HomeMy WebLinkAboutFCMeetingMinutes_01.22.13
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TOWN OF NORTH ANDOVER
FINANCE COMMITTEE
Meeting Minutes
Meeting Date:
January 22 2013
Meeting Location: Town Hall 1st FL Meeting Room Meeting called to order: 6:50
Alan LeBovidge AL, Chairman Michelle Nadeau- MN
X x
Tom Dugan TD, Vice Chairman Robert Norbedo-RN
x X
Karin Blake KB Matthew Remis-MRem
X X
Dan Leary -DL
X
Bill Callahan BC Pat Sifferlen, PS, Admin
X X
Donald Elliot DE
X
Non FinCom Members in Attendance
OTHERS: Lyne Savage (LS) Andrew Maylor (AM)
Note: All FINCOM votes are subject to change upon receipt of new information.
Note: Documents used in this meeting are listed in Document Table, herein.
II. Previous Minutes Approved
DATE
III. New Business
AGENDA ITEM A: Review and Discuss CIP with Town Manager
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Discussion: AM: Looking to stay true to plan with projects that were committed last year.
Debt service right now between 5%and 6% need to try to lower to 4.5% of the
annual budget Enterprise fund currently at 50% need to be lowered to 25-28%
Operating budget needs a more pay as you go so any vehicles less than 50k will be
included in the budgets of the departments who requested not in the CIP
funding is up
Facilities plan on budget FY 14 Kittridge gymnasium, School Central Office and
design of Fire Station. Post Town meeting it will go out to bid.
MN Debt services at 5.4% you want to go down to 4.5% are there other reasons for
debt service to go down?
AM we look into sustainability 5.5 is higher than I am comfortable with would like
to keep numbers at 4.5% 4.7% it is safer
Policy range is 4-6% 20 million in facilities through capital improvement plan.
Without an override.
AL: what is outlook on new Fire Station?
AM part of the FMP there are two likely locations Airport location or Prescott St lot.
Hoping to stay in downtown area.
AL What about regionalization of public Safety?
AM: we already have mutual aid to surrounding towns more complicated to
regionalize entire public safety.
TD FS is sizeable investment for town I would like to better understand service levels
and response times.
AM I will be able to provide data.
DL: In regards to the School Administration Building, will we remodel or modular
unit when will this be discussed and decided?
AM: Architect and OPM will meet to come up with a program to modify or replace
existing structure still staying within budget amount.
RN Will decision be available by Town Meeting so town will know what it is voting
on.
AM yes we will have estimate on both parts of design process.
TD Looking back at prior meetings when new police station was being build we
were told that the old one would be sold to use proceeds to pay new police station (to
p/o debt service)
TD: in FY 14-15 rolling off old Debt what is that?
LS: 650K in various town projects.
KB new bonds to be issued sinking fund feature or call feature to pay debt.
AM would not look into call feature in this market. If we can pay with the capital
reserve fund and pay as you go.
DL when town offices move out of Osgood Landing to their new offices how does
that factor into operating budgets.
AM: School currently pays 100K per year lease community development pays no rent
at this time hoping to move CD before rent kicks in 2016.
DL: Does savings go back to operating budget.
AL Reduce cost goes into bucket and split between school and general budget.
KB on page 4 of projected debt service in terms of borrowing if we were able too
would we push more into the 5 year at 3%
AM if the market allows it so that we can reduce a payback period we would do that
we can never extend beyond payback we can shrink lower we can go from 10-5 but
can never go 5-10 our internal goal is if we took all our debt we would have a 10 yr
payback.
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IV. Next Meetings
January 29,2013
V. Adjournment-
Motion: DL Unanimous
Seconded: DE Time: 8:05
ITEM #ACTION ITEM INDIVID. COMPL. STATUS
DATE
TYPE FROM TO SUBJECT COMMENTS
ITEM #
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