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Lincoln Finance Committee
May 1, 2007 Meeting
Present: M. Hartman (vice-chair), J. Koenig, P. Phillipps, J. Robinson, R. Steinbrook (chair)
Absent: P. Giese, S. Haber.
Minutes submitted by: R. Steinbrook
The meeting was called to order at 7:30 pm in the Board of Selectman's office at Lincoln Town Hall.
A reserve fund transfer request of $3,741 to the Veterans Agent was approved; the vote was 5-0. The transfer is to provide financial assistance to a resident who is a qualifying veteran. The state will reimburse the town 75% of the amount. Following the transfer, the balance of the FY '07 reserve fund is $337,758.36.
The committee met with Tim Higgins, Town Administrator, Colleen Wilkins, Town Finance Director, Julie Dobrow, Chair, Lincoln School Committee, Mickey Brandmeyer, Superintendent of Schools and Buck Creel, Business Administrator, Lincoln Public Schools. In FY '08, the net debt exclusion will be $1,117,010, as compared to $1,459,606 in FY '07. For FY '09, the projected net debt exclusion (without any new debt) is $1,013,012. The group discussed planning for long-term debt. Potential projects include a roadway improvement program, a K-8 building improvement program, a Town facilities improvement program and land acquisitions. Decisions about the timing of potential requests have yet to be made. It is possible that the roadway improvement program would be proposed at the FY '09 Town Meeting (March
2008). It is also possible that the Lincoln Public Schools would request design money at that time. The committee stressed the importance of coordinating the various potential projects.
The group also discussed whether the Town should develop a policy on long-term debt. Some area towns have such policies; others do not. Colleen Wilkins presented information she has gathered on communities with AAA bond ratings with regard to debt and policies. Lincoln is one of 17 such towns in the state. The committee will consider this matter and John Koenig and the chair will meet informally with Tim Higgins and Colleen Wilkins in June to discuss this further. If a policy is to be developed, this would most likely be done in the fall and the process would also involve the capital planning committee.
Mickey Brandmeyer briefed the committee on a potential reserve fund transfer request to improve the food service facilities at the Smith School gym, as the Board of Health has required. The financial need could be between $40,000 and $60,000. The schools may be able to cover some of the cost from available funds. Following discussion, the committee asked that the schools complete their study of the options and that a request be formally made at the meeting of June 5. A reserve fund transfer request of $58,746.57 for snow and ice removal is also likely at that time from the Town.
The minutes of the 4-10-2007 meeting were approved. The meeting was adjourned at 9:45 pm.
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