2/18/1997 FINANCE COMMITTEE Minutes

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FY 98 Overview Capital requests were submitted that totaled $2,451,971. All requests were reviewed. Alternative funding sources were explored both within and outside the Town of Mashpee budget. The Committee felt that evidenced by the variety of the capital requests, a grouping of similar type projects would be helpful. In order to assess requests, four groupings were made: 1 . Operating capital - Maintenance of effort 2. Operating capital - New maintenance of effort 3. Long term capital - 10 to 20 years 4. Special projects - Projects valued over $100,000. With inflation at 3.3% for this part of Massachusetts, according to the US. Department of Labor and town growth, the cap of a 2.5% is extremely restrictive. There are projects that can not be included within this constraint and maintain a consistent level of municipal services. The Committee fully recognized that the Capital Plan needs to provide for all funding sources. The approved FY98 Capital Budget identified community needs and resources and has recommended that the enclosed capital requests be met by the FY98 budget. With the use of identified funds, the required levy budget for the FY98 Capital Improvement Plan is $451,701. The total approved project value recommended by the Capital Improvement Program with identified funds is $835,489., about 3% of the operating budget. The Committee recommends the renovation of the Fire Station in 1999. Future Years The Committee has included requests for future year capital needs. These years are consistent with this year's request. The need to prioritize projects and possible funding sources is a process that is ongoing. Each year as we have seen in past years, capital needs change priority as each year passes. Appropriately, there has not been a vote by the committee to eliminate the inclusion of future projects. The community should understand the comprehensive and undiminished