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6 <br /> Finance Committee <br /> Minutes <br /> March 7, 2019 <br /> APPOINTMENTS & HEARINGS <br /> Town Manager—Continued Review of FY2020 Budget: (continued) <br /> The Town has an estimated $9 million in funds available for appropriation. Approximately 5- <br /> 10% of the operating budget is funded by free cash. The sum of$1.4 million is proposed to fund <br /> the Capital Improvement Program(CIP), and $1.4 million is earmarked to the Capital <br /> Stabilization Account (15% of the certified free cash by policy). Although it is not fully defined <br /> to date, it is felt the Town would be adequately funding the CIP budget in FY20. To remain <br /> consistent with the mandates of the Town Charter, a member of the School Committee serves on <br /> the CIP, and the School Department is encouraged to bring forth capital items over $25,000 for <br /> funding consideration within the capital program. The Town also follows the recommendation <br /> of the Department of Revenue to ensure there is $3 to $3.5 million available in free cash for <br /> appropriation if it is so required. <br /> In closing, members of the Finance Committee indicated they are supportive of a level service <br /> budget. To be fully informed questions are presented for discussion purposes. In normal course, <br /> the Finance Committee will be reviewing and voting upon the omnibus budget line items in <br /> preparation for the Finance Committee Report. For publishing, the report is due by Friday, <br /> March 29, 2019. <br /> The Finance Team is scheduled to present a 10-year financial outlook to the Board of Selectmen <br /> at their March 25, 2019 meeting. Projections from the prior report will be updated with actual <br /> financial figures. Wastewater scenarios will be included in addition to the new revenue streams <br /> projected from the short-term rental tax and retail marijuana income. <br /> Town Manager—Annual Town Meeting Warrant: <br /> Town Manager Rodney C. Collins presented Draft#2 of the May 2019 Special and Annual <br /> Town Meeting warrant to the Finance Committee. <br /> NEW BUSINESS <br /> Review of Mqy 6 2019 Annual Town Meeting Warrant(possible action): <br /> The Finance Committee took action on the Special and Annual Town Meeting Warrant as <br /> follows; <br /> Special Town Meeting Warrant: <br /> Article#1: To fund a deficit in the Snow& Ice Account- HELD <br />