10/04/1988 FINANCE COMMITTEE Minutes

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Finance Committee October 4, 1988 Page 3. The Finance Committee scheduled an additional meeting for October 11 at 7 p.m. to meet with Chief Ridgeway, Chief Frye and Diane Kingsley. Chairman Heller next proceeded to discuss two Requests for Transfer received by the Finance Committee. The first Request was from the DPW for $571.00. This is the result of someone backing into a post hydrant on the public water supply line off Great Neck Road. This was an unexpected and unforseen cost. Chairman Heller recommended the Finance Committee approve with the stipulation that Ernie Virgilio install posts for protection around the post hydrant. The Request for Transfer was amended to read as such, William Towner seconded and the Finance Committee approved. The second Request for Transfer was in the amount of $386.25 for the Briarwood Road Taking Account. This represents anexceedance of the original estimate request. All funds will be recovered through betterments. William Towner moved and Ed Dolan seconded this request, the Finance Committee approved. Joseph Murphy joined the meeting. He noted the intent of the Selectmen to hold two town meetings and 'two elections. There will be a need for a Special for the Middle School roof. The bids will not be in for the November 28th Special. There will also be a need for a town meeting in January, February or March to get the contract for the roof mobilized so as not to delay the start of school in September. This meeting has been scheduled for January 30th, 1989. There will also be two Special Elections, the first fora Transfer Station, Saturday December 3rd. There will be one question on the ballot to exclude debt for the Transfer Station on a 22 override. There will` be a second Special Election on February 4th to see if the town will vote to exclude debt for the Middle School roof. Murphy explained that the Articles for the Transfer Station and the roof are not based on an override. If debt exclusion fails . . . the money will come off the top. Selectmen feel that the town can not do without either of these. This will mean less money we have for the operational budgets next year FY90. Selectmen are reserving about 90% of Free Cash. Appropriate first year's interest, plus debt issuance cost out of Free Cash - estimate $76,000. If the town should vote to exclude all interest outside 22 for both projects the money will go back into Free Cash. Murphy noted that the present guesstimate for both pojects to the tax rate outside 22 is 500. Murphy informed the Committee that the Selectmen would like $260,000 for Stabilization and $250,0000 for Free Cash. Murphy recommended in the interest of preserving cash that the town will have to come up with $90,000 worth of revaluation money at the Annual Town Meeting, so use the Free Cash for that pupose now before it disappears. Similarly $40,000 borrowed for Great Oak Road, pay it now and clear it up. This would leave $150,000 Free Cash available at the Town Meeting "on the surface," it . depends on the override. and there is some margin of flexibility in certain areas. Note was made by the Finance Committee Chairman that Doug Boyd had cancelled his appointment with the Finance Committee. fie was unable to attend due to his work load. Murphy discussed Article 21 with the Committee members. This Article seeks $3,490.10 from the Revenue Available for Appropriation to the Board of Health Salaries I