FINANCIAL PLANNING COMMITTEE
MINUTES OF MEETING (Revised)
OCTOBER 22, 2007
Members Present: Carol Gloff, John Ciccariello, Rick Wynn, Steve Meyler, Rick Jennett, Paul Griesmer, Jim Connolly, Martha White.
Also present: Bob Palmer, Fred Witte, Rich Sydney, Dirk Coburn, Karen Adelman-Foster, and Cathi Collins.
The meeting was called to order at 7:10 a.m. in the Selectmen’s meeting room by Chair C. Gloff.
M. White presented Revenue/Expenditure Forecast scenarios including two “bookends” (extensive use of reserves and no capital spending/very limited use of reserves with realistic capital spending) and a middle ground scenario.
These scenarios, and other potential perspectives, were discussed at length.
P. Griesmer wished to go on record regarding the importance of adequate capital spending and the extent to which the town has deferred addressing its capital needs; the 5-Year Capital Plan should be used as a reference to track the needs and extent of deferral.
On a motion by R. Wynn, seconded by P. Griesmer, the members voted unanimously to advise the Board of Selectmen that a Proposition 2 ½ override is necessary for FY 2009 and FY 2010 in order to avoid service cuts. It was noted that this determination is based on the financial information and documents submitted to date by the Town Administrator. It is yet to be determined the amount needed to fund the budget.
Meeting adjourned at 8:55 a.m.
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