HomeMy WebLinkAboutFCMeetingMinutes_05.06.15
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TOWN OF NORTH ANDOVER
FINANCE COMMITTEE
Meeting Minutes
Meeting Date May 6, 2015
nd
Meeting Location: 2 floor Conf. Room
Bill Callahan, BC Chairman X Susan Almono SA X
Donald Elliot DE Vice Chair X Timothy Tschirhart TT X
Karin Blake KB Liz Gerron LG X
Thomas Ringler TR X Marta Solof MS X
Chris Nobile CN
Non FinCom Members in Attendance
OTHERS:
Note: All FINCOM votes are subject to change upon receipt of new information.
Note: Documents used in this meeting are listed in Document Table, herein.
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Agenda A Vote on Financial Reserve Policies
BC would like everyone to review the policies and discuss if any questions.
OPEB fund.
Where did the 2.5 % minimum figure come from?
one this before, even a small amount like 2.5% to get it going.
LG That is the minimum amount to put in.
Special Education Fund.
Why $750K why not 250K?
DE or 400K if that is all they can withdraw within two consecutive fiscal years.
Requires Special Town Meeting to transfer funds.
The SC FC and BOS need majority vote to affirm costs were unforeseen.
DE Motion to accept changes to the Financial Reserve Policies.
Seconded by TT
Yes 7
No 0
V. Adjournment-
Motion: TT Unanimous
Seconded: LG Time: 7:20
IV. Next Meetings
May 19, 2015
TYPE FROM TO SUBJECT COMMENTS
ITEM #
1 Financial reserve Andrew Maylor Fincom
polices
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