Shannon Fagan

This document outlines a comprehensive Capital Governance Framework for the Town of Plainfield, composed of five interconnected policies: Capital Improvement, Capital Strategic Planning Committee, Capital Non-Recurring Fund, Town Road Fund, and Procurement. The framework aims to create a coordinated, transparent, and accountable system for capital planning, advisory review, funding mechanisms, restricted revenue compliance, and expenditure controls. Its implementation is designed to strengthen long-term financial planning, debt management, creditworthiness, audit defensibility, and public confidence in fiscal stewardship.

This policy formally establishes and defines the role, responsibilities, and operating framework of the Capital Strategic Planning Committee. The Committee is tasked with evaluating the current and future capital needs for municipal and educational facilities, developing a coordinated, long-term capital strategy, and creating a rolling ten-year capital planning framework with a minimum five-year Capital Improvement Plan. Key objectives include establishing project prioritization criteria, recommending actionable steps for infrastructure, developing a bonding strategy, and promoting transparent communication and collaborative decision-making to ensure fiscal responsibility and address the Town's infrastructure needs.

This document introduces a Capital Governance Framework that establishes a single, coordinated governance system for capital planning through five key policies: Capital Improvement (CIP) Policy, Capital Strategic Planning Committee Policy, Capital Non-Recurring (CNR) Fund Policy, Town Road Fund Policy, and Procurement Policy. The framework aims to govern capital planning from concept to expenditure, enhance transparency by presenting a five-year CIP and identifying funding sources, and ensure fiscal accountability through controlled appropriations and competitive purchasing. Its integrated approach prevents fragmentation, strengthens controls, and creates a complete, transparent capital governance cycle.

This document provides an overview of fund balance policies for Connecticut Municipalities, explaining their importance in managing municipal reserves, maintaining fiscal health, and balancing taxpayer interests. It highlights three core pillars: financial stability, creditworthiness, and tax stability, alongside working capital management, emergency financial cushions, and credit rating protection. The guidance advocates for adherence to Government Finance Officers Association (GFOA) standards, recommending an optimal fund balance of 17-20% of general fund expenditures, and outlines strategies for deploying excess reserves to offset mill rates and fund capital projects. The overarching vision is to foster public trust, ensure fairness to taxpayers, and achieve transparent, fiscally responsible financial management.

The Board of Finance meeting included a review of the Board of Education's monthly financial report, addressing discrepancies in the approved budget, educational cost sharing, and potential increases in costs. Discussions covered fuel costs, out-of-district tuition, teacher substitutes, technical services, and the status of federal and state grants. The town's financial report was reviewed, focusing on increases in finances, supplies and expenses, registrar and election worker costs, town clerk reshelving, building and grounds maintenance, insurance and benefits, and animal control. The board also discussed the town's system and live stream capabilities, the police evidence building, and the General Fund's surplus/deficit. The Budget Calendar was reviewed, and a motion was passed to formalize the regular meeting schedule with times and locations.