Friends and the Capital Fund

​​Guilford residents have been transferring money into a Capital fund for years. From 2011 to 2016, the budget was $150,000. It jumped to $200,000 in 2017 and has leveled out at $225,000 from 2018 to our current budget.

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In August of 2015 the original Capital Policy was signed into effect by Selectboard member Sheila Morse. The policy read in part: The Selectboard will adopt a five-year Capital Improvement Plan for the Town of Guilford. This plan will include the Town's plan of capital projects proposed to be undertaken during each of the following five years, the estimated cost of those projects, and the proposed method of financing. The Selectboard will review and update the CIP annually.

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In 2018 Sheila Morse was the Selectboard Chair and wrote this in the Town Report. Late in the summer of 2018, Town Office renovations were completed. (…) and we are pleased that the town incurred no debt in completing this ambitious project. How was this possible? These renovations launched our Capital Program and Budget Plan, first envisioned in 2014 -15. (...) It is a brilliant guiding document, available for public education on the Town’s website.

 

The selectboard also hired a company to perform a Capital Needs Assessment. ​According to that report, Guilford needed to budget $596,875.69 over the next 20 years to protect current assets. For some reason, the Finance Advisory Committee and Selectboard budgeted $225,000 annually into the Capitol Improvement Fund. (Since 2018, Guilford residents have paid over 2 million into this account)

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However, when Tammy Sargent asked for the five-year CIP including the Selectboard’s annual updates that the policy required, Sheila Morse responded to the request. At this time, Sheila was Guilford’s Finance Advisory Committee Chair and the selectboards appointed Town Administrator.

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Sheila states:

​“We need to create that report. It doesn't exist. (…) Believe me, if I could print and post such a report, I would. The Finance Advisory Committee has also been seeking this information for quite some time as well. (…)

Best, Sheila”​

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Shortly after, Eastes and Morse were confronted about not adhering to the Capital Program and Budget Policy. So, the selectboard created a new policy.

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The renamed Asset Management Program Policy now reads: the Select board may annually project an Asset Project Plan for the Town of Guilford. Such a plan could include proposed capital projects, the estimated cost of those projects, the proposed sources of funds, and any impacts on the annual operating budget. It will also take into consideration unanticipated or emergency project expenses.

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The fundamental purpose of the Capital Program and Budget Policy was changed. The purpose was sold to residents to ensure all of Guilford's current capital assets are maintained adequately. 

 

Now, the selectboard can use this fund for leveraging grant opportunities, to “meet a policy goal” so long as the appointed Planning Commission is in agreement. ​

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