Friday, February 11, 2022

Recap: Finance Committee approves Capital Plan for FY 22 and revisions to fiscal policy

Quick Recap:
  • Finance Committee, 8 members participating (1 absent; 1 remote, hence roll call votes req'd)
  • heard proposed revisions to fiscal policy doc, as marked up, minor change suggested to include the enterprise accounts specifically under the heading, rather than listed separately; approved to send to Town Council
  • Heard proposal for capital plan, clarification questions asked along the way before approving $2+M to send to Town Council
  • Joint budget subcommittee scheduled to meet March 10, next meeting of FinCom scheduled for March 9, canceling the April meeting as they will be meeting over four nights in May for the budget hearings
The Twitter thread for my notes missed the first two but the others can be found in one PDF

You can also find the Twitter thread looking for the hashtag -> #fincom0209

Audio recording should be available in couple of days

  • live reporting about to commence for the #FinCom0209 meeting, one member remote, one absent so a total of 8 participating tonight
  • Agenda doc can be found ->  #fincom0209
  • policy review (policy on page 2) proposing to remove the open space accounts as CPA is available. Req to adjust the enterprise accounts indented under the Enterprise account header (water, sewer, trash) #fincom0209
  • Q on host community agreement - what it is and how long it lasts, $300K / year (not to exceed 3% of gross sales) - currently set at 5 years for Franklin #fincom0209 this completes the review of the policy, motion to approve, via roll call 8-0
  • FY 22 capital plan (see agenda doc) total free cash $4.4M a high amount, maybe a record, won't likely be repeated. proceeding section by section or the separate capital plan doc here -> #fincom0209
  • with $4.4M as starting point, set aside for snow/ice, and to debt stabilization, leaves us with $2+M for the capital plan, first pass now, after snow/ice confirmed, to come back for a second pass #fincom0209
  • Dept level: School Department, School Technology, School Facilities - $701,000 multiple items covered in the details in agenda doc #fincom0209 Q - to clarify on text books, yes it is both materials and Chromebook licenses
  • one of the Senior Center requests is for a pavilion outside to provide some shade. If you have ever seen it, it is exposed, the bocci court is covered (at either end) but the chairs/tables are totally exposed. #FINCOM0209 hopefully to have Tri-County students build
  • fire alarm system upgrade, the vehicles were in the plan for several years and have risen to the top this year; grant to assist for the clothing request #fincom0209
  • 5 replacement vehicles for police, vehicles were hybrid but not available so they would go gas; NationalGrid doing a fleet analysis to help determine the economics would take approx. a year #fincom0209
  • on to enterprise accounts: water treatment plant analysis; tank replacement analysis for the hill behind Dean. #fincom0209 sewer enterprise, general improvements to whole system; Federal ARPA fund guidance being changed, may now qualify for ARPA, want to get it done either way
  • did apply for SRF funding for the Beaver St connector, set to bid in late August and then 2 year construction; loan will be paid out of sewer enterprise fund; can tell how much it could be now, too early. #fincom0209 will need to get the bids, SRF gets a 0% loan
  • check out the listing of all the other items that are on the wish list for future consideration #fincom0209 approve what has been submitted for, via roll call 8-0
  • approval of Jan 12 minutes, motion, second, passes 8-0 via roll call #fincom0209
  • stabilization account update, listed at the end of the capital and capital memo #fincom0209
  • future agenda items, DPW deep dive, next month (March 9); may cancel the April meeting - they will be meeting multiple times in May 2022 (budget hearing)
  • Joint Budget subcommittee meeting March 10, approx. 6:30 or 6 #fincom0209 motion to adjourn, second, passes 8-0 via roll call
Finance Committee Meeting - Feb 9, 2022 - agenda to review the FY 2022 Capital Plan
Finance Committee Meeting - Feb 9, 2022 - agenda to review the FY 2022 Capital Plan

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