2/2/2017 CAPITAL IMPROVEMENT PROGRAM Minutes

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5 Capital Improvement Program Committee Minutes February 2, 2017 Establishment of Capital Stabilization Account: After careful consideration and review, it was the determination of the CIP Committee to recommend the establishment of a Capital Stabilization Account for the purpose of reserving monies for future capital expenditures to ensure the Town will maintain its assets at a level adequate to protect the Town’s capital investment and to minimize future maintenance and rd replacement costs. A 2/3’s vote would be required to add and/or withdraw funding from this account. With the certification of Free Cash, an article would be placed on the October Town Meeting warrant to establish funds to this account. It was recommended that policy be developed, acceptable with the Board of Selectmen to set aside a percentage of certified Free Cash for the Capital Stabilization Account. A range of 5-10% is considered, and would be further decided upon. Motion made by Mr. Gottlieb to support the establishment of a Capital Stabilization Account, to derive from free cash monies or other capital revenue streams. Motion seconded by Mr. Richardson. VOTE: Unanimous. 5-0. Roll Call Vote: Mr. Collins, yes Mr. Gottlieb, yes Mrs. Thayer, yes Mr. Gasior, yes Mr. Richardson, yes Opposed, none NEW BUSINESS Schedule a Joint Public Hearing w/ Board of Selectmen on FY18 CIP Program: It was agreed the annual Public Hearing on the Capital Improvement Program would be held at the Board of Selectmen’s regular meeting on Monday, March 6, 2017 at 6:40 p.m. ADJOURNMENT Motion made by Mr. Gottlieb to adjourn at 3:57 p.m. Motion seconded by Mr. Richardson. VOTE: Unanimous. 5-0. Roll Call Vote: Mr. Collins, yes Mr. Gottlieb, yes Mrs. Thayer, yes Mr. Gasior, yes Mr. Richardson, yes Opposed, none Respectfully submitted, Kathleen M. Soares CIP Committee Secretary