Special Board of Aldermen Meeting - August 11, 2026

The Board of Aldermen held a special meeting on August 11, 2026, at 7:01 p.m. in the Aldermanic Chamber, duly noticed per RSA 91A. Thirteen members were present, two absent. The primary agenda item was a presentation and approval of an updated capital expenditures and debt service plan by the ad hoc joint committee. The meeting adjourned at 7:24 p.m.

Discussion Items

• Updated Plan Presentation: Administrative Services Director Tim Cummings presented the ad hoc committee's work, which developed over several months. The plan builds on prior guidance: use cash for projects under $1.5 million, limit new debt sales to an average of $25 million per year over five years (plus an inflationary factor), and authorize supplemental spending through surplus as needed. The plan is non-binding and a living document. Cummings noted that the current five-year average debt sale is about $39 million, with a target of $30 million. He requested board approval to proceed with bond resolutions for the September meeting.
• Q&A and Clarifications:
  • Alderman Tebow asked about the conservatism of the $25 million target. Cummings and CFO John Enright confirmed it is a conservative approach, well below the 10% of operating budget best practice, and consistent with maintaining a positive bond rating.
  • Tebow also asked about future reviews. Cummings suggested the board could revisit the plan annually, though past practice was every two years.
  • Tebow noted that the tax rate impact (e.g., $0.07 per $1,000 assessed value) is minimal compared to other factors. Enright added that the calculation was based on the FY27 budget with no changes for illustration.
  • Alderman Sullivan sought clarification on the spreadsheets: the current debt service includes principal and interest. The "planned bonded debt service" includes authorized (white) and unauthorized but programmed (blue) items, not the unprogrammed green items.
  • Sullivan raised a question about exemption from the tax cap: Cummings clarified that while bond authorizations can be exempted from the cap calculation, the resulting debt service is included in the operating budget and affects the tax rate. Corporation Counsel Steve Bolton added nuance on the cap calculation.
  • Alderman Dow emphasized that approving the plan does not authorize individual bonds; each project will come before the board separately. Alderman Clee added that priorities may shift over time.
  • Alderwoman Kelly supported the plan and requested a spring review.

Key Outcomes

• Motion to Accept Plan: Alderman Clemens moved to accept the approved plan and recommendations as presented by the ad hoc joint committee on capital expenditures and debt service planning. Alderwoman McKelly abstained. The motion passed on a voice vote (ayes heard, no opposition).
• Adjournment: Alderman Clemens moved to adjourn, which was approved. The meeting ended at 7:24 p.m.