Revenue Committee 20180125 Minutes and Mtg Documents

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Town of Canton Revenue Forecasting Committee
Meeting Minutes
Thursday, January 25, 2018
Members Present:
Charlie Aspinwall, Town Administrator
Rob Barker, Chair, Finance Committee
Kathy Butters, Town Accountant
Tim McKenna, Vice Chair, Finance Committee
Jennifer Fischer-Mueller, School Superintendent
Jim Murgia, Finance Director
Barry Nectow, School Business Administrator
Ed Walsh, Building Commissioner
Members Absent:
Karen Zukauskas, Assessing Director
Guests Present:
Ellen Jones, Recording Secretary
Opening:
A meeting of the Revenue Forecasting Committee was called to order at 9:00 a.m. on Thursday, January
25, 2018 in the Salah Meeting Room of Town Hall.
The purpose of the Revenue Forecasting Committee meeting was to discuss and vote the FY19 revenue
estimates for the Town of Canton.
New Growth (Real Estate &Personal Property)— Mr. Walsh reviewed for the Revenue Forecasting
Committee the potential new growth for 2019. The Acorn Estates 406 project of the remaining three
single family lots could generate construction costs of $885,000. With regard to subdivision construction,
Beaver Meadows may generate $810,000 in constructions costs which could generate some permit fees
revenue. Three other single family subdivisions that have started site work include Mariella Estates,
Cardinal's Crossing and Yorkshire Estates are in various stages of the approval process. Mr. Walsh does
not anticipate more than three single family building permit applications until March or April 2018.
With regard to commercial projects, Mr. Walsh does not anticipate any substantial building projects being
completed by the end of June 2018 so there would be no effect on new growth for FY19.
Paul Revere Heritage site has not pulled any building permits.
With regard to the Reebok site, Mr. Aspinwall indicated that news perhaps in mid-March may take place
as to the new owners. Mr. Murgia stated that Reebok had been receiving a 49% tax break and that he
anticipates the new owners would be negotiating for a tax break as well.
Revenue Forecasting Policy — Mr. Murgia reviewed for the members the Revenue Forecasting Policy as
follows:
"Revenue surpluses are more desirable than revenue deficits. Therefore, the process of estimating revenues is not
designed to reach a number which has an equal probability of being exceeded or producing a shortfall. Rather, the
objective is to develop an estimate, based on historical actuals and currently available information, which has a
substantial chance of being met and a small chance of falling short."
This revenue policy was based on the Town of Concord's revenue policy.
A motion made by Mr. Barker to accept the Revenue Forecasting Policy as written was seconded
by Mr. McKenna. Vote: 8-0-0.
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