Infrastructure Investment Board
Minutes
February 2, 2010
7:00 PM, Town Hall
IIF Trustees Present: Deb McDonnell, Chair; Ed Benoit, James Dunn, Paul Challenger, Dawn Michanowicz, Al Berg
IIF Trustees Absent: Peter Lacy
Also Present: Nancy Galkowski, Town Manager; Jean Berg, Treasurer/Collector
The meeting was called to order at 7:10 PM. The Board introduced itself to Town Manager Galkowski.
Motion by Mr. Benoit, seconded by Ms. McDonnell to approve the minutes of the March 30, 2009 meeting with Mr. Berg abstaining.
The Bartholomew account was reviewed and it was noted that the yield of 3.6 to 3.7 percent was good although not great, just slightly underperforming benchmarks. It was the consensus of the Board that there is neither the need for a presentation by Bartholomew nor the need to search for a new fund manager at this time.
A current Infrastructure Investment Fund pro forma was distributed and discussed by Ms. Berg. Current economic conditions may cause the need to downward adjust the estimated sale price of the current Police station ($750,000) as well as the assumed annual increase of 5 percent in general contribution to the Fund.
General discussion was held regarding the desire to identify future projects of the Fund. While it is the consensus that the Public Works garage remains a priority, town offices, as well as identified priorities of the master planning process should be considered. Town Manager Galkowski will consider formation of a Capital Planning Committee, but it was generally agreed that the Manager must be given until the FY 2012 budget cycle to identify needs of the town as she sees them, and the opportunity to formulate plans and recommendations to address them.
Discussion ensued regarding policy for the “IIF Subfund.” Trustees should send their thoughts for potential policy to Mr. Dunn. One possible model would be to maintain all statutory requirements currently in effect for the IIF generally . These would include use of the Fund only for projects or items for which borrowing is permissible, as well as the requirement for a 2/3rd’s approval by Town Meeting. Ms. Berg is to provide a list of items for which borrowing is permissible under Chapter 44. Maintaining statutory requirements “as is” may eliminate the need for further special legislation, and more specific policies could be adopted by the Board after consideration of advice from the Town Manager, Board of Selectmen, and Finance Committee.
The next meeting of the Board should occur in late May or early June 2010.
The meeting adjourned at 8:33 PM.
| 
