A meeting convened at 7:30 PM in Seaside One.
Members in attendance: Bothwick, Carr, Croft, Kenney, Martin, Putnam and Smith
Members absent: Herbster and Swanson
Others present: Town Accountant and Town Administrator
Mr. Bothwick presided and kept the minutes.
DISCUSSION OF SCHOOL BORROWINGS
Mr. Bothwick provided an overview of the current school building project, including the projected capital costs for the project, the borrowings to date by the school district to fund the project, and the need for additional borrowings in January 2008. There followed a discussion regarding the merits of putting into place permanent rather than short term borrowings for funding the project, commencing in January 2008, including the amount and amortization of any such borrowings. Mr. Bothwick indicated that the committee would be asked to make a recommendation on such borrowings to the school committee at the joint meeting scheduled for December 4th, and indicated that the Finance Committee would hold another meeting to further discuss the situation and come up with such recommendation.
DISCUSSION OF BUDGET PROCESS
The Town Administrator and Town Accountant then provided an overview of the budgeting process for the town, including Proposition 2/1/2, the sources and uses of funds for the town, the town’s enterprise funds, and recent historical experience with respect to free cash, budget surpluses or deficits and the budget cycle. There followed a discussion of the budget process for Fiscal Year 2009, and the tax rate recapitulation process for Fiscal Year 2008 that was ongoing.
MINUTES
The minutes of 10/02/07 were adopted with minor modification, with Bothwick and Carr abstaining.
The meeting adjourned at 9:25 PM.
Respectfully submitted,
Jay Bothwick, Clerk Pro Tempore
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