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Finance Committee <br />Minutes <br />February 1, 2024 <br /> <br /> <br />The next question was: Why is there such a large increase in the Interest Temporary Borrowing Outside 2 ½? <br />Mr. Collins responded that it is based on the anticipated interested that will be due on the $8 million debt <br />exclusion. <br /> <br />What has been the cost associated with replacing the old town seal with a new town seal? Mr. Collins stated <br />that the total cost, as reported to him is $49,774. He said that this figure includes putting up a new Town Hall <br />sign, putting the new seal on all of the doors of the Town vehicles and replacing the patches on the police and <br />fire uniforms. He stated that this figure came out of each department’s operating budget. <br /> <br />With regard to the sewer project financial questions, Mr. Collins stated that of the $54 million authorized there <br />has been $27,377,781.28 expended and $25,652,544.29 encumbered. Leaving a remaining balance of <br />$969,674.43. They have not expended funds from the $12 million appropriation. They have expended the full <br />allocation of $657,653.41 of the County ARPA funds and a portion of the local ARPA fund which was $278,159.24 <br />for Alternate 3 as approved by the Select Board. The total local ARPA fund for this use was $694,496.59. <br /> <br />Mr. McKelvey posed a question with regard to grinder pumps and Mr. Meader responded that the pumps will be <br />owned by the Town. He stated that they weren’t before, but that a change is coming forward so that the Town <br />will take ownership of them making it possible for the Town to receive SRF funding for them. <br /> <br />Mr. Weiner inquired about an estimated start-up date and Mr. Meader said the estimated start-up date will be <br />January 2025. He explained that there is a start-up period and start-up is expected to be fully complete in July <br />2025 for Phase 1. <br />He went on to state that the delay is due to supply chain issues of some of the major electrical components. <br /> <br />Mr. McKelvey asked if they see any further expense in relation to Phase 1 and Jared responded that he does not <br />foresee any. <br /> <br />The Commission posed a question regarding $7.5m that was recently approved by the Town and Jared stated <br />that a contract for the design of Phase 2 was just signed in the amount of $6,283,300. <br /> <br />Lee Smith asked if the Town will be asked to vote on monies for Phase 2 at the May Town Meeting and Mr. <br />Collins said that there will be. <br /> <br />Mr. McKelvey asked when the Taxpayers can expect to see an increase in their tax bills. <br />Dawn Thayer responded that right now they are estimating 2026 is when they will first start repaying the loan <br />and that when the Finance Team did their financial projections it was determined that they expect to be able <br />cover the debt for the $54M and hopefully a good part of the $12M through Wastewater Stabilization and WIF. <br />Dawn was asked if there is a projected funding source for Phase 2 and she said there is not. <br /> <br />Lee Smith inquired as to whether there is possibility of forgiveness of the $54M loan and Dawn stated that there <br />has been a significant amount of forgiveness but, that she did not have the figures with her. <br /> <br />Mr. McKelvey asked if betterments will be a part of the discussion of Phase 2. <br />Mr. Meader stated that he doesn’t see how they can NOT start discussing betterments for the future. <br /> <br />2 <br /> <br /> <br />