HomeMy WebLinkAboutFCMeetingMinutes_11.13.05 Finance Committee Meeting Minutes,November 13, 2005 Page 2
C. School Superintendent Harutunian: In an effort to not keep Dr. Harutunian late, Chairman Mitchell took
this out of order and gave the floor to Dr. Harutunian. The Superintendent handed the new members copies of
the FY06 Requested Budget and Proposed cut list. He began by discussing the State's timing requirements for
Foster Farm(completed by 2009) and then moved on to highlighting the challenges the School Department will
face in the up coming budget year. He cited some examples where he is thinking outside the box and trying to
utilize the School assets while generating revenue and providing an educational experience.
B. "Joint Board Meeting Summary": Mike Giarratano gave a brief overview of the joint meeting. He stated
the BoS voted and then left the meeting. The Finance Committee members in attendance all abstained from
voting because the receipt of the financial information did not give any member time to review or comment.
Some members did not feel the meeting was productive.
D. Town Manager Mark Rees: A discussion ensued with the handling of the New Growth estimates for
FY06. The FY06 Revenue and Fixed Cost Committee("RFCC") estimated the amount of New Growth to be
$650,000. The latest estimate from Garrett Boles is considerably higher, $334,872,to a final estimate of
$984,872. Town Manager Rees then outlined the following options: 1) do nothing and let this revenue appear
in FY07, 2) appropriate the excess to the overlay account or 3) appropriate the excess to the Stabilization Fund.
The Committee members agreed, with no formal vote,to appropriate this excess to the Stabilization Fund.
Melinda Coppa suggested incorporating this portion into the NESWC article in case the FY06 Budget
adjustment article does not make it to the floor of STM. The Committee agreed to this change after a brief
discussion. Mr. Rees then continued the discussion on other financial articles on the warrant for STM.
E. RFCC Current Projections: Mark Nichols gave an overview of the final projections, included in the
agenda package. A discussion ensued over the new growth estimate. He did note that the latest New Growth
projection for FY06 was not available since the Committee did not seek the advice of Garrett Boles. Mark
advised the Committee that Cindy Jalbert, a member of the Capital Planning Committee ("CPC") contacted him
requesting access to a long-range revenue projection. After discussing this request,Mark Nichols and Paul
Stewart offered to extend their services in assisting the CCP in corning up with this estimate.
IV. New Business:
A. Finance Director Report: In an effort to support the NESWC dissolution fund appropriation, the Finance
Director requested a letter from NESWC stating the amount the Town could expect to receive in January. To
the Finance Director's surprise, the letter highlighted an additional $265,917.05 from the Community
Stabilization Fund. With this good news in hand, the Committee then decided to take $150,000 of this and
recommend appropriating it to the Stabilization Fund,thus increasing the original NESWC appropriation to
$500,000. The total appropriation to the Stabilization fund, $834,872, would give the Town a reserve of
approximately$1.16 million; a good start to reaching the Town Manager's goal of approximately$2.5 million.
B. First Quarter Financial Reports: The chairman requested members to review the reports and submit any
questions to him as soon as possible.
C. 2005/2006 Circuit Breaker Figures: Melinda Coppa gave a brief description about the purpose of the
Circuit Breaker. She pointed out that FY06 funds are used as a reserve for unanticipated Special Education
students and that number of students increased by 12.
D. Financial Policies/Guidelines: Paul Stewart wants to form a sub-committee to review the Policy Statement
and offer any recommendations for changes. He has already requested the BoS to refer to these as"Guidelines"
and not"Policies". Paul will work with VC Batsimm and Mike Giarratano in this venture.
E: Other: The Committee will meet next Thursday,November 10 at 6:30 PM and every Thursday after that
(excluding Thanksgiving)until STM.
Adjournment: Jack Watkins made the motion to adjourn the meeting at 8:58 PM. Mark Nichols provided the
second and all members voted in favor of adjourning.
Approved -- 0 _ Vote X