OFFICE OF THE SELECTBOARD

TOWN OF HALIFAX, VERMONT

SPECIAL MEETING MINUTES

March 1, 2025

4:00 PM AT THE HALIFAX TOWN OFFICE

CALL TO ORDER

Edee Edwards called the meeting to order at 4:03 pm after some technical difficulties. Other Selectboard members present were Karen Christofferson, Randy Pike, and Rhonda Ashcraft. No members of the public joined in person or remotely. 

CHANGES AND ADDITIONS TO THE AGENDA

Christofferson and Edwards requested circling back to the Budget for Town Meeting Day after the Excavator financing discussion

 OLD BUSINESS

Finalize financing for 2024 CASE WX140E Wheeled Excavator

Edwards screenshared a worksheet of unexpected expenditures and unexpected income for the year. The board went through the details, and discussed the implications of uncertain income and cash position on making a financing determination to purchase the excavator with payment in advance or in arrears.

Christofferson then screenshared the finance package comparisons between the dealer and M&T bank financing.

The two options that had the most advantageous distribution of costs over the expected minimum life of the vehicle and interest rates were from M&T Bank.  What was denoted as option C, is annual in advance for 7 years with an annual payment of $38,055.18. A seven-year annual in arrears option with an annual payment of $40,027.66 was denoted as option F.

The board further discussed pros and cons, including a cost savings over the term of the loan in interest payments of approximately $13,000, should we go with the annual in advance option. 

Edwards made a motion to accept M&T Bank Financing (through its wholly-owned subsidiary 233 Genesee Street Corporation) with a 7-year term and advance payment with an annual cost of 38,055.18, subject to cash availability, or allow a switch to the 7-year annual in arrears for $40,027.66 annual payments. Pike seconded it. [Note: the wholly-owned subsidiary information was provided to the Selectboard after this meeting and its inclusion in the minutes is necessary for the loan documents.]

Motion carried 4-0

Christofferson said she will speak to the Treasurer to confirm cash availability and then work with her to finalize the deal with the bank and dealer.

OTHER BUSINESS

Town Budget amendment at Town Meeting Day

With two possible financing figures now known, the board looked at the amendment needed to the raise and appropriate amounts and the total of the budget. Instead of making further changes, it was decided to amend the amount downward to reduce by exact difference between the original FY25 placeholder amount, and our estimates for the excavator, which were close to what we decided today.

The amendment will read: …expenditures of $2,475,927 of which $2,054,627 shall be raised by taxes…

HEARING OF VISITORS 

No visitors attended.

ADJOURNMENT

Rhonda made a motion to adjourn the meeting at 5:32 pm. Pike seconded the motion.

The motion carried 4-0.

Respectfully submitted, 

Edee Edwards, 

Secretary Pro tempore

Recording Link: https://youtu.be/MPq_gwKPqfY