HomeMy WebLinkAboutFCMeetingMinutes_01.03.12
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TOWN OF NORTH ANDOVER
FINANCE COMMITTEE
Meeting Minutes
Meeting Date 03 January 2012
Minutes Prepared by Patti Sifferlen
st
Meeting Location: Town Hall 1 fl conf room Meeting called to order: 6:45 PM
Thom Dugan-TD
Vice Chairman
Ramsey Bahrawy -RB, Robert Norbedo-RN
X x
Ben Osgood-BO Matthew Remis-MRem
X X
Alan LeBovidge-AL Chairman Donald Elliott
x x
Peter Besen-PB Pat Sifferlen, PS, Admin
x X
Dan Leary
Non FinCom Members in Attendance
OTHERS: -Sandy Gleed (SG)Lyne Savage (LS), Andrew Maylor (AM), Stan Limpert (SL)
Note: All FINCOM votes are subject to change upon receipt of new information.
II. Previous Minutes Approved
DATE: December 20, 2011 approved Unanimous
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AGENDA ITEM A: Lyne Savage Discussion on Revenue and Fixed Cost Report
Discussion: LS Explains the revenue report. No expenses yet we do not have insurance
information. No dept shared cost should be in Mid Jan. Set by guidelines revenue
reports needs to be submitted 45 days prior to meeting, Health Ins expected To
increase 8 or 9% .Workers comp/liability no level funded figures yet.
Revenue discussion Overall not large increase 1.74% from last year or 1.3million.
Cannot increase revenue receipts with DOR unless you can justify the increase. Motor
vehicle excise last year collected 3.7 million but budgeted3.5 and we are trending lower
this year.
New Growth averaging around 500K for fy12 we collected 737K. I went and put it in
for 600K for FY13.
This year overage went into to overlay 3 years in a row of overlay deficits.
st
Meals tax: put in 350K right now we have nothing to go on. After 1 quarter and see
what our payment will be and we can adjust.
Penalties & interest: is keeping stable
Ambulance service: kept budget at 900K trending towards the 900K
Recycling fees keep same as FY12
Fees: large item is building inspection fees building inspector came in and thought it
was very level as to what we projected.
Other Receipts pretty much trending towards FY12
Licenses and permits Pretty much set only so many permits to give out.
Fines and Forfeits no big change.
Investment Income: Thinks it will stay as last year.
Intergovernmental (cherry Sheet) Level funded because we have no word on
where this is going
Inter-fund Operating Transfers Standard increase.
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AGENDA ITEM: B Town Manager Andrew Maylor
Discussion: -AL introduces Andrew Maylor. Stated fincom wanted to meet and learn philosophy
and see his time table for budget.
AM. Gives brief background information of self.
Currently operating within the path of policy relative to the capital plan. Capital plan
will be out within next few weeks.
Looking into new Insurance plan. Under new law, with GIC plan if savings exceeds
5% town can go forward to BOS ask for permission into an evaluating to see what
product be beneficial for us.
Would love to be more creative about how the town operates.
Regionalize services we need to start doing things with our neighboring towns.
Discussion was made on work being done with town facilities would like to see work
done on timely manner instead of waiting for a repair to reach 25K. Have town
departments report any minor repairs that need to be done. And possibly put small
items under capital plan as a blanket repair.
BO When do we expect to see the Capital Plan?
th
LS Town Manager is supposed to present Capital Plan it is due January 15. Next
rdrd
I will have copies after the 23 for the finance
committee.
AL We the finance committee would like to see budget information in a timely
manner. Would like to try to have joint meetings with Dept heads and BOS. Would
like to meet as soon as possible.
BO discussion on the Finance Committees requirements for discussion on warrant
articles. We write explanations of every article. Would only like to write favorable or
unfavorable (with explanations.)
AM would think you would only need to write on finance related articles.
AL Will have to check with Joyce as to how we get away from summarizing all articles.
AGENDA ITEM: C New Business
Discussion: . No new business
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IV. Next Meetings
January 17, 2012
Note: Documents used in this meeting are listed in Document Table, herein.
DOCUMENTS PROVIDED AT MEETING
TYPE FROM TO SUBJECT COMMENTS
ITEM #
1 Revenue and Lyne Savage Fincom
Fixed Cost
Report
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3
4
5
6
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V. Adjournment-
Motion: BO Yes Unanimous
Seconded: DE Time: 8:35pm
ACTION ITEMSC=Complete
ITEM # ACTION ITEM INDIVID. COMPL. STATUS
DATE
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Note: Documents used in this meeting are listed in Document Table, herein.
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