10/22/1990 SELECT BOARD Minutes - Laserfiche WebLink

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f BOARD OF SELECTMEN page 2 . MINUTES MONDAY, OCTOBER 22, 1990 Mr. Harrington has projected $600, 000 additional revenue avail alble (from FY 91) to be applied to FY 92. H'e feels the figures are good projections and an 'excellent starting point. Last year the Department Headssubmitted two budget as requested. One, a level service budget and one a 10% reduction. This year, he is asking the Department Heads to submit. a level funded budget with the same amount of funds as FY 91. . There is a $900, 000 variation in the level service budget which represents a reduction in service. The growth figure used is $100., 000. Concerning the unresolved Labor Union Contracts, Selectman Gottlieb stated the money was not to be transferred to other departments for payment. Kevin Harrington stated the agreement with the Finance Committee was payment above 2% to come out of their budget. Selectman Lawrence questioned the shortfall of the' Falmouth tuition to come from the School Departments'. budget. i Chairman Carter would like to discuss this matter at another Board meeting. Capital Outlay Programs: Selectman Carter expressed the need to keep the debt constant at 340 and phase in the growth. The major capital outlay programs he has prioritized include the Town Hall facility, Fire Station addition, School facilities and the Senior Center addition. With the descending maturity of old debt, Selectman Gottlieb asked how much can one borrow over a time frame to assume a constant level. Jim Vaecaro stated that over a nine year period, if projects are phased in- with the same amount of the current debt which is approximately 15 million at the same period of time, the debt would be equivalent- to what it is now. These are ten year bonds. Anne Shaw has spoken with the Fiscal Advisor from the bank and with the Fiscal Advisory Committee and it was the consensus for a ten year bond issue. The rates are also. viewed for the time frame. Selectman Carter will send the Department Heads . a memo to recieve their input on prioritizing programs. Another concern mentioned was for a wastewater treatment facility. Selectman Hanson has prioritized the need is now for the projects anticipated. Chairman Carter would like to inform the taxpayers of the plan as to where, why and how these projects will be funded. After the Department Heads have read the Fiscal Policy Advisory Committee' s report and the prioritization has been made, Selectman Lawrence has suggested to re-schedule a meeting with the Department Heads to recieve general feedback on the issue. Chairman Carter would like the Boards to appear at Town Meeting in May with one plan for the capital outlay program.