Board reviews updated Capital Funding Program Guidelines language, tables action for later review

The Board of Finance reviewed a redline version of revised Capital Funding Program Guidelines at the Jan. 21 meeting and tabled action to allow additional review. The draft guidelines, prepared for board consideration, redefine capital expenditures and establish a $5,000 minimum threshold for capital-funding eligibility. They also specify CFP Review Committee composition (one member each from the Board of Finance, Board of Selectmen, Board of Education, and three electors appointed by the Board of Finance) and require cost certification and potential recapture if CFP-funded assets with value above $5,000 are later sold.

Board members discussed the policy language and agreed to give members more time to review the revisions before a future vote. Because the document appeared as a working draft and the Board tabled further action, the guidelines were not adopted at this meeting.