Friday, July 26, 2013

MINUTES OF THE LONG TERM FINANCIAL PLANNING COMMITTEE MEETING OF TUESDAY, JUNE 18, 2013                                                                                                    Page 1 of 2The meeting of the Long Term Financial Planning Committee commenced at 7:45 p.m. in the Commission Meeting Room of the Bethany Town Hall, 40 Peck Road, Bethany, Connecticut.

The following Committee members were present:

Steve Squinto, Chairman

Chip Spear

Sharon Huxley

James Stirling

Member Aileen Magda arrived at 8:20 p.m. and departed 8:25 p.m.

Also present were: Hiram Peck, Planning Consultant

Derry Gorski, First Selectman, who arrived at 8:20 p.m.


• Continue preparing power point presentation.

Hiram Peck submitted updated draft on slides for June.

Member Huxley distributed and reviewed various graphs with analysis of debt service, expenditures and revenues. The Committee suggested condensing graphs to one slide.

Chair Squinto noted the following:

• What is the LTFPC recommending: Some kind of economic development that is town friendly and rural.

• Continuing to draw on general fund.

• The Grand List is not growing – shrinking – post Laticrete.

• Breaking even because debt service is going down.

Hiram Peck noted the following:

• Stated the phrase “What changes can we make to stay the same?”

• Suggesting an Economic Development Study or Marketing Study after presentation completed.

Chair Squinto summarized as follows:

• The presentation will take place in September 2013.

• Sharon will consolidate to one graph showing a constant revenue line and also show a 4% increase in spending.

• One slide with a bullet point summary of what the LTFPC learned:

 The Town will have to tap into the general fund for the next five years.

 At the rate we have to tap in the general fund, we might be below our 10% limit.

 Consequences of these few options:

o Raise taxes at an increased rate (survey indicated no).

o Cut school budget.

o Or actively engage in an Economic Development Committee.

o Assumptions are 550 for capital expenditures which means there will be a delay in key capital projects that need to be done.

o No change in capital expenditures for the next five years.

Hiram asked Committee members to send any comments they have on any of the slides.

The next meeting is scheduled for Thursday, July 25, 2013, at 7:30 p.m.

Derry Gorski, First Selectman, tentatively scheduled a date for a Town Meeting for the LTFPC presentation on Thursday, September 12, 2013.


There being no further discussion, the meeting was adjourned at 8:45 p.m.

Respectfully submitted,

Antonia R. Marek, Staff Support

For the Long Term Financial Planning Committee