HomeMy WebLinkAbout2024-02-12 Finance Committee Minutes
Finance Committee
Minutes of February 12, 2024
Present:
Chair Denevan O’Connell, Vice Chair Christine Allen, Eva Pastor, Ken Gray, Nancy Sarro, Regina Kean
Not Present: Keith Chaney, Brianna Stetson, Dustin Silk
Present Non-Member:
Finance Director Lyne Savage
Mr. O’Connell called the meeting to order at 7:21pm. The open session meeting was not recorded initially due to
NACAM not being present, but recording commenced midway through the meeting. Ms. Kean took minutes during the
meeting. The meeting took place at Town Hall 120 Main St North Andover in the Select Board Room.
Ms. Kean read a statement from Town Manager: In conformance with North Andover bylaw chapter 30-1, I am
suspending the requirements of the section due to operational issues and the Finance Committee can proceed with their
regularly scheduled meeting without television. This meeting was posted in conformance with the open meeting law.
Public Comment
None.
Voting for Chair and Vice Chair
MOTION: Ms. Kean made a MOTION, seconded by Mr. Gray to nominate Denevan O’Connell as the Chair for
this fiscal year. Motion approved 6-0.
MOTION: Mr. O’Connell made a MOTION, seconded by Mr. Gray to nominate Christine Allen as the Vice-
Chair for this fiscal year. Motion approved 6-0.
Update from Revenue and Fixed Cost
Mr. Gray and Ms. Sarro shared the following update:
FY25 revenues are expected to increased 4.86%
Expenses are expected increase by 2.8%
Generally found consensus on both revenue and fixed cost side
Provided estimates to Town Manager and Finance Director to create a budget
Reviewed Finance Committee Policies Rules and Procedures
No change from last year.
MOTION: Ms. Allen made a MOTION, seconded by Ms. Pastor to accept the current Finance Committee
Policies and Procedures as written and with no changes. Motion approved 7-0.
Regarding an updated version of the financial reserve policy
Ms. Kean asked to see a redline version of the revised Financial Reserve Policy. Mr. O’Connell agreed and tabled the
item until next meeting.
Finance Committee Letter
All present members agreed to take same portion of the letter as last year.
Approval of Minutes from April 26, 2023, May 16, 2023, July 12, 2023 and December 13, 2023
MOTION: Ms. Allen made a MOTION, seconded by Ms. Sarro, to approve the minutes of April 26, 2023 as written.
Motion approved 6-0.
MOTION: Ms. Allen made a MOTION, seconded by Mr. Gray, to approve the minutes of May 16, 2023 as written.
Motion approved 6-0.
Minutes of July 12, 2023 were tabled.
MOTION: Ms. Allen made a MOTION, seconded by Ms. Pastor, to approve the minutes of December 13, 2023 as written.
Motion approved 6-0.
ADJOURNMENT
MOTION: Ms. Allen made a MOTION, seconded by Mr. Gray, to adjourn the Finance Committee meeting at 7:40PM.
Motion approved 6-0.
Respectfully submitted,
Jillian A. Brothers
Executive Assistant
Documents used at meeting:
Finance Committee Letter
Finance Committee Policies and Procedures
Finance Reserve Policy
Minutes