03/07/2024 FINANCE COMMITTEE Minutes

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Finance Committee Minutes March 7, 2024 the Engineering Firm as soon as possible and they did not have the funds in hand at that time. It was decided that the Town would ask for a borrowing authorization to allow the Town Manager to sign the contract. There is currently $1,408,000 in the Wastewater Stabilization Fund and the Town is asking to appropriate and transfer $1,406,000 of those funds to Temporary Borrowing Outside 2 ½ to be used to fund Phase 2 planning and to avoid paying interest. There is currently $1,683,000 in the WIIF Account and the Town is asking to appropriate and transfer $1,600,000 of those funds as well as $500,000 from revenue available for appropriation to Temporary Borrowing Outside 2 ½ for the same reason. If the two Articles are approved it will save the Town taxpayers approximately $400,000 in interest. Arden Russell explained that Article #9 is seeking to fund an alum treatment to Ashumet Pond requested by the Department of Natural Resources. She stated that Joint Base Cape Cod has agreed to pay for 50% of the cost of the treatment. Ms. Russell explained that Article #10 is based on a proposal submitted to them from some of the owners of the Pickerel Cove area for the Community Preservation Committee to acquire 9 Parcels totaling 17 acres to be utilized as open space. At this time they are still in negotiations with the owners and there is not a figure readily available. Jared Meader gave an explanation of Article #4 in the current version of Draft #2 of the Annual Town Meeting Warrant as of March 7, 2024. Mr. Meader stated that this Article addresses Phase 2 of the Wastewater Plan. He said that the cost was based off of the fact that they have no intentions of coming back and requesting additional funding as well as not having to cut back on any portion of the project. Catherine Laurent was present to give an explanation on Article #21 stating that this Article is requesting the Town to grant an easement to Eversource to install and maintain a power source over the transfer station to the wastewater treatment facility. Ms. Laurent also explained Article #23 stating that this Article requires private property owners to contain their storm water on their own property. Ms. Laurent was asked what type of impact on the Town will Article #28 have if it passes. She stated that there is an additional article in the Warrant requesting additional staffing due to the increase of work over the last ten years. She said that the cost of the road taking is cumulative. She was asked if there are any environmental implications and it was stated that all of the roads are located within the flood plain. DEP has proposed regulation changes to their wetlands bylaws and it is unclear what impact those regulation changes will have on the project. When asked how the Town will borrow the 2.7 million dollars to fund the project Dawn Thayer responded that it will be a normal borrowing authorization and then betterments will be assessed to the residents and payed back over the course of 20 years. The Town Manager addressed a change to the CIP stating that $256,000 was added the Capital Improvement Program through a unanimous vote of the CIP Committee to enhance communications for the Public Safety Officials. The funds are being recommended from Capital Stabilization requiring a 2/3 vote. Ms. Thayer pointed out that they have gotten their final retirement figure and because they pay in July there is a discount of $78,000. 2