Board of Finance - Regular Meeting

So, let me uh call the meeting to order at 7:01 p.m. Is this Kim? Do you have me? I'm on my phone. Oh, no. No, I don't. Okay. I Yeah, I I see a thingy there, but it doesn't give me any information. So, um welcome. So, one, two, there's me, Candace, Kim, David, and Andy. So, that's five. So, we just have uh uh one um absent, right? Missing Anna.

We're missing Anna. So, the meeting is called to order. And um I would appreciate a motion to seat either Tom or Fred as an alternate in Anna's place. I'll make a motion to seat Fred Behringer um in honor's place. Thank you, Candace. Andy Andy seconds. Okay. Um is somebody taking minutes? Uh Michelle is on. Michelle's on. I'm here. Michelle is on somewhere.

Yeah, but I'm at work. Oh, excellent. Oh, I see you. Yep. Okay. Um, so, uh, Martha or Anita, whichever. It's a it's a pretty simple matter that we have to consider tonight. And you sent you sent around some an email, but why don't Anita, why don't you just um articulate uh why we're here?

Why we're here. And it was my it came to my attention right before our last meeting, but with making all the cuts I forgot to add in for the anticipated um it's a bomb, the clean water bomb. It's going to become due. They're going to sign a note um and that's going to be signed in July. It's for $461,400. It's a 20ear repayment at 2%. Um, so it would be approximately $30,000. So instead of as soon as the year starts to go to a town meeting because it's $30,000 um we're I asked if we can get it in now and put into the budget now and I will offset the revenues so that it will not do any impact on the mill rate that was proposed.

Okay. So when we get there, the motion would be to approve uh the payment of 20,000 more approximately 20,000 in principal and 10,000 in in interest uh due under the clean water funds bond during the um fiscal year. Um does anybody have any questions more questions substantively about why is this happening? Nope. Seems like there's no choice, right? Um, could how does the fact that but but just one at a time, Andy,

how does the fact that the town voted no on the referendum on the sewers have an impact on us approving money? So,

the the impact was um the bond was approved, so we have to pay that back. The 461 was approved when Tim was here before I got here. Okay. And Martha had to sign it the first week. Um I think it was the first week her and um Matt had to sign off on this. So Andy, because the rep first referendum passed the 9.5 million, then the WPCA went out to bond for this five take take the clean water funds for the 500,000. They put in for 500,000, which would have come out to 561, but we've only used 461 for the engineering from Woodward and Curran. And I was in office, I think three days when they showed up with a bonding attorney and said that we had to sign off on this. So, it must have been something that Tim had worked out with them before Matt and I took office as treasurer and first select woman. And it was an informal loan and now it's called the primary loan since of the fact that we voted down the next step of the sewers that um they now transform it to a formal loan.

Okay. Any other questions, gang? So, um Anita said that she was going to um do some accounting with regards to uh income so that we could um incur this cost without changing the the u mill rate. Can I have a little more detail on that? Um, I'm going to up the interest because I'm, you know, with the, um, this past, um, month, our interest rate actually went up a little. So, I increased the interest by $30,000 for next year.

Okay. So, that's just a projection. We don't know what that's going to work out to be. Yep. Got it. And $30,000. Um I I forget what what the what's the assumed total interest like five or 600,000. So 30,000 isn't a big percentage increase. No, it's like a tenth actually on the mill rate. But um you mean for the interest the interest is 9,54 and the the current interest assumption in the budget the aggregate interest for the year I thought um oh

you're I'm talking about our interest income interest was 7 750 I increased it to 780. Yeah. And that's what I'm saying. That 30,000 divided by 750 is not a big percentage increase. No, it's all a guess anyway. Correct. Right. Okay. I will entertain a motion from somebody.

I will make a motion for 20k for the um principal and 10k for the interest for the next fiscal year on these clean water fund bonds. I'll I'll second that. Kim seconds. Fred makes it. Kim seconds. Any further discussion? All in favor say I. I. I. I. Any oppose say nay. Any abstensions? That motion carries. Entertain a motion to adjurnn. So move.

Thank you every second. Motion passes. We're we're adjourned. Thank you. Thank you everybody. Thank you.