HomeMy WebLinkAboutREVENUE FIXED COST COMMITTEE MINUTES Revenue and Fixed Cost Committee
Minutes of Meeting of October 21, 2020
Meeting brought to order: 9:05 AM
Handout: Year to Date Comparison Sheet of revenues received this year and those received
by the same date last year. (Attached)
Present:
Melissa Rodrigues, Town Manager Dee Casey, Assistant Town Manager
Sasha Weinreich, FINCOM Member Dr. Gregg Gilligan, Superintendent
Denevan O'Connell, FINCOM Member Jim Mealey, Asst Superintendent of Schools
Discussion:
• Melissa Rodrigues, filling in for Lyne Savage, reviewed the purpose of the
meeting. Per the MOU signed by both the Board of Select Board and the School
Committee, a review of the projected revenues would be provided to assess the
revised projections compared with the initial projections based on year to date
information.
• Melissa Rodrigues reviewed the attached comparison sheet to highlight that,
overall, revenues are projecting right about as forecast. While fees, investments,
and meals tax are down, this has been offset by the closing of the Columbia Gas
fund. Melissa indicated that the projections would support moving forward with
the FY21 budget as approved and with any new initiatives that are deemed
essential.
• Sasha Weinreich asked how projections looked on the expenditure side. Gregg
Gilligan and Jim Mealey agreed to attend a Finance Committee meeting to discuss
FY21 Budget projections.
• Sasha asked how we would cover any budget shortfalls. Melissa indicated we
would request the ability to deficit spend if necessary (from the Department of
Revenue), and would utilize Finance Committee reserves, Free Cash, and
stabilization funds to cover deficits.
• Motion made by Sasha Weinreich and seconded by Denevan O'Connell to
approve the recommendation that revenues are in line with projections and
departments should be allowed to proceed with any new initiatives that are
essential. Motion approved unanimously.
• Motion made by Denevan O'Connell and seconded by Gregg Gilligan to adjourn.
Motion approved unanimously.
Meeting Adjourned: 9:25 AM