03/25/2021 FINANCE COMMITTEE Minutes

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3 Finance Committee Minutes March 25, 2021 Address Town Warrant articles on which the committee has not yet voted or drafted its explanation: The Finance Committee continued their review of the May 3,2021 Town Meeting warrant taking action to finalize their recommendations on the articles of the warrant for the Finance Committee Report. Special Town Meeting Warrant: Article 1: To deficit spend the Snow&Ice Account- $59,2t8.29 Motion made by Mr. Brady to recommend Article 1 of the Special Town Meeting warrant as presented. Motion seconded by Mrs. Furbush. VOTE: Unanimous. 6-0. Roll Call Vote: Mr. Pettengill,yes Mr. McKelvey, yes Mrs. Furbush,yes Mr. Miller, yes Mr. Brady,yes Mr. Carrier, yes Opposed, none Annual Town Meeting Warrant: Article 6: To implement and construct Phase I of the Wastewater Plan- $54,000,000 Motion made by Mr. McKelvey to recommend Article 6 as presented. Motion seconded by Mr. Miller. VOTE: Unanimous. 6-0. Roll Call Vote: Mr. Pettengill, yes Mr. McKelvey, yes Mrs. Furbush,yes Mr.Miller, yes Mr. Brady, yes Mr. Carrier,yes Opposed, none Discussion followed with regards to the debt exclusion required to qualify for the 0% interest loan from the State Revolving Fund(SRF). This is also a recommendation of the Finance Team for the debt to be outside of the levy limit. A debt exclusion would also safeguard the project from debt obligations if the identified funding sources are not as projected. The debt exclusion would also cover ineligible costs. The process is similar to a construction loan allowing the Town to borrow funds as necessary in anticipation of grant reimbursement associated to incurred eligible costs. Funds authorized by the debt exclusion can only be used for Phase I of the project proposal. The identified $54 million cannot be carried forward for any future plans and it cannot be used beyond the authorization of$54 million.