HomeMy WebLinkAboutFCMeetingMinutes_10.09.03 FINANCE COMMITTEE MINUTES
OCTOBER 9,2003
ATTENDANCE:The following members were present: Jack Watkins,Chairman,Keith Mitchell,Vice Chairman,Bernice Fink,
Melinda Coppa, Steve Dawe,Mark Nichols, Paul Stewart, Paula Porten and Mark Rees, Town Manager.
CALL TO ORDER:
Jack called the meeting at 6:35 pm
APPROVAL OF THE MINUTES:
Paul MOVED to approve the Minutes of October 2,2003 and Mark Nichols seconded. The motion passed.
NEW BUSINESS:
Jack handed out the free cash letter from the Department of Revenue certifying $1,662,277.00 in the General Fund,
$1,064,834.00 in the Water Enterprise Fund, $870,378.00 in the Sewer Enterprise Fund and$143,995.00 in the Osgood Hill
Enterprise Fund.
Mark Rees then handed out and discussed a packet which included 1)letter from Senator Steve Baddour,2)draft of FY05 Budget
Policy Statement,3)FY04 Free Cash calculation and 4)preliminary recommendation on allocating the free cash. Per the letter
from Senator Baddour,the estimated budget gap for the next fiscal year will be$2 billion. The group reviewed the Cherry Sheet
revenues and the actual town meeting FY04 budget versus the FY04 adjusted budget. Mark then discussed his recommendation
for the Free Cash,which included putting$300,000.00 into the Finance Committee Reserve Fund, $1,007,271.00 into the
Stabilization Fund(or leaving in free cash)and providing a 4%raise to non-union,by-law employees amounting to$95,204.00
(including contractual agreement with Town manager for educational expenses). The group asked for a list of those employees
eligible for the 4%raise under Mark's recommendation. The group discussed Mark's recommendation in some detail and agreed
-- to develop an opinion at a later meeting.
Steve Dawe then provided a North Andover Public School Enrollment handout,which will be discussed at a future meeting.
OLD BUSINESS:
Jack handed out and the group discussed a list of Objectives for The Fincom versus a mission statement.
Keith then provided a Point-by-Point Review handout of Fincom membership changes of the Fincom Policies and Rules
Procedures. The group will vote at the next meeting whether or not to adopt these changes.
The group then discussed the"Fincom Member Responsibilities"list,questions#5-13. Paul agreed to review 45-9 and Keith
would review#10 with Town Counsel. #11-13 are being worked on by DPW Director.
NEXT MEETING:
October 16,2003 at 6:30 at Town Hall
ADJOURNMENT:
Keith MOVED to adjourn the meeting at 8:30 pm. Mark Nichols seconded and the vote was unanimous.