Town of Sharon

Community Preservation Committee

Minutes of 02/26/09

Approved 03/26/09

 

Committee Attendees

Corey Snow - Chair  

Allen Garf

George Bailey - Treasurer

Jane Desberg

Arnold Cohen  - Clerk 

Susan Rich  - absent

Betsy McGrath - absent

 

 

Guests

None

 

 

Chair’s Report

Chair Snow began the Chair’s Report at 7:10 PM. He stated he is working with Town Treasurer, Bill Fowler on reworking the interest being earned on the $335,000 CPC bank balance. The physical bank account set up to hold CPC funds alone is getting ¼% interest. Mr. Snow said that Mr. Fowler explained the rate on a certificate of deposit is currently 2 and 1/4%. He also commented that with approximately, an additional $370,000 coming in on July 1st, 2009 as the Town side revenue contribution, the Committee will have options for decisions in October. Mr. Snow said he is discussing the finances and needs to determine if debt payments have to be made as well as their timing.

 

Mr. Snow drafted a letter to Mr. Fowler stating that it is recognized that the CPA account has uncommitted excess cash which cannot be appropriated until the Fall Town Meeting and that during this period all excess cash in the CPA account should be invested in a manner in which the highest rate of interest will be generated. The letter was signed by all Committee members in attendance.

 

Mr. Snow discussed the need for a replacement member for the committee to fill the open position within the Parks and Recreation slot. The Selectmen will fill this position.

 

Treasurer Report

Mr. Snow reviewed current expenses. Mr. Garf questioned why 4 and ½% is being paid on the bonds that are only earning ¼% interest. He also asked if the monies are broken down within the bank account for the various accounts. Mr. Snow replied that any breakout is done via an accounting spreadsheet. Mr. Garf wants to pay down the debt and questioned if the coalition could be asked how many towns borrowed monies and their repayment processes.

 

Project Updates

Mr. Snow said he spoke with Eric Hooper and the Pumping Station project is closed. He commented that the roof looks good. There is new brick work near the bottom, the windows were replaced and the work was performed during the winter.

 

Meeting Minutes

Mr. Garf moved to accept the minutes of 12/11/08 as amended. Mr. Cohen seconded the motion and the Committee members voted 4-0-0 in favor.

Other Items

1.  Ms. Desberg reported that she contacted the Community Preservation Coalition to ask them several questions posed by the Committee at a previous meeting. She stated that the CPC can review and sponsor projects. She also stated that the civil defense buggy request was not an acceptable use of CPC funds. Ms. Desberg also said that the Coalition is willing to attend any CPC meeting.

 

2.  Ms. Rich stated that on the topic of sponsoring projects, why not use some of the information provided by consultant Jennifer Goldson to determine ideas to move forward. Mr. Snow agreed with this comment.  

 

3. Mr. Snow commented that applications for projects would be due by July for fall decisions.

 

Officer Elections

Officer elections continue to be postponed. The Committee determined that the responsibilities will remain the same for now. Mr. Snow said he would get the finances up to date and will remain as Chair and acting Treasurer.

 

Next Meeting

3/26/09

 

Meeting Adjournment

Mr. Cohen moved to adjourn the meeting at 8:00 pm and Ms. Desberg seconded the motion. The Committee voted 4-0-0.