4/4/1995 FINANCE COMMITTEE Minutes

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MASNPEE FINANCE COMMITTEE MEETING MINUTES APRIL 41 1995 MEETING COMMENCED AT :OO M Finance Committee members present: Dan Goggin, Chairman;; iarcia King, vice chairman; Sid Golub and John Ferriday. Tony Gallo and Demise Sullivan were unable to attend. juan Bacigal. pi arrived at 9:4 M, Capital Committee members present* Bill Hauck, Chairman; Robert Whritenour; George Baker, William r bylek Maurice Cooper; James Long; Peter Rini i ; Diane ommelmeyer4: Dierdre -Greelish and a newly appointed member, Please rote for the record that the taping of this meeting is for the transcription of the Minutes only, once the Minutes are approved, the tapes X11 be reused, Minutes The Finance Committee agreed to wait until the next scheduled meeting to vote on the Minutes of March 21, 1995 and March 28, 1995. Capital Committee Mr. Hauch gave out to Finance Committee members a draft of their- report for 1995, Mr, Whritenour assisted in highlighting the report, Mr. Whritenour explained that the Capital Committee had three objectives: the current year financing requests would not exceed the available funds of the Town; yearly every attempt will be mace to fund projects within the limits of Proposition 2 1/2; and existing debt levels should be stabilized and maintained so as to aVoid converting funds previously spent for capital items into the operating budget. It ws also explained that the. first two years of their report, the figures are solid. Years three through six are a bit loose, according to Mr. Hauck. Mr. Dinizio asked how much of the $500,000 should go to debt service and how much to cash purchases? Mr. Goggin answered that it hada"t been broken out to date. Mr. Golub asked what level of debt is right? should the Town remain at the level they are at Mr, Goggin stated that. the Long Mange Plan shows the high -school opening and that an override is unnecessary. Where is $500,,000 set aside for capital projects,. Mr. Golub brought up the Capital Replacement Account, He felt the concept was correct and the Account should be used for the capital projects designated by the Capital Committee.