CIP 5/30/12

Meredith Capital Improvements Program (CIP) Advisory Committee Meeting Minutes
May 30, 2012

Members Present:                                         
Lou Kahn, Chairman, Planning Board Rep.
Ed Touhey, Planning Board Rep.
Miller Lovett, Board of Selectmen Rep.
Jack Carty, School Board Rep.
Barbara Clark
Dave Thorpe                                                              

Members Absent:                                          
Jeanie Forrester (with notice)

Staff Present:                                                 
Phil Warren, Town Manager
John Edgar, Community Development Director
Brenda Vittner, Administrative Services Director

The Capital Improvements Program Advisory Committee met on Wednesday, May 30, 2012 at the Town Hall Annex.  Chairman Kahn called the meeting to order at 7:01 PM. Lou welcomed new members Barbara Clark and Dave Thorpe.

Election of Chairman and Vice Chairman. 

Lou Kahn called for nominations for Chairman. Dave Thorpe nominated Lou Kahn as Chairman, seconded by Jack Carty.  Lou called for other nominations.  There were none.  Lou Kahn called for nominations for Vice Chairman.  Lou Kahn nominated Ed Touhey as Vice Chairman, seconded by Dave Thorpe.  Lou called for other nominations. There were none. Lou called for a vote on the nominations.  All voted in favor. 

Review of 2012 Town and School District Meetings. 

Brenda Vittner, Administrative Services Director met with the Committee to review the results of the Town and School District meetings as it relates to capital-related matters. The Committee reviewed and discussed a hand out dated 5/30/12. There was discussion regarding conservation funding, state aid reconstruction and waterfront infrastructure funding.

Review of Expendable Trust Funds.

Brenda Vittner, Administrative Services Director met with the Committee to review the status of existing Expendable Trust Funds.  The Committee reviewed and discussed a summary dated 4/30/12.  The Committee discussed purposes of the trust funds, proposed additions and withdrawals and estimated balances at 12/31/12. Brenda and Barbara noted that the summary includes several funds that are not capital related.

Debt Service.  Brenda Vittner, Administrative Services Director met with the Committee to review the status of existing debt service.  Lou noted that the Committee includes existing and proposed long term debt as part of the Capital Improvements Program.  The Committee reviewed and discussed a Summary of Debt Service Payments- Updated for 2012.

CIP Advisory Committee Meeting Minutes

May 30, 2012

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Principal and interest payments in 2012 (excluding betterments) total $1.1 mil.  There was discussion regarding purposes of existing general obligation debt, debt refinancing and debt retirement.  Brenda noted that in 2011 approximately $182,000 of debt was retired.  It has been the policy of the Town Manager and Board of Selectmen that as debt is retired, the retired debt amounts could be re-programmed in the CIP towards future capital needs as a non-reoccurring expense.

Lou advised that previous committees have established a “program capacity” of approximately $1.8 mil including debt service.  It was the consensus of the Committee that this should be re-examined at some point in the future.

Meeting Schedule. 

The Committee reviewed the 2012 Spring Schedule.  The Committee will meet next on June 6th at 7:00 PM at the Annex followed by a meeting on June 20th.  June 27th is reserved as a potential meeting date if necessary.

Adjourn.

With no further business to come before the Committee, the meeting was by acclamation adjourned at 8:23 PM.

Respectfully Submitted,
John C. Edgar
Community Development Director
May 31, 2012

 Approved: June 6, 2012