HomeMy WebLinkAboutFCMeetingMinutes_05.02.02 FINANCE COMMITTEE MINUTES
May 2,2002
ATTENDANCE:
Members present: Michael Garron,Chairman;Bernice Fink,Vice Charman; Stephen Dawe;Keith Mitchell;Paula Porten;
Paul Stewart;Jack Watkins;Mark Weber
Also present: Several residents
CALL TO ORDER:
Michael Garron called the meeting to order at 7:04 p.m.
APPROVAL OF MINUTES: -Deferred to next week's meeting.
OLD BUSINESS
_Review of Presentation for Town_Meeting
Jack Watkins reviewed each slide of the Finance Committee's presentation with the Committee. Keith Mitchell suggested
adding a slide on the Financial Policies of the Town,and comparing it with how we are actually doing.
Michael Garron will meet with the Town Manager on Monday to go over the logistics of the presentation. His intention is to
have it show the progression of how the budget has evolved since the process started with the Town Manager's original no
override budget to how it looks now.
No Override Budget Proposal
Paul Stewart banded out his draft memo and a May 1St No-Override Budget Proposal. The proposed budget,which was
worked out with the Finance Director,is$1.5M more than the Town Manager's original No-Override Budget recommendation.
It was built on several major components including:
- The Town Manager's No Override budget recommendation
- Parts of the Finance Committee's recommended$4M budget
Many of the Selectmen's No Override Budget recommendations
- The school's"green sheet"estimates of what is necessary to operate without layoffs or reductions in school transportation
- Some additional revenues
Some additional necessary expenses
- Worst case State aid reduction of$560.OK
Discussions
• Concern that the proposed budget would not allow any sustainability and would not allow for the unexpected.
• Joint discussion on the School Budget, Special Education costs,and School Grant programs.
• Should the$4.OM override number be adjusted based on updated revenue information.
• Concerns over using$300.OK from Reserve.
• Using cash vs.borrowing if funds become available.
• Wait until next week before making a final decision so that the Selectmen,the BCG and the School Committee can
review and discuss it and come to a joint agreement with the Finance Committee
WATER AND SEWER ENTERPRISE BUDGET
Michael Garron said that the committee might have to vote on an adjusted Water and Sewer Budget prior to Town Meeting
because the Finance Director is proposing an in cross charge,which is an additional fee that the Water and Sewer
Enterprise would pay to General Government for managing their benefits for their employees.
ADJOURNMENT
There being no further business, Stephen Dawe made a MOTION,seconded by Mark Weber,to adjourn the meeting.
Vote approved 8—0.
submitted by: Carol Ritchie,Sr.Confidential Clerk