You are hereBoard of Water Commissioners Meeting
Board of Water Commissioners Meeting
SPECIAL MEETING
- Minutes from January 13, 2010
- Water and Sewer bonding for 2010 and possible impact on user fees (discussion with Sewer Board and Town Treasurer)
- Other Business
Attendees: Ivan Beattie (chair), Lambert Zoller, Doug Kilburn.
Other Attendees: Wayne Bell (representing Sewer Board), John O'Keefe (Town Manager) and Dave Fielding (Town Treasurer).
Water Department Borrowing for 2010
The Water Board, O'Keefe and Fielding discussed upcoming proposed bonding and the associated long-term debt serving. O'Keefe and Fielding presented the Board an interactive spreadsheet that contemplated a 2.5% to 3% yearly increase in user fees to provide enough revenue to pay off the debt. The spreadsheet also suggested delaying the Franklin, Dillingham and Williams streets water and sewer project until 2012. According to the proposed schedule, Highland Avenue would be done in the summer of 2010 to accommodate possible Roundabout construction in the summer of 2011.
O'Keefe noted that the Board did not have to make a decision at this meeting, but that it would need to decide by mid-June whether or not to move forward with Highland Avenue, and Franklin, Dillingham and Williams project and the associated borrowing.
The Board, through consensus, agreed to authorize the Treasurer to file a non-binding application with the Vermont Bond Bank for the full amount authorized by the voters in March, then decide in mid-June how much money and for what projects to borrow money in 2010.
The Board and Fielding discussed the possible long-term need to build adequate capital reserves. O'Keefe and Fielding suggested the Board consider an assessment fee, based on Grand List value, and that revenues should be set aside separately and accumulated over time. The Board discussed this concept. Board members expressed reservations with the proposed fee, but also agreed in concept with the need to increase capital reserves. The Board took no action.
Minutes from January 13, 2010
Zoller moved, seconded by Kilburn, to approve the minutes from January 13, 2010. Motion carried 3-0.
Adjournment
Kilburn moved, seconded by Zoller, to adjourn. Motion carried 3-0. Board agreed tentative to meet again on June 9, 2010 at 8:30AM to discuss borrowing for 2010 and projects.