HomeMy WebLinkAboutCapital Improvements 02/07/2002Capital Improvements Committee
Minutes of February 7, 2002
Present: Roger Achille, Chair; Kenneth Gay, MBC; David McCarter, Board of Selectmen;
Frank DeNecchio and Andy Gazzolo, Finance Committee; Michael Trowbridge, School
Committee
Shaun Burke, Director of Planning and Development; John D'Agostino, Town Manager
4. The meeting was called to order at 7:00 p.m.
5. Organization
?Motion: To appoint Mr. Achille Chau (McCarter -Ga) All in favor. PASSES
6. CIP Funding Discussion
Mr. D'Agostino discussed options for capital improvements funding, saying some
communities bond for capital. projects, and Mansfield may want to consider that model,
using "raise and appropriate" for larger amounts. This may allow projects to be completed
more quickly and have an annual source of bonded funding. He suggested looking at this
model budget -wide, rather than just for big-ticket items.
Mr. Gazzolo said the town should be careful about bonded indebtedness in the current
economic climate.
Mr. DelVecchio said the capital budget needs to be placed into the context of overall
borlowing, current and future.
Mr. D'Agostino suggested considering apolicy that allows new borrowing only when old
borrowing has been paid off. 1vlr. Trowbridge said this would require a long-term
comrmtment to capital projects, and everyone involved must be Onboard.
Mr. DelVecchio asked Mr. D'Agostino what kind of numbers he was looking at, and
suggested he let the committee know so the costs can be calculated.
Mr. Gazzolo suggested this could require a written policy/agreement so everyone knows
what the rules are, and said he thought there would be at least $700,000 in requests.
The committee discussed establishing a 5 -year priority and sending a memo to staff asking
them to establish their priorities.
Adjournment at 8:00 p.m.
Date of next meeting: Tuesday, February 12, 2002 at 6:00 p.m.
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