HomeMy WebLinkAbout1993-02-04 Capital Improvements Advisory MinutesCapital improvements Advisory Subcommittee
MEETING MINUTE.".`.;
Present: J i m F'• e.4, i.:y l ex; , ..n. F'...l,..!"i
i a:ai r; Huber, Vice Chairman George Thompson, Secretary
William
Murphy
Peter i,,,t s.: { a:.,.1 {ii:' 7 E::i .i. e.,. k n e 4'_ Town Manager
The meeting was . ,,_.a.{.::, «.'i•:. the Town
Office I.•;rs, Reading
. Town Hall.
The meeting was called to order at 7:05 p.m..,
The minutes of the 1 t..i F i r:' t,t s .i. meeting were approved by the Subcommittee
i..'`v ~:o t..r::.: of .;f,...€..f....t .y. In addition. minutes the of the tJ t..`i L«i: iiit i`....f 28.1993 is i @3d itr: "...r. , , i:7
were approved t_r by the Subcommittee
i::i`•;: vote ;••2•f: 4-0-0
The Subcommittee discussed possible
policies ; principle repayment methods
,t. {.,yr,_ town issued bonds. Possible methods discussed '
...r, „t,=.; r.:-::+~ : , i_.
~ i ..,L..' f•««:
t..
i ;
front-end loaded, and back-end loaded. '~::k'1;ii.'~':. } the d ..i.,;.laA t 45 may
have 1,'~:. was indicated i '
.i.. . t'.a back-and load soit,{:?i' of the principle repayments due to the current
revenue shortfalls :t@'t'.1 nature ,.1 •...irte capital projects currently being
proposed. use
The Subcommittee recognized i. ( f„t.5 to the .t,
load method, the _'..j::j+r'Sn w i l l need to have an accurate estimate of future
_°-r,. ,:..}._F,.. ,i:•^....;. Generally, ;a} c .t the Subcommittee .3.f':'J,.t..S_ that 7 t `p^a^ii..' payment
_.r .r.?:d i`:?s:::iu.e.d be .3C:"5.pi'°opri.."•r::~ '.i'°t most cases -::i~.". repayment ,'t..;;od
t_ . 1"1';..r matter b'-:;~
as used ,
The Subcommittee discussed the need for criteria to evaluate the priorities
for capital i':Ji'"!::l,;iۥ:.'5::. n Huber
volunteered i..t-,i prepare .,s ••ea•• i
. ....v,
the possible criteria for next meeting. Other Subcommittee members
agreed to gather their thoughts an ? the matter in i order to properly review
B i l l Mark's draft.
Murphy volunteered to .t prepare a letter ,..r the .i..t..5 .i.. 1' The-
letter F,..,.I,f ...,u,t'- [ t_« I:-::' Committee. would summarize Subcommittee's
is,i...1
the ..s.. 1.•i:t7i^ l.i<:.t':...., ..r,>: and suggest
expansion of the Subcommittee's mission. The mission statement t... i:it, 2
and
operating guidelines will accompany the i«µ .s.. r:s
The Subcommittee reviewed the flow chart i'"„}.`i ':!"i€a7 capital budgeting process,
'f'i.....«. ~ Subcommittee voted , e".",•.: ~ r t^. '[..,:«k accept , r.t..i.~' process depicted 5
t« i«'( the flow
chart (a?'.., the process to be followed in preparing, reviewing, ._t approving
the Capital improvements Program.
Peter t,,.} {..t . ti° F e'tit~, t,...i'^:. r v,. distributed , , j« r:»: most current Capital Project request
forms.
These t.,` ~r ai•r.'.;-:. to Peter the s Town . department heads.
forms e submitted i„J`••' The next meetings were scheduled ::a r.:: follows,.
,ti:...,-:.:....., o February .18,1993 in i !!own Hall Conference Room at 7:00 p.m., and'
, February , J t.: u = s Reading i' ' ~ i .gi•«1
i9 3 :.vi the Memorial Scholl
Q30 ..T... . a.m.,
r
'--The meeting adjorned at 9:00 p.m..
Respect
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