonard will get the payroll numbers.
l Review of Draft of The State of Our Town. Committee made modifications and await final numbers before approving.
l On Tuesday we will review the Local Schools,
l Our Saturday FinCom meeting on March 1, 2008 will be a full day event.
l Motion to adjourn at 12:50 pm by Bob Thurston, Second by T. Mead, Passed. (4-0-0)
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