Live reporting - Finance Committee

Present; Cataldo, Rivera, Meserve, Huempfner, Quinn, Cameron, Texieria, Feldman, Roche, Goldsmith
Absent:  1 open spot (Meare resigned)

Holding off on replacement pending the charter review where it would be reduced to 9 members instead of the current 11.

Brief review on the changes in the open meeting laws.

Minutes to approve
April 27, 2010 (budget hearing) - motion to approve, passed 10-0
May 4, 2010 (budget hearing) - motion to approve, passed 10-0
May 6, 2010 (budget hearing) - motion to approve, passed 10-0
May 10, 2010 (budget hearing) - motion to approve, passed 10-0 as amended (one figure referenced 48 million, when it should be 48,000.)

Transfer from Debt Stabilization to DelCarte, $140,000
needed for engineering design and permitting to start the detail design work on the property
two of the dams have been registered per state requirements
fix a couple of dams, remove a couple, all designed to reduce phosphorous input to the Charles River
Full cost of repairs will be covered later with grants, in-kind work and potential debt coverage

Where does this leave us with debt stabilization account?
We really don't need to any longer, could have removed it during the budget process but it came up to late
Our debt is going down to a low 3 percent (below the 3.5 percent threshold)

What are potential liabilities if we don't do this work?
The dams are registered. There probably wouldn't be a whole lot of impact unless there was a major flood condition. If there was only one pond, the amount of phosphorous input to the Charles River needs to be reduced.

What is the Open Space fund for?
Yes, we do have one, it is for the purchase of or improvement of land purchased. Since this land was gifted, we can not use the fund to improve this particular land. If we did by some other property, i.e the DelCarte house itself, then those funds can be used to improve that land. We would have to change the legislation to use the open space funds for the 130 acres. It was special legislation for the town created in 2001.

What is the total projected cost?
About 1.3 million.

What about the grants?
Grants go in a cycle, we will look to see if any other them can cover in this case. Maybe get the Army Corp of Engineers to help us, or in-kind work. We'll look at every and all possibilities to get this work done.

Is this a bondable project?
Yes, that is an option if we can not come up with the other sources.

Timeline?
About 6 months of design work, look to the remainder no earlier than June
Would we like to have a shovel in the ground next fall, yes. But we don't have the money. We don't have to bond this for twenty years.

Motion to transfer $140,000 from Debt Stabilization Fund to Del Carte, passed 10-0


Franklin, MA