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HomeMy WebLinkAbout2020-04-08 Finance Committee Minutes I N r of i C i TOWN OF NORTH ANDOVER FINANCE COMMITTEE Meeting Minutes Meeting Date April 8, 2020 Meeting Location: Via Conference Call Public Hearing Sasha Weinreich, SW Chairman X Ed MacMillian EM, Vice Chair X Timothy Tschirhart, TT X Divya Bhatnagar, DB Charles Trafton, CT X Jennifer Luz, JL X Thomas Ringler, TR X Kevin Foley, KF X Christine Allen, CA X Angela Ciofolo, AC X Note: All FINCOM votes are subject to a re-vote upon receipt of new information. Note: Documents used in this meeting are listed in Document Table,herein. Nonfinance Committee Members in attendance Lynne Savage (LS), Finance Director/Town Accountant SW: Read a quick statement before the meeting started(referencing the opening statement off of the April 812020 Agenda) "Pursuant to Governor Baker's March 12, 2020 Order Suspending Certain Provisions of the Open Meeting Law, G.L.c 30A, Section 18 and the Governor's March 151 2020 Order imposing strict limitation on the number of people that may gather in one place, this meeting of the North Andover Finance Committee will be conducted via remote participation to the greatest extent possible". SW: Stated to the listening audience to send any questions to be asked at tonight's meeting to sweinreichknorthandover.gov. Pledge of Allegiance and calling Meeting to Order 7:03 SW: Did a roll call of Finance Members in attendance Public Hearing on Proposed Budget and Capital Improvement Plan Pursuant to Town of North Andover Discussion starts on or about 7:08pm/:08:00 on video time SW: Started off saying that tonight is our formal Public Hearing at this time it is really per the Charter for the proposed Budget and The Capital Improvement Plan. 1 4-8-2020 (VIA Conference Call)Public Hearing SW: At this moment I do not have any questions from the Public (VIA emails) SW: Stated that before the current Pandemic we were all relatively comfortable with how the proposed Budget and the Capital Improvement Plan looked, however we are now evaluating the impact that COVID-19 will have on our finances in the Town of North Andover. This will now require further discussion and analysis. SW: Went on to say that The Town Meeting was postponed till June 16, 2020. The Finance Committee made comments and asked questions in regards to a future Public Hearing, a revised calendar, as well as their Warrant Letter, voting on the Budget and a possible revised CIP. There were no questions from the Public (via email). Approval of Minute March 10,2020 Discussion starts on or about 7:14 pm/ 0:14:00 on video time TT: Made a motion to approve the March 1 oth Minutes as written JL: Second the motion to approve All were in favor to approve Approval of Minute March 24,2020 Discussion starts on or about 7:15 pm/ 0:15:00 on video time JL: Made a motion to approve the March 24th Minutes as written TT: Second the motion to approve All were in favor to approve Approval of Minute March 31,2020 Discussion starts on or about 7:16 pm/ 0:16:00 on video time CA: Made a motion to approve the March 31 st Minutes as written,but with recommended changes to make the words Legislator to Legislature and also CORVID-19 to COVID-19 EM: Second the motion as recommended All were in favor to approve Old Business Discussion starts on or about 7:17pm/0:17:00 on video time SW: Stated that last week we discussed and questioned with LS and MR our concerns with the impact that COVID-19 will have on our Town's Finances. LS: Gave an understanding to the Finance Committee on what they are working on. LS: Went on to say that she is waiting for the Treasurer's Office to finish posting all of the March receipts, so I will have all my financial quarters, I will know where we stand, then I can build projections from there, and I will know how we are going to end the year. 2 4-8-2020 (VIA Conference Call) Public Hearing LS: Spoke of revenues, projections. Real Estate Taxes and reviewing and analyzing what she actually had, and then spoke of different scenarios that could possibly happen financially from the impact of COVID-19. LS: Stated that she plans on analyzing a variety of different scenarios, to see how much the overall revenue could possibly be reduced with these various scenarios. LS: Commented that the good thing is that two thirds of real-estate Taxes are paid through escrow, that means the bank pays it on their behalf. LS: Spoke of the different safe guards she has in place in case of a reduction in revenues. She also spoke of money that the Town has tied up in CD's and stated that they are getting great rates. Finance Committee members made comments and questioned LS with things such as property real-estate taxes, health insurance rates, hiring new employees, revenues and risks, automobile excise tax, reserves (rainy day fund), School Budget, etc. LS: Regarding property taxes, the banks are required to pay the taxes (most of the time) even if a mortgage is not being paid. SW; Thank you LS that was helpful. SW: Stated to the Finance Committee Members that they should continue to work on what they know (with regards to writing their Warrant letter piece), we can fill in the information we have today and recommendations will evolve. SW: Thanked everyone Adjourn 7;40 CA: Made a motion to adjourn TT: Second the motion to adjourn All were in favor Document Table -Agenda Finance Committee Meeting for Public Hearing April 8, 2020 -Finance Minutes from 3-31-2020,3-24-2020 and 3-10-2020 -Capital Improvement Plan General Fund 2021-2025 -Town Manager's Recommended Budget FY2021 -Warrant 2021 -Senior Center Project Budget Balances -Annual Town Meeting Warrant 2020 3 4-8-2020 (VIA Conference Call) Public Hearing