Finance Committee Minutes
Sept. 29, 2009
Present: Ralph Ledger, Mira Munson, Margaret McClellan, Kathy Paarzych. Absent: Ted Locke
The meeting was called to order at 5:00 p.m. by Chairman, Ralph Ledger.
Most of the meeting was spent updating the Committee members on the progress being made in regards to the Emergency Complex and the DPW building. Mira , Ted Locke and Margaret had attended meetings regarding application for a 40 year USDA loan for the projects. The State felt this was the only loan we would be eligible for. It was noted that we would need an interim loan as the USDA Loan would not come into play until the buildings were complete. Interest on an interim loan would not be rolled into the USDA loan and we would have two options for paying the interest: 1. Hold a special Town Meeting and take the interest out of free cash or 2. Run a deficit in the interest account and raise the money through taxes. The loan application committee was putting the final touches on
the USDA application before submission ( there were several questions that could not be answered until we get an architect but it was felt we could submit the application without these items and get in line for a loan.)
Regarding the 2009-2010 budget: Margaret reported that Sue Voudren would probably need $6,000 more than budgeted due to two additional elections because of the death of Senator Kennedy. In addition, we were cut by $11,000 by the State plus the interest on any interim loans for the building projects. Margaret stated that she would have better handle on the budget and free cash in the next day or two as the State was just finishing its audit of 2008-2009.
The committee briefly addressed the issue of Town salaries. The feeling was that a separate committee, not the Finance Committee should handle this study and make recommendations.
Ralph stated that we would be having more regular meetings per request of the Selectmen and we adjourned for the evening.
Mira K. Munson