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HomeMy WebLinkAboutFCMeetingMinutes_09.29.05 Finance Committee Meeting Minutes September 29, 2005 Attendants: Chairman Keith Mitchell, Vice Chairman ("VC") Mike Batsimm, Melinda Coppa, Paul Stewart, Steve Dawe and Eva Hamori. Also present was Town Manager Mark Rees (arriving at 6:40), Town Moderator Charles Salisbury and Citizen "B" Fink. Call to Order: Chairman Mitchell called the meeting to order at 6:31 PM. Chairman's Opening Comments: Chairman Mitchell welcomed one of our two new members, Eva Hamori, to the Committee. Mime Giarratano is out of the country. Town Moderator, Charles Salisbury gave a brief overview of the process for selecting new members and a synopsis of both members' qualifications. Each existing Committee member then introduced themselves to Eva. Following the introductions, Chairman Mitchell presented "B" Fink with a plaque recognizing her service on the Committee. The last bit of his opening comments regarded updating the member list. Both Eva and Steve added information to the list. Approval of Minutes: VC Batsimm made the motion to approve the September 15, minutes as provided in the handout, with a second from Paul Stewart. Eva Hamori abstained from voting. All other members voted unanimously in favor of the motion. Old Business: (A) Special Town Meeting: (1) Town Manager Update: No new information is currently available. (2) Emergency Stabilization Fund: Paul Stewart distributed a copy of his memo outlining his thoughts on establishing an Emergency Stabilization Fund at the upcoming Special Town Meeting. Under changes in the State laws, Municipalities can now have numerous funds designated for special purposes; these funds still require a two-third vote at Town Meeting to move monies in or out. The Committee discussed possible situations which could or could not qualify as an emergency, as well as a need for establishing a dollar value goal for the Town's reserve balance. Mr. Rees believes the existing Stabilization Fund accomplishes the goal of putting monies in reserve for an emergency and thus does not support this article. A brief discussion on appropriating the NESWC settlement funds, due in January, to the reserve fund or letting it fall to free cash ensued. The Committee will tape a formal vote, at the next meeting, on whether to move forward with the Emergency Stabilization Fund Article. (B) Union, &Non-Union Contracts: Chairman Mitchell tabled this topic until the Committee receives the requested information. He note that the request will also include non-union contracts; i.e., Town Manager, Superintendent of Schools and Assistant Superintendents of Schools. VC Batsimm requested to include these contracts in an effort to see the Town's total Salary commitments. (C) Health Insurance Benefit Allocation: Town Manager Rees reviewed the proposed method for controlling Health Insurance costs, distributed at the last meeting, and had a discussion with the Superintendent of Schools. He did note that while he had no issues with establishing this temporary procedure, the Superintendent was concerned over the freezing date. In addition, he stated the new accounting system will help his staff achieve the goal of allocating health insurance benefits by department; it will just take time. The Committee will hear from the Superintendent directly at our next meeting. Chairman Mitchell and Melinda Coppa will work on writing up a Policy statement for the Committee's review at the next meeting. (D) Budget Format Changes: The Committee agreed to table the discussions until the Town Manager can meet and discuss the changes more in detail with Melinda Coppa and Paul Stewart. Melinda Coppa did acknowledge that some items proposed in her memo go beyond "format" changes but was an effort to incorporate ideas other member's presented at past meetings. New Business: (A) Assignments of Department Liaisons: School Liaisons will be Steve Dawe, VC Batsimm and Paul Stewart. Chairman Mitchell will continue on as the DPW Liaison. Melinda Coppa will represent the General Government Departments. Eva will take over Elder Services and Veterans Affairs. Jack Watkins will continue on as the Public Safety Liaison. Mike Giarratano will take over the liaison position for Community Development. VC Batsimm agreed to take on the Library if no one else offered. Finance Committee Meeting Minutes for September 29, 2005 Page 2 New Business (Continued): (B)Association of FinCom Members Annual Meeting: Chairman Mitchell pointed to the notice in the handout regarding the annual meeting_ Eva Hamori expressed interest in attending. VC Batsimm noted that he felt it was beneficial for everyone to attend at least one meeting. (C) Rating Agency Report: Town Manager Rees gave the Committee a brief overview of the latest bond ratings (A+ and A1). While he noted the high ratings, he did warn the Committee that the Rating Agencies concern with the Town's ability to maintain adequate reserves levels in the outlying years could result in a lower ratings going forward. Next Meeting: The Committee agreed to meet on October 13, at 6:30PM, in the first floor conference room at Town Hall (if available). Adjournment: Steve Dawe made the motion, seconded by VC Batsimm, to adjourn at 7:50PM. The motion carried unanimously.