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Home My WebLink AboutJan 27 2021 Trustees of Osgood Hill Board Meeting _ Remote Participation Minutes of Board Meeting conducted January 27, 2021 Called to order 7:O2pm all participants remote due to COV|C-19 requirements. Voting Members Present David Brown (Chair),Jeanne Irwin, Robin Ellington,Jerome Justin,Thomas Dugan Voting Members Absent: none Town Officials (2): Joanna Collantine (Estate Director), Andrew Shapiro (Director of Economic and Community Development) ,F�r!,-o FYz12ndQuarter Fn21 Stevens Estate nFP Stevens Estate mYBnFYzamunis Stevens Estate Finoncia|s.pdf Retained Earnings management.pdf Board Me,tingJonu report.puf norrativeFvzz.pdf Revised%2oaookin F\21 Stevens Estate g%2oneport%2o114Fo recast against eu' 1\ Introduction—Dave a) Governor statement and my email: dbrown@northandoverma.gov for questions during the meeting, Dave will read as received ontopic. b) Meeting called toorder c) Verbal Role Call—Members: ] Irwin,T Dugan, R Ellington, D Brown and]Justin present. Town officials: J Collantine (Estate Director) and A Shapiro (Community and Economic Development Director) present. 2\ Approval of previous minutes a) Minutes were approved for December lO, 2O2O. 3) Chairman'sUpdate— Oave i) RFP for Management of the Estate. (l) RFP was reviewed and commented by Dave prior toissuance. Jeanne also reviewed the RFP with no significant comments. RFP has been posted via Town Manager and distributed to the Board. Joanna also provided comments and those were addressed in the final version. (2) Review ofRFP (a) RFP was written with both a management or lease options to give the most flexibility tothe bidders. (b) Dave will participate as part of the RFP response evaluation group. (c) Role of Trustees of Osgood Hill (or some other town advisory body) following a change in management is unknown as this point. The RFPis silent on this topic. Was emphasized that the interest of town resident�even with a change in management, needs tobemaintained. ii) Update on State Department of Local Services report (l) Town Manager has received a draft on Jan 25 and has requested Daves review. iii) Update on presentations of our strategic plan proposal (1) Dave has provided strategic plan to FinCom and Planning Board. Presentation to Planning Board is scheduled for Tuesday, February 23. Other board members are available to participate. No response from FinCom as of yet. iv) Open Board seats (1) Charles Mathison has been approved to join the Board. 4) Finance Committee Update a) FY216udget Operations-Joanna i) Projected loss of$79,091. PT event manager has been furloughed until March and Joanna is splitting time between the Estate and other town departments. Does not include any revenues for FY22 deposits based on DOR feedback(this is a change from past town practice). ii) Capital dollars could be reallocated pending feedback from DOR whether they can be applied to FY21 or FY22 operating budget. Thom commented that before capital funds are reallocated a legal review be solicited since those funds were appropriated at Town Meeting. iii) Event inquiries continue to be robust in response to the new website and pent up demand. iv) Any shortfall in the Enterprise Fund will need to be appropriated from the town Free Cash account at next Town Meeting. b) Retained Earnings report- Dave i) Retained earnings as of Dec 31, 2020 is$37,460.81. Thom asked about the transfer from Stabilization Funds, approved by the Select Board, into the SE thus increasing the retained earnings. Andrew provided an update that the funds are still in the Stabilization Fund, but any deficit within the SE account will be covered by a transfer of funds from the stabilization account. c) FY21 Actuals vs Forecast—Jerry i) Actual revenue through 2Q is$62,112 against total operating expenses of$124,370. As discussed earlier there are no events planned in 3Q and expenses are being reduced to minimize the anticipated loss for the year. Jeanne asked about the possible capital transfer which is not shown on the Operating budget munis report. For each capital project, it has its own report showing expenditures and any remaining funds. d) FY22 Budget Status—Joanna i) Revenue projection is$334,114 against total expense projection of$322,280 leaving a profit of$11,835. Joanna will be preparing a best and worst case FY22 projection for review by Town administration. Should have a good idea of what the budget recommendation will be in early February. e) Website donations—still open at this time pending further review by the Town. 5) Marketing Committee Update—no update for the meeting. 6) Estate Operations a) Narrative of estate was provided by Joanna. b) Tabled setting up a subcommittee to track Estate needs. 7) New Business a) Holly Days and Hanukkah celebration went very well amid the changing dynamics due to Covid 19. Great iob by all involved and very appreciated by Town residents! i) Approx 140 children visited Santa, and 160 tours of the Estate were conducted. ii) Other town volunteers decorated the various rooms and local resident provided ice sculpture. iii) Donations received were provided to charitable organizations. 8) Public Comment—none 9) Next Meeting Date—to be scheduled in February 2021. 10) Adjournment a) Meeting adjourned at 8:26 pm.