HomeMy WebLinkAboutFCMeetingMinutes_10.14.04 Finance Committee Meeting Minutes
October 14,2004
Attendants: Chairman Jack Watkins, Melinda Coppa, Steve Dawe,Bernice Fink(`B"),Mark Nichols,Paula Porten,Paul Stewart,
Mark Rees(Town Manager)and David Eisenthal(Town Financial Advisor). Paula Porten departed 7:30 PM. Melinda Coppa filled
in as Secretary in Mike Batsimm's absence.
Call to Order: Jack Watkins called the meeting to order at 6:40 PM.
Approval of Minutes: The Committee dispensed with the minute approvals until the following meeting.
Beavers: Chairman Watkins recognized Paul Stewart for his extensive service to the Town and his personal attention to the Beaver
issues. Paul was given the high honor of receiving the"Heave a Beaver Disc". There was some talk as using a picture of this
wonderful piece of art work as the cover of the next Annual Town Warrant.
Municipal Project Funding Mechanisms: David Eisenthal,Vice President Financial Advisor of UniBank,presented the Committee
with a summary of the various financing tools available to municipalities. This presentation included discussions on legal provisions,
interest rates, Town ratings,as well as Types of debt structures. Finance Committee members and Mr. Eisenthal had a good healthy
exchange on the topics presented. Attached is a copy of the presentation made by Mr. Eisenthal.
Financial Forum: Chairman Watkins provided a brief update on the Forum. As is stands now,after the election in November he
expects to hold a meeting with the Board of Selectmen Chairwoman, School Committee Chairman,along with the Town Manager and
Superintendent of Schools. This meeting will discuss how each group will work together in the coming budget season.
Revenue/Fixed Cost Advisory Committee: Mark Nichols and Paul Stewart will be the Finance Committee members partaking in
this newly formed committee. Timing of the meeting is still pending review of the Warrant provision passed at last year's Annual
Town Meeting.
Police Station—Alternate Funding: Discussion included ways in which the Finance Committee can assist the Town in this process.
'discussion shifted towards a more integrated look at the Capital Improvement Plan.
Capital Projects—Finance Committee Review Plan: Chairman Watkins plans to draft a document outlining
strategies/concerns for the Capital Improvement Plan.
Finance Director Status: Chairman Watkins,a member of the hiring committee, announced that the Town Manager received 25
applicants for the position. Of these applicants,five have extraordinary municipal experience on paper.
Future Meetings: The Finance Committee agreed to meet every other week beginning October 28,2004 at 6:30 PM at the Town
Hall.
Selectmen Financial Policy Statement: A draft of the Financial Policy Statement is out but needs much more work. "B"noted that
there are a number of errors and that Mark Rees acknowledged these errors and is working to correct them. This topic rolled into a
discussion regarding receipt of monthly and year-to-date financial results. Chairman Watkins will request a status update from Mark
Rees on the FY04 Year End results,FY05 monthly reports and the status on the new accounting computer installation.
Adjournment: Steve Dawe motioned to adjourn at 8:44 PM. Mark Nichols seconded the motion. There was no discussion and all
members present voted in favor of adjourning.