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7 <br /> Finance Committee <br /> Minutes <br /> February 13, 2020 <br /> APPOINTMENTS & HEARINGS <br /> Town Manage Rodney C. Collins: <br /> Fiscal Year 2021 Ca ital Improvement Program Recommendation: (continued) <br /> In reviewing the past history of the CIP, it was noted the Capital Improvement Program budget <br /> generally funded projects in the range of$500,000 to $600,000 from Funds Available for <br /> Appropriation or Free Cash. <br /> With the new administration a Capital Stabilization Fund was created, and the Board of <br /> Selectmen adopted policy to place 15% of certified Free Cash into this account. As noted, <br /> $1,191,000 in Capital Stabilization Funds has significantly supported the $2,000,692 program in <br /> FY2021. In the allocation process, Town Meeting authorizes the funding to be added to the <br /> Capital Stabilization Account, and a vote of Town Meeting is required to remove the funding. In <br /> FY2021 an article would be placed on the Special Town Meeting to place $1.4 m. into the fund, <br /> and an article would be required to utilize the intended Capital Stabilization funds; $1.191 m to <br /> offset the CIP program. A 213' s vote is required to add and to remove the funds. <br /> Previously,the School Department was not represented on the CIP Committee. In the new <br /> process, a member of the School Department, the designee is the School Superintendent serves <br /> on the CIP Committee. The appointment provides a fair and transparent process to provide the <br /> schools with a voice and with capital funds to address their capital interests. <br /> In addition to the use of the Capital Stabilization Account,the use of Free Cash, MCAT funds, <br /> and Revolving Funds,Ambulance Receipts are often used for permissible Fire Department <br /> capital projects. And, by Charter, the Planning & Construction Committee, an at-large group <br /> reviews and makes recommendations to prioritize capital and building needs. Projects $25,000 <br /> or more are generally funded through the CIP. <br /> With regards to the May Annual & Special Town Meeting warrants, there are 9 Special Town <br /> Meeting Articles. Six are submitted by the Community Preservation Committee, one is from the <br /> DPW to deficit spend the Snow& Ice Account, one is for Unpaid Bills and one is to utilize <br /> funding from the Capital Stabilization Account. There may be an additional article for nuisance <br /> remediation and an article for the Assessor's overlay. <br /> The Annual Town Meeting Warrant contains 26 articles. Thirteen are considered routine <br /> { <br /> articles. Ten articles serve as placeholder for contract settlements. Included is the proposed <br /> CPA reduction, the creation of the WIIF, and the $ 2.4 m. wastewater project/debt exclusion. An <br /> article in the amount of$150 is proposed to fund the update of the Local Comprehensive Plan. <br /> There are 5 petition articles,three are for road takings. <br />