HomeMy WebLinkAbout2023-01-18 Finance Committee Minutes
Finance Committee
Minutes of January 18, 2023
Present:
Vice Chair Christine Allen, Ken Gray, Regina Kean, Dustin Silk, Nancy Sarro, Brianna Stetson, Eva Pastor
Not Present:
Chair Denevan O’Connell, Keith Cheney
Present Non-Member:
Finance Director Lyne Savage
Ms. Allen called the meeting to order at 7:00PM. The open session meeting was recorded in person in the Select Board
Room at North Andover Town Hall 120 Main Street North Andover.
PUBLIC COMMENT
None
DISCUSSION ON USE OF FINANCE COMMITTEE RESERVE ACCOUNT
Ms. Savage explained the need to transfer funds in the amount of $71,000 from the Reserve account for the completion of
the Senior Center. Ms. Allen asked what the balance is in the Reserve Fund. Ms. Savage stated $1.4 million. Ms. Sarro
asked if it is a permanent transfer. Ms. Savage stated yes. Ms. Kean asked about the extra money that went into the
General Fund. Ms. Savage stated it went into Free Cash account and was closed out at the end of the year. Ms. Kean asked
if money can be moved back. Ms. Savage stated no, unless there is an appropriation from Town Meeting. Mr. Gray asked
if there are any additional items. Miss Savage stated unsure at this time.
MOTION: Ms. Kean made a MOTION, seconded by Ms. Pastor, to approve a transfer from the Finance Committee
Reserve to the Senior Center Construction account. Motion approved 7-0.
DISCUSSION ON THE FINANCIAL IMPACT OF OSGOOD SOLAR
Ms. Savage explained the 20-year agreement with Osgood Solar who provides a tax payment of $86,280.00 a year for 20
years ($1.7 million total). Ms. Savage explained that the savings are about $70,000.00 for the Town and $85,000.00-
$90,000.00 for the Schools. Mr. Gray asked about the capacity of the solar field. Ms. Savage stated she would be Mr.
Gray that information.
APPROVAL OF OPEN SESSION MINUTES FROM NOVEMBER 22, 2022
MOTION: Ms. Kean made a MOTION, seconded by Mr. Silk, to approve the Finance Committee open session meeting
minutes of November 22, 2022. Motion approved 4-0-3.
APPROVAL OF OPEN SESSION MINUTES FROM APRIL 6, 2022, APRIL 13, 2022 AND JULY 25, 2022
MOTION: Ms. Kean made a MOTION, seconded by Ms. Allen, to approve the Finance Committee minutes of April 6,
2022, April 13, 2022 and July 25, 2022. Motion approved 4-0-2.
APPROVAL OF OPEN SESSION MINUTES FROM DECEMBER 14, 2022
MOTION: Ms. Kean made a MOTION, seconded by Ms. Sarro, to approve the Finance Committee open session meeting
minutes of December 14, 2022 with an amendment to the adjournment time incorrectly stated in the minutes.
Adjournment time will be changed to 7:45PM. Motion approved 5-0-2.
ADJOURNMENT
MOTION: Ms. Kean made a MOTION, seconded by Ms. Stetson, to adjourn the Finance Committee meeting at 7:20 PM.
Motion approved 7-0.
Respectfully submitted,
Jillian A. Brothers
Executive Assistant