Canton, Massachusetts · Saved source text
FINCOM 20181212 Minutes
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Meeting of the Canton Finance Committee Minutes Voted on: 10/17/19 Meeting Minutes Vote: 7-0-1 Wednesday, December 12, 2018 Finance Committee Members Present: Christos Arsoniadis, Rob Barker, Dan Cole, Cynthia Holcombe, Emilio Mauro, Tim McKenna, Barbara Saint Andre, Cindy Thomas and Wai Wong. Finance Committee Members Absent: All members were present at the meeting. Guests Present: David Clough, Member, Capital Planning Committee Dave Emhardt, Chair, Capital Planning Committee James Murgia, Finance Director Ellen Jones, Finance Committee Secretary Opening: A meeting of the Canton Finance Committee was called to order by Chairman Barker at 6:05 p.m. on Wednesday, December 12, 2018, in the Cafeteria of the Canton High School. A. Approval of Agenda Chairman Barker reviewed the items on the agenda which included a discussion regarding the Special Town Meeting for the Metropolis Rink. B. Announcements There were no announcements at the meeting. New Business Special Town Meeting - Article 2 — Metropolis Rink Appropriation — Substitute Motion - $10.5 million Chairman Barker provided background information recently received about the rink appropriation including release of funds by the Board of Assessors from the Overlay Surplus and funds the Town applied for through the Federal Emergency Management Agency (FEMA). Mr. Murgia joined the Finance Committee meeting at approximately 6:19 p.m. Mr. Murgia referred to the No Debt Exclusion Needed substitute motion for Article 2 and provided the following summary for the funding of the Metropolis Rink. Project cost per architect's latest estimate $10,034,739 Additional contingency 315,261 Zamboni to be purchased through project costs 150,000 Total cost of Rink project 510 500 000 Insurance proceeds on hand $2,567,000 Municipal Buildings Insurance 450,000 Overlay surplus 1,500,000 Borrowing prior to receiving additional insurance proceeds 2,000,000 Subtotal: $8,517,000 Borrowing to be repaid from a debt exclusion or state grant 1,983,000 Total sources of funds $10,500,000 FINCOM 20181212 Minutes Page I of 10/06/19