Absent: McGann
A. APPROVAL OF MINUTES – November 17, 2010
motion to approve, passed 8-0
B. ANNOUNCEMENTS
none
C. PROCLAMATIONS/RECOGNITIONS
none
C. PROCLAMATIONS/RECOGNITIONS
none
D. CITIZEN COMMENTS
none
E. APPOINTMENTS
none
G. LICENSE TRANSACTIONS
none
H. PRESENTATIONS/DISCUSSIONS
none
I. SUBCOMMITTEE REPORTS
none
J. LEGISLATION FOR ACTION
5. Resolution 10-74: Appropriation – Capital 2011
Finance Committee approved 9-0
motion to approve, seconded
Capital Subcommittee met several nights, first time where we have had over 2.1 million in free cash
we are only proposing 800,000 for capital; holding back some for the snow/ice and for unemployment expenses (pending layoffs if an override for FY 2012 doesn't pass).
will add doc from MA DOR on "free cash"
free cash has gone down from over 5% to just over 2% an indication of better management of the voerall budget process
the free cash percent of budget is below the state average
This is the smallest capital budget in a long time.
Police, Fire equipment, money for roads, some items for the schools
Whalen - concerned about the amount being so low, will there be more need next year?
Nutting - DPW didn't ask for any vehicles this year, maybe they will next year; Fire Dept has a truck need that we need to speed up the funding for, School have some requirements that are being addressed
Kelly - thanks to all the departments for coming forward with their needs, putting their wants aside
Mason - thanks to the committee for the hard work. We are accused of not tightening our belt, this is indeed
Passed 8-0, unanimous via roll call
7. Resolution 10-76: Authorization to Borrow – Repairs & Remodeling to Various School Buildings
motion to approve, seconded
The capital committee did recommend this as well as the FINCOM. It is a pretty boring list. Covering electrical and heating requirements, etc around the schools
We have room in our debt capacity for putting this on line in 2013, almost 500,000 of debt capacity
proposal to pay it off over ten years and tweak it accordingly
keep our biggest investment up to date
Jones - this is one of those investments in the school system to keep the facilities functioning properly
Vallee - Are you concerned about our debt?
Nutting - are debt is actually declining, we will not use this for a couple of years. we will have room
The rating agencies like to see no more than a specific level we are well under that, they also like to see investment in infrastructure so we don't face these bills all at once
Mason - some of these items have been put off for years but the time has come
Passed 8-0 via roll call
Franklin, MA