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Minutes of Long Range Financial Planning Committee, 10/05/2017

AGENDA: Long Range Financial Planning Committee

RECEIVED 10/16/2017 9:17am
Michele R. Grande – Redding Town Clerk

October 5, 2017

Present: S.Gniadek , W. Higgins, S. Reiss, First Selectman Pemberton, 2 members of the public Chairman Gniadek called the meeting to order at 5:02 pm.
Motion: to approve minutes from September 22, 2016. Gniadek, Reiss (Note: the two prior members who attended the meeting are no longer members of the Committee) Approved one vote for, with two abstentions Reiss, Higgins

Election of Chairman:
Motion: nominate W. Higgins as Chairman. Gniadek, Reiss. Approved

Updated Spreadsheet Review:
1. On Capital Projects Process Flowchart, change membership of LRFPC from “Selectman”, to “Selectman or Treasurer”, in addition to Finance Director and BOE Business Manager

2. Basic responsibilities of LRFPC are to compile submitted projects over the next 5 years as submitted by the Town, BOE, and WPCC. The Committee also includes suggested financing mechanism to BOF on the spreadsheet, which is presented by the Chairman at a monthly BOF meeting. The Committee meets quarterly to update the spreadsheet and communicate any changes to the BOF

3. NEW projects:
• CURRENT: WPCC PLC and Membrane $ 931,500
• 2018-19 Town and BOE Projects $ 208,000
• 2019-20 Roads Year 1 $ 975,000
• 2020-21 Roads Year 2, Sewer Roof $1,586,000
• 2021-22 Roads Year 3 $1,068,000
• 2022-23 Roads Year 4 $ 855,000

Capital Projects Threshold:
Motion: Recommendation to BOF to raise minimum from $20,000 to $25,000 to align with Town Purchasing policy and State Bid threshold.Gniadek, Higgins, Approved. Will ask for motion at October BOF meeting

Discussion that even if a projects exceeds the minimum threshold, maintenance items, or ones with less than 5 year useful life, should be included in annual operating budget, not Capital

Meeting Dates:
December 13, 2017
March 15, 2018
June 14, 2018
Sept 13, 2018
Dec 13, 2018

Meeting adjourned at 5:50 PM

Steve Gniadek, Chairman