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Minutes of Long Range Financial Planning, 11/19/2014

AGENDA: Long Range Financial Planning

RECEIVED 11/26/2014 8:30am
Michele R. Grande – Redding Town Clerk

Minutes

Present: S. Gniadek (Chairman), L. Karvelis, P. Sullivan, First Selectman Julia Pemberton, and one member of the public.

Chairman Gniadek called the meeting to order at 5:03 pm.

Motion: to approve the minutes from May 21, 2014. Gniadek, Karvelis. Approved unanimously.

1. Committee Chair S. Gniadek shared with the Committee a spreadsheet to be presented to the BoF indicating total Town, School District and WPCC long range five-year plan capital estimates for FY 2015-16 through FY 2019-20 are $13.2m, with $4.5m estimated for FY 2015-16.

2. The Committee discussed the Town departmental estimates for Five Year Capital Plan (attached). Total Five Year capital estimate of $7.22 M, net of state grant and capital donations. $2.55m, net of state grant and capital donations, estimated for FY2015-16, subject to revision. Major items for FY 2015-16 include the second year of a four-year road improvement package (approved by voters) in the amount of $1.65m, and an estimated $1.0m for RCC#2 artificial turf field (not yet voter approved), offset by approximately $400k from a STEAP grant, and approximately $100k estimated as Soccer Club donations. A flail mower for the Transfer Station was removed from the list of long-range capital plan items. Included as a capital item, as per a motion approved on May 21, 2014, and as discussed with the BOF subsequently, was an accrual to the CNRE in the amount of $60k for each of the next three fiscal years for the cost of the 2017 Assessment Revaluation. WPCC capital items in the amount of $382k are estimated for FY 2018-19, with no other capital expenditures estimated prior to that time. (Future discussion items include the Steichen Pond Dam (STEAP grant application denied), and a P&R recommendation for consideration of a Teen Center and Skate Park.)

3. The Committee discussed the Redding Schools Draft Five Year Capital Plan (attached). Total Five Year capital estimate $5.61m. For FY 2015-16, $634k is estimated for John Read Middle School, and $1.3m for RES, for a total estimate of $1.95m, subject to revision. (The Committee acknowledged the ongoing discussions by the School Board concerning the MBR and future facility utilization to accommodate declining school population data.) Ms. Sullivan commented that the capital requests reflect overdue facility operational and maintenance needs, but could be revised, based upon actual bids, potential Town Public Works construction assistance, and the outcome of BoE deliberations on the MBR.

4. The Committee briefly discussed capital financing options for the proposed RCC#2 artificial turf field, including a possible tax-exempt lease for a portion of the project in place of market placement of Town notes and/or bonds.

First Selectman Pemberton indicated that she was discussing the possible extension of the 2015 expiration date of the STEAP grant awarded to the Town for the artificial turf field at RCC#2 pending private fund raising and voter reconsideration. She also briefly mentioned that she would check with the state on a renewed review of the Steichen Pond Dam.

The meeting was adjourned at 5:52 pm. Motion: Gniadek, Karvelis. Approved unanimously.

Submitted,

Leon Karvelis
Secretary Pro Tem