HomeMy WebLinkAbout2026-06-25 Finance Committee Minutes di
Finance Committee
Meeting Minutes of June 25, 2026
I IIIIiY)loll`ii�Ei@tl} �}pIt 1}i'I}y,
(IIII II Illt'lll�ll I i
,i
Pursuant to Section 20 of Chapter 20 of the Acts of 2021, this meeting of the North Andover Finance
Committee will be conducted via remote participation. For this meeting, members of the public who wish to
watch the meeting may do so via Google Meet link: https://meet.google.com/oxf-nsfw-whm
Call To Order: Chair Regina Kean called the remote meeting to order at 5:OOPM.
Present: Chair Regina Kean, Vice Chair Denevan O'Connell, Christine Allen, Eva Pastor, Nancy Sarro,
Jeanne Irwin, Keith Chaney, and Jennifer Watson.
Not Present: Michelle Nadeau
Non-Board Members in Attendance: Finance Director Dennis Keohane.
PUBLIC COMMENT
None.
NEW BUSINESS
Vote to approve end of the year budget reallocations
Mr. Keohane discussed the FY26 year-end budget transfers. Mr. Keohane discussed the projected deficits
for the Essex Aggie School. Mr. Keohane discussed the snow and ice deficit. Mr. Keohane discussed the
health and human services transfer due to retirements. Mr. Keohane stated the insurance premiums were
higher than anticipated so they are looking for a transfer for liability insurance. Mr. Keohane discussed the
different areas they are looking to offset. Ms. Kean asked if the decrease in employee benefits decreased
due to people opting out of the insurance. Mr. Keohane stated that it is one of the contributors. Ms. Kean
asked if they continue to see people opt out of that. Mr. Keohane stated yes. Ms. Kean asked why public
safety was under. Mr. Keohane stated staff turnover because as people leave there is a lapse in filling
positions or a new employee comes in at a lower step. Ms. Kean asked about Essex Aggie being over. Mr.
Keohane stated the enrollment was higher than anticipated. Ms. Kean asked if the budget passed at Town
Meeting included an anticipated increase. Mr. Keohane stated yes. Ms. Kean asked if this was not due to
raising the price but due to more students going there. Mr. Keohane stated yes. Ms. Irwin asked if they
could budget to the maximum number of enrollment. Mr. Keohane stated he does not know that number
however, he would not necessarily want to do that. Mr. Keohane stated they will continue to track it over
the next couple of years to get a sense of how many students are going. Ms. Sarro stated it looks like the
$1.5 million Finance Committee reserve covers all of those other things, but on the schedule, it appears
only half a million dollars of it was used, and they end up with half a million dollar surplus. Ms. Sarro asked
what the difference was and how do they reconcile those two. Mr. Keohane stated they are balanced to
zero on all of the transfers. Ms. Sarro stated the schedule attached is showing that there was a half of a
million dollar surplus. Mr. Keohane stated that this number is actually where they are, and there are some
areas where there may be surpluses that they did not have to move money from. Ms. Sarro asked if this
was just two different views. Mr. Keohane stated yes. Ms. Sarro asked if they have to net out. Mr. Keohane
stated yes.
di
Finance Committee
Meeting Minutes of June 25, 2026
I IIIIiY)loll`ii�Ei@tl} �}pIt 1}i'I}y,
(IIII II Illt'lll�ll I i
,i
MOTION:Ms. Sarro motioned to approve the end of the year budget reallocations. Ms. Irwin seconded.
Motion approved 8-0 by roll call vote-Allen:yes, O'Connell:yes, Sarro:yes, Irwin:yes, Chaney:
yes, Pastor:yes, Watson:yes, Kean:yes.
APPROVAL OF OPEN SESSION MINUTES FROM MAY 1212026
MOTION:Ms. Watson motioned to approve the open session minutes from May 12, 2026 as presented.
Ms. Allen seconded. Motion approved 8-0 by roll call vote-Allen:yes, O'Connell:yes, Sarro:yes,
Irwin:yes, Chaney:yes, Pastor:yes, Watson:yes, Kean:yes.
ADJOURNMENT
MOTION:Mr. O'Connell made a MOTION, seconded by Ms. Pastor to adjourn the Finance Committee
meeting at 5:16PM. Motion approved 8-0 by roll call vote-Allen:yes, O'Connell:yes, Sarro:yes,
Irwin:yes, Chaney:yes, Pastor:yes, Watson:yes, Kean:yes.
Respectfully submitted.
Nicole Civitarese
Executive Assistant
Documents used at meeting
Letter
Minutes from 5/12/26