HomeMy WebLinkAboutFCMeetingMinutes_01.15.04 FINANCE COMMITTEE MEETING
JANUARY 15,2004
ATTENDANCE: The following members were present: Jack Watkins, Chairman, Keith Mitchell, Vice
Chairman, Bernice Fink, Melinda Coppa, Paul Stewart, Paula Porten, Mark Nicols, Mike Batsimm. Keith
arrived after the approval of minutes. Also in attendance were Chris Rogers of Sullivan, Rogers Company and
Lyne Savage.
CALL TO ORDER: Jack called the meeting at 6:32pm
APPROVAL OF MINUTES:
Mike MOVED to approve the 01/08/04 minutes and Melinda seconded. The minutes were approved 6-0-1 with
Mark abstaining.
NEW BUSINESS:
FY03 Audit& Management Report: Chris Rogers of Sullivan, Rogers Company,presented and discussed his
reports. He discussed the major government fluids, the general funds and the enterprise fiends. He stated that
the funds were in very good shape and that North Andover had a 99%recovery of taxes. He also stated that our
debt service was 8.9% of the general fund. With respect to accounts receivable, the town wishes to integrate
the treasurer and accounting modules for more efficiency. The audit also discovered a 300k deficit in Ch.90,
which is to be funded at town meeting.
OLD BUSINESS:
CIP Comments: Lyne is to provide a list of all outstanding projects. The group also discussed the police
station maintenance and that only 6k of the $263k remaining has been used.
TAXPAYERS communications: The group decided to hold a public forum on 2126104,the last Thurs of
February,to inform and provide the citizens with budget information.
FINCOM revenue forecast guidelines: The group is presently awaiting forecasts from Mark Rees and Joyce
Hanlon.
FREE cash philosophy: The group discussed putting free cash into stabilization and free cash should not be
used to fund operating budget shortfalls. Also that we should be budgeting more accurately.
NEXT MEETING:
January 29, 2004 at 6:30pm at the temporary town hall
ADJOURNMENT:
Keith MOVED to adjourn the meeting at 8:39pm and Mike seconded. The vote was unanimous.