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HomeMy WebLinkAboutRevenue Fixed Cost Committee November 19, 2020 Revenue and Fixed Cost Committee Minutes of Meeting of November 19, 2020 Meeting brought to order: 8:04 AM Handout: FY22 Revenue Projection Detail - Revised (Attached) Present: Lyne Savage, Town Finance Director(Chair) Dee Casey, Assistant Town Manager Sasha Weinreich, FINCOM Member Dr. Gregg Gilligan, Superintendent Denevan O'Connell, FINCOM Member Jim Mealey, Asst Superintendent of Schools Paul Hutchins, Building Inspector William Mitchell, Town Assessor Discussion: • Lyne Savage read the meeting rules regarding conducting public meetings during COVID-19. • Motion made by Denevan O'Connell and seconded by Sasha Weinreich to approve the meeting minutes from November 12, 2020. Motion approved unanimously. • Lyne explained that Paul Hutchins (Building Inspector) and William Mitchell (Town Assessor) were in attendance to discuss new projects and new growth projections and to answer questions. • Paul Hutchins indicated that 2 large projects at Osgood Properties are coming on line this year. A third project will start this year but not come on line in time for FY22, and the Amazon project is still a couple of years out from completion. He expects a project at Industrial Park to come on line near the end of this fiscal year, but larger projects like Avalon (175 residential units) and 505 Sutton (136 residential units) will not start work until this Spring, so will not be in time for FY22. • William Mitchell indicated he is confident that we can increase the projection for New Growth to $800,000 for FY22 based on activity that will take place prior to June 30, 2020. William stated that the Town is using new technology (including flyovers) to help with the discovery of residential build out. This along with hiring a vendor to help with industrial and commercial growth should help increase the new growth amount. • Lyne stressed that all work must be completed by June 30, 2020 to be counted for FY22, and William confirmed. • Denevan O'Connell asked for clarification as to how we increase collections of property taxes, and William explained this is accomplished using an outside vendor. • Lyne summarized that she is comfortable increasing New Growth to $800,000, but not comfortable increasing permit fees at this time. • Sasha expressed concern that revenues are increasing less than 3%. Lyne reminded the Committee that this is what was expected. It was expected that Y1VJYV1VJ V♦rll�VU, \r46iJL1L ♦♦1111♦r{,111 V13LY-JL%.L111V HlliU 1U VV111�,111Ui1V VLU111� still V{rLVU1\LV vendor. 1 • Lyne summarized that she is comfortable increasing New Growth to $800,000, but not comfortable increasing permit fees at this time. • Sasha expressed concern that revenues are increasing less than 3%. Lyne reminded the Committee that this is what was expected. It was expected that Y1V1YV1{:.7 aa�l�VU, \rvil\L ♦♦1111w111 VlX1Y1♦rL111V {111U 1U w%iVV111Y11U11V VLU111� wil V VU1\LV vendor. • Lyne summarized that she is comfortable increasing New Growth to $800,000, but not comfortable increasing permit fees at this time. • Sasha expressed concern that revenues are increasing less than 3%. Lyne reminded the Committee that this is what was expected. It was expected that Y1V1YV1{:.7 aa�l�VU, \rvil\L ♦♦1111w111 VlX1Y1♦rL111V {111U 1U w%iVV111Y11U11V VLU111� wil V VU1\LV vendor. • Lyne summarized that she is comfortable increasing New Growth to $800,000, but not comfortable increasing permit fees at this time. • Sasha expressed concern that revenues are increasing less than 3%. Lyne reminded the Committee that this is what was expected. It was expected that Y1V1YV1{:.7 aa�l�VU, \rvil\L ♦♦1111w111 VlX1Y1♦rL111V {111U 1U w%iVV111Y11U11V VLU111� wil V VU1\LV vendor. • Lyne summarized that she is comfortable increasing New Growth to $800,000, but not comfortable increasing permit fees at this time. • Sasha expressed concern that revenues are increasing less than 3%. Lyne reminded the Committee that this is what was expected. It was expected that Y1V1YV1{:.7 aa�l�VU, \rvil\L ♦♦1111w111 VlX1Y1♦rL111V {111U 1U w%iVV111Y11U11V VLU111� wil V VU1\LV vendor. • Lyne summarized that she is comfortable increasing New Growth to $800,000, but not comfortable increasing permit fees at this time. • Sasha expressed concern that revenues are increasing less than 3%. Lyne reminded the Committee that this is what was expected. It was expected that