BOARD OF FINANCE
REGULAR MEETING
May 19, 2005
7:00 pm
Members Present:
Lynn Brown, Chairman Kathy Blessing
Jim Harvey Bill Hodge
Lisa Kenderdine Henry Becker
Paul Schur – Alternate Geoff Prusak – Alternate
Also present: Terry Hoffman, Accounting Supervisor; Michael Eldredge, First Selectman
Chairman Brown called the Meeting to order at 7:00 pm.
APPROVAL OF MINUTES
Motion to approve minutes of the April 7, 2005 Town Hearing was made by Bill Hodge, Henry Becker seconded with the following amendment. All in favor, thus motion carried.
Second paragraph, Mike Eldredge’s name was spelled incorrectly.
Motion to approve minutes of the April 7, 2005 meeting following the hearing was made by Jim Harvey, Lisa Kenderdine seconded. All were in favor, motion carried.
Motion to approve minutes of the Special meeting of April 18, 2005 was made by Jim Harvey, Lisa Kenderdine seconded. All were in favor, motion carried.
Motion to approve the minutes of the May 3, 2005 Special Meeting was made by Lisa Kenderdine, Kathy Blessing seconded. All were in favor, motion carried.
Geoff Prusak would like it on the record that he was unhappy about meetings being called last minute and all members not being notified. Chairman Brown apologized and explained his reasoning.
PRESENT TO SPEAK – Mike Eldredge distributed to the Board a letter concerning the Library Grant.
OLD BUSINESS –
Selectman Eldredge read his letter to the Board. Discussion followed.
Bill Hodge asked what the total cost will be to the town for the Library. Mike Eldredge said the total cost would be five (5) or six (6) million. Bill Hodge said it would be closer to the six (6) million dollar figure. Bill Hodge then asked what the cost would be to each taxpayer for the whole project? Mike Eldredge said the total would be divided by 2600. Bill Hodge asked if we really need a library of that magnitude for a town this size? Mike Eldredge said that he supports this because of the overwhelming vote at referendum. Bill Hodge said that it is true that the people want this, but most people do not know how much this would cost them. They were told it would on be pennies a day and it is actually a lot more than that.
BOARD OF FINANCE -2- May 19, 2005
Members of the audience voiced the following questions and concerns:
· Concerns of the building costs and possible costs overruns
· Question on the impact of paying for the library and the ability to pay for other projects, energy costs going up and new building’s impact on the school system
· Comments were made concerning the rising costs of construction
· Question was raised about what bonds will be retired soon – reply – Moose meadow, school roofs & ADA.
· Impact on State Aid if we do not do the projects to the roads etc.
John Patton corrected the bonding figure to be three (3) at 5% which would total 4.5 million. The impact to local taxpayers is the same and there will be no increase to the taxpayers. This project initiated in 1988 and the construction costs have jumped. He supports this project. This is the first building that we have built since Center school and would like a building that will last. The building committee needs the flexibility to be able to do this properly.
Chairman Brown told Mr. D’Agata that it was a good question of what the library’s impact on the town and future project would be. He turned the question over to Terry Hoffman to answer. She informed the Board and the audience that the general reserve as of July of 2004 was $524,570 dollars. By the end of the 5-year projection in the CIP there was to be $155, 970. But in the mean time we have appropriated $ 125,000 for the purchase of the Talmage property and it is down to $30,000. The library bond is for 20 years. For the next 15 years after that we will be able to add to it because the bond cost goes down every year. But from the year 5 to the year 20 we will be paying the $3,000,000 and there will be less available for capital expenditures. This year when we
did do the CIP we found that we are already tight. She then reviewed the current projects that have been put off or have been denied, i.e. public works trucks, Turnpike Rd reconstruction, Village Hill Rd drainage, Public works trucks & mowing equipment, 2 new trucks for the Fire Dept, New Ambulance, River Road ball field expansion, Senior Housing support, and the Open Space committee fund.
Discussion continued on the impact of the Library project.
The Boards members then asked questions and discussed how the motion should read.
Jim Harvey, seconded by Lisa Kenderdine, made the following motion:
The Board of Finance recommends that the Board of Selectmen call a Town Meeting to appropriate an additional $350,000 to bring the total appropriation to $3,350,000 to be reimbursed up to $500,000 by the State Library Grant.
Vote was taken – 4 = yes 1 = no (Hodge). Motion carried.
BOARD OF FINANCE -3- May 19, 2005
NEW BUSINESS –
Memo from Terry Hoffman with a request for Budget Transfers.
Bill Hodge motioned for the Board of Finance to authorize the transfers of the funds as follows:
~ $1,500 to Line Item 0181 Town Office Operations
1,730 to Line Item 0182 Town Hall Operations
2,970 to Line Item 0185 Senior Center Operations
200 to Line Item 0241 Building Official
$6,400 from Line Item 0861 BOF Contingency
Lisa Kenderdine seconded. All in favor. Motion carried.
CORRESPONDENCE – none
GOOD & WELFARE – none
Motion to adjourn made by Jim Harvey at 8:51 pm…seconded by Bill Hodge.~~ All in favor, motion carried.
Respectfully submitted,
~~
Debra Hlobik,
BOF Secretary
Board of Selectmen
860-487-3100
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