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i <br /> 2 <br /> W Golub stated that there was some discussion with the Board of Selectmen regarding the <br /> Finance Cottee not having earlier or more frequent meetings with the Board of <br /> Selden. <br /> Mr. Watt noted that Mi. Costa,Chaiffri n of Sclectmen,expressed to him the dismay in that <br /> the Finance Cottee has not met with then as they had last year. Mr. watt commented <br /> that,in defer of the Finance Committee,he informed Mr. Costa that the budgets were <br /> received 1-1/2 months later this yeas. <br /> CAPITAL R" E11 ENT PROGRAM: <br /> Mr. Golub stated that he received a memo o from the C.I.P. Committee concerning a meeting to <br /> be held tomorrow at 3:00 p.m. Ir.I umin noted that he received a call regarding the <br /> meeting. Mr. Golub noted that the purpose of the meeting is in response to lir. Golub"s <br /> memo requesting a meeting with them to discuss their presentation of the three-year package. <br /> Mr. Cleary was designated to attend the C.I.P. meeting. <br /> There was discussion as far as what Mr. Cleary should discuss at this meeting. lir. Golub <br /> noted that we should request the C.I.P. Committee to prepare a report for presentation to the <br /> town encompassing the years 1999,2000,and 2001,which is the three year program in <br /> accordance with the by-law. Mr. Golub react the by-law—Article 53 at the Town Meeting <br /> last year. <br /> The by-law read that the C.I.P. Committee shall prepare by the first Monte in.February an <br /> annual written report containing a Capital Improvement Program Budget for the first year for <br /> presentation to the Finance Committee. The Finance Commium shall include said report for <br /> the Capital Improvement Committee including cxplawtion of its report for the Spring <br /> Annual Town Meeting. The Finance Conmuee will submit an Article to the Board of <br /> Selectmen for inclusion in the Warrant. In addition,the ConvWttee shall also prepare a <br /> Capital Improvement Program for the following three years for presentation to the Finance <br /> Committee. The Finance Committee will include said report from the Capital improvement <br /> Committee including explanation in its report for the Annual Town Mou ng. The Finance <br /> Committee will submit an Article to the Board of Selectmen for inclusion in the warrant for <br /> the Capital Improvement Program for the following three years,as recommended. <br /> Mr. Golub noted that we have not submitted an Article as of yet because we have not received <br /> n adequate report. It is too late to submit an Article now because the Articles are closed.. <br /> Mr. Golub stated that we still should have a report for the Annual Town titin . <br /> llrir. Golub commented that,in the report,we have to have a complete understanding of what <br /> that Commit m recommends for activity of its nerds for the Capital area in the next three <br /> years. 'There are two ways to obtain this. <br /> A listing of the projects that they see as being priority items in the budget outlined <br /> in the five year plan. This is in the$600,000 range for each of the three years. <br /> Therefore,prioritizing$600,000 of items including debt service items for the next three <br /> years. It is$600,000 plus whatever the difference is in the reduction in debt for that <br /> given year. They will have to tell the Finance Committee,with Mr. Whritenour"s help, <br /> if the debt service on items inside 2-112 drop b $200,000. If they drop by this amount, <br /> then they have$200,000 more that they can spend on capital items andor debt services <br /> for capital items. <br />