HomeMy WebLinkAbout2021-04-12 Trustees of Osgood Hill Board Meeting— Remote Participation
Minutes of Board Meeting conducted April 12, 2021
Called to order 7:05 pm all participants remote due to COVID-19 requirements.
Voting Members Present (5): David Brown (Chair), Robin Ellington,Jerome Justin,Jeanne Irwin, Charles
Mathison
Voting Members Absent (1): Thomas Dugan
Town Officials(2): Joanna Collantine (Estate Director),Andrew Shapiro (Director of Economic and
Community Development)
Handouts:
RJ."
DLS Review of SE
Enterprise Fund_01.
1) Introduction—Dave
a) Governor statement and my email: dbrown@northandoverma.gov for questions during the
meeting, Dave will read as received on topic.
b) Meeting called to order
c) Verbal Role Call—Members: J Irwin, C Mathison, R Ellington, D Brown and J Justin present.
Town officials:J Collantine (Estate Director) and A Shapiro (Community and Economic
Development Director) present.
2) Review and discussion of DLS/DOR findings.
a) Dave read the cover letter provided by Town Manager dated March 12, 2021 to the Select
Board.
b) Robin identified the following for discussion:
i) Revenues, page 3
(1) Noted that capital money, currently unspent, can and should be used to cover any
deficit in retained earnings for FY21. Andrew reported that current unspent capital is
$212,772.95 dating from FY18 to FY21.
(2) Page 4—from the table going back to 2010 the Estate has not used town funds to
sustain the estate. Board discussed an April 12 Eagle Tribune article with a comment
from a town resident that the Estate has been a drain on town finances. This is an
individual view and not a statement from a Town official. Board discussed options to
respond to the Tribune report.
ii) Indirect costs, page 6
(1) The Town accountant provides the formula to allocate indirect costs to the Enterprise
Fund. In FY21 and FY22,the Town is not charging the estate for indirect costs. DLS
noted the need for the town to develop a policy for allocating indirect costs to the
Enterprise funds.
iii) Use of revenue derived from cell tower lease, page 8
iv) Use of space by other Town departments, page 10
v) Need for Estate Director to be engaged in key discussions going forward.
c) Joanna identified the following for discussion:
i) Page 3, Revenue
(1) statement regarding projected revenue and not approving the Town's tax rate if the
estimated revenue is not supported sufficiently. The burden is on the Town to provide
supporting documentation for estimated revenue to show the estimate is reasonable.
ii) Page 5, Retained Earnings chart
(1) FY17 had $125,000 in capital appropriation that is missing.
iii) Page 2, Enterprise Fund
(1) How are other enterprises handling the loss of revenue from Covid 19? Restrictions
have been a burden on municipally owned entities. This may result in town's being less
apt to pursue these operations in the future.
d) Other Discussion
i) Jerry suggested the Board review the open questions to the Town Manager from May 4
2020, in light of the DLS report at the next meeting.
ii) Robin asked about whether Munis can report out cash deposits. Joanna reported that
deposits are being reported currently. In a situation where a non-refundable deposit was
received in FY21 and the event subsequently cancelled, the deposit would need to be
converted to revenue in FY22.
3) Public Comment—none
4) Adjournment
a) Meeting adjourned at 8:09 pm.