Town of Williamsburg
Capital Planning Committee
M I N U T E S
January 31, 2008
Present: W. Sayre, K. Smith, R. Buchele, G. Mathers, P. Mahieu
The meeting was called to order at 7:10 pm.
The minutes of 11/8/07 were read and a motion to approve carried.
Pete Mahieu reported on the financial management review from the Division of Local Services. There were no outstanding issues that affected his work directly.
Pete reported that the bond rating for the town has been downgraded from BBB+ to BBB with a negative outlook. This is primarily due to past issues and most have them have been or will be rectified soon. However, in the meantime, the town will not be able to obtain bond insurance and consequently will not be able to obtain bonding for long term loans for two years. Between now and then, the town should be able to obtain bond anticipatory notes.
Kit reported that that Gordon Allen has resigned as chair of the finance committee and that Kit, as Vice Chair, has taken temporary charge of running that committee. He is working with the new Town Administrator, Steve Herzberg, to get budget requests out.
Bob reported that the current rule of thumb for town debt limit is 5% of the equalized valuation. That would put Williamsburg’s limit of prudent debt at just over $15,000,000. We are currently around $6,000,000 according to our spread sheet. Bob will clarify with Terry Williams. Bob will also review the materials from Pete Mahieu, received from Clark Rowell of Unibank. The goal would be a simple spreadsheet showing Williamsburg’s and various equivalent towns’ debt status.
Bill announced the all boards meeting on February 7 at 7:00 pm.
Last years submission for the Annual Report was reviewed and a few suggestions were made for this year’s report.
The capital requests for the local school were reviewed. Bill will call Fed Venne to find out if there is any new information concerning state monies available for school reconstruction.
The capital requests for the Highway Department were reviewed. Bill will make an appointment for the entire committee to meet with Bill Turner at the Highway building to review the requests.
Recent Select Board minutes were reviewed and the status of past capital items that were purchased.
Bob will contact Kim Boas concerning a potential new member.
Bill will contact the Police and Fire Departments to see if there are any capital requests pending from them.
The next meeting will be Wednesday, February 5, 7:00 pm.
Meeting adjourned at 8:15 pm.
Wm. B. Sayre