RAYMOND BOARD OF SELECTMEN MINUTES 01-27-03 Approved 02-03-03
The meeting was called to order at 5:45 p.m. by Chairman Harold Wood. Members present: Norm Weldy, Wayne Welch and Paul Brown. Also present: Town Manager Richard C. Bates.

Chairman Harold Wood led a salute to the flag.

Special Meeting - Fund Balance
Chairman Harold Wood announced that this is a Special Meeting of the Board of Selectmen to consider the amount of fund balance to be used to reduce taxes.

Finance Director Michelle Clark reviewed her recommendation with the Board of Selectmen. There will be approximately $980,000 in unreserved fund balance. Of this amount, $38,200 is being used in the 2003 warrant articles, leaving $941,800 available to reduce the tax rate for 2003. The Finance Director recommended returning no more than $400,000. If this amount is used, the tax rate will increase $1.48 with the Selectmen's recommendations.

MOTION: Selectman Weldy made a motion to take $438,200 from the fund balance to lower taxes. Selectman Brown seconded. DISCUSSION: Resident Bill Kelley stated that last year the Town had a lot of money left over and we gave back $750,000. He asked if this means people are underpaying their taxes or is the Town inflating the budget? VOTE ON THE MOTION: Voted unanimously in the affirmative.

ADJOURNMENT
MOTION: Selectman Weldy made a motion to adjourn. Selectman Brown seconded. Voted unanimously in the affirmative. MEETING ADJOURNED AT 6:20 P.M.

Respectfully submitted,

Bette Patterson
Selectmen's Secretary