MEMBERS PRESENT - Tony Vegnani, Chairman, Scott Roberts, Bob DeLorenzo, Karen Connelly, Paul Lemieux, Lisa Fenton, Constantine Constantinides

1. MEETING CALLED TO ORDER: Chairman Tony Vegnani called the meeting to order at 7:10 pm at The Scituate Town Library.

2. ACCEPTANCE OF AGENDA: On a MOTION by Mr. Vegnani, SECONDED by Mr. Roberts, the agenda was accepted as written by unanimous vote (7-0).

Due to scheduling considerations Mr. Vegnani announced that the agenda would be reordered.

3. REVIEW BONDING PROCESS: Peter Frazier from First Southwest Company - responsible for the issuing of the Town of Scituate’s bonds and notes to cover projects, gave a broad overview of the borrowing process. (He explained that Massachusetts has specific laws for everything a community can borrow for and the term it can be borrowed for. Mr. Frazier advised the committee to have bond counsel brought in to draft buying articles, stating that counsel provides validity of borrowing and tax exemption and helps to avoid complications at town meeting. Mr. Frazier informed committee that the Town of Scituate is in the top 19% nationally in terms of credit.)

4. REVIEW FINANCIAL FORECAST: Frank Desesare reviewed the current prevailing market. In short, the financial sector is suffering. Economic impact on nation and town was given. New growth for the town is predicted to reduce. Taxes predicted to increase. (Increase in tax bill. Increase in heating bill. Increase in gasoline. Discussed the possibility of a health insurance savings of $400,000 if municipal employees were to join GIC. Noted that the assessed value for 2009 is based on 2007 sales.)

5. REVIEW FINANCIAL PROJECTIONS: Mr. Vegnani went over worksheet used by the Advisory Committee before they begin the budget process. Meeting opened up between Advisory Committee and others in attendance which included various Selectman, School Committee Members and Rick Agnew the Town Administrator. Effort was put forth to settle on numbers to be used in budget. Some headway was made with more specific communication planned between Mr. Vegnani and Mr. Agnew. Mr. Agnew committed to email final budgets to Mr. Vegnani in order for distribution among Advisory Committee members. The Advisory Committee remained after general meeting broke to specifically address the spreadsheet Mr. DeLorenzo drafted which would serve as a generic form for all liaisons as they embark upon the budget process. The committee provided comments and suggestions and agreed to email Mr. DeLorenzo with any additional ideas they may have.

6. OLD BUSINESS: none

7. NEW BUSINESS: Moving forward, Mr. DeLorenzo agreed to finalize spreadsheet by next meeting scheduled for November 29.

8. ADJOURNMENT: On a MOTION by Mr. Vegnani, SECONDED by Ms. Connelly the meeting was adjourned at 9:37 pm.

Respectfully submitted, Heather Dwyer