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Minutes of Long Range Financial Planning Committee, 02/14/2018

AGENDA: Long Range Financial Planning Committee

RECEIVED 02/21/2018 3:23pm
Michele R. Grande – Redding Town Clerk

February 14, 2018

Present: S. Gniadek , W. Higgins, S. Reiss, Kim Yonkers Chairman Board of Finance, Mike Hoffman Redding Board of Education, 1 members of the public

Chairman Higgins called the meeting to order at 5:02 pm.

Motion: to approve minutes from October 5, 2017. Gniadek, Reiss Approved with three votes for, Gniadek, Reiss, Higgins

Appointment of New Member- Mike Hoffman joined the Committee

Updated Spreadsheet Review
1. Steve Gniadek presented an updated schedule for the Town that included a number of smaller items, and the Station Road Bridge for 2017-18 at $647,000. He noted that some projects have been previously approved and others are only proposed. In addition, the spreadsheet has projects that have already received funding. Kim Yonkers asked that the spreadsheet include colors or shading to distinguish between proposed and approved projects.
2. Scott provided an updated School capital plan for 2018-19 that included for JRMS student locker replacement ($72,900) the Alarm System replacement ($40,000), the water system remediation ($60,000) and the phone system replacement ($30,000). For RES the 2018-19 plan includes a water system remediation ($45,000), a resurfaced basketball court/Playground ($30,000) and a passenger elevator modernization ($60,000) Scott noted that the ER9 capital plan is available on the website. He noted that the items identified would be covered by the ER9 capital fund.

Additional Forecasting
1. Wes noted that the two spreadsheets provide accurate capital estimates for the known projects for the schools and the Town. However, as a forecasting tool for the Board of Finance to estimate the total tax rate burden for homeowners in the future it has several drawbacks. It does not include taxes levied by ER9 or Fire district spending that is funded by the same taxpayers. New capital projects will be identified and funded, perhaps as soon as just a year or two from today. These new projects will significantly raise the actual capital spending vs the forecast. It is the nature of a “Bottom Up” process. The committee discussed an additional forecasting tool that would incorporate historical spending data, Town and School’s asset age and composition, and other factors to produce an improved estimate of the likely five-year path for capital spending. Wes promised to circulate a preliminary draft in the next month or two for the Committee’s review and comment.

Meeting Dates
1. The Committee agreed to move the scheduled March 15 meeting to April 25, 2018. The remaining meetings in 2018 are still scheduled for June 14, September 13, and December 13.

Meeting adjourned at 5:50 PM

Submitted by: Wes Higgins, Chairman