HomeMy WebLinkAboutFCMeetingMinutes_02.12.04 FINANCE COMMITTEE MEETING
FEBRUARY 12, 2004
ATTENDANCE: The following members were present: Jack Watkins, Chairman,
Keith Mitchell, Vice Chairman, Bernice Fink, Melinda Coppa, Paul Stewart, Paula
Porten, Mark Nichols, Mike Batsimm and Steve Dawe_ Also in attendance were Mark
Rees and Joyce Hanlon. There were also two audience members.
CALL TO ORDER: Jack called the meeting at 6:30pm.
APPROVAL OF MINUTES: Mike MOVED to approve the 1/29/04 minutes and Keith
seconded. The minutes were unanimously approved.
NEW BUSINESS:
FY05 OPERATING BUDGET: Mark Rees presented and discussed the FY05 budget.
In summary, the FY05 budget consists of total revenues of$65,092,146 with fixed costs
of$12,460,329 and semi-fixed costs of$7,370,536. This total revenue projection
includes $1,000,000 from free cash and $747,180 from MRI funds. This leaves a balance
of$45,261,281 for budget appropriations of non-fixed costs. Mark fitrther recommends
dividing the balance by 2/3 and 1/3 appropriating $30,315,648 to the schools and
$14,945,633 to the municipal side.
-� Mark then highlighted some of the budget cuts. He stated that there would not be an
employed health inspector and instead the inspector would be contracted and paid
through a revolving fund. The Youth Services' budget would be cut and a full time staff
would be reduced to 3/4. Elder services would lose a '/2 time person and there is no
funding for fireworks. He also proposed reducing the second ambulance service during
off peak hours and not filling the vacancies of 2 police officers and one firefighter.
He set aside $335,000 for salary reserves. Raises for By-Law employees are also
included in the budget. Mark then answered Paul's and Melinda's written questions and
some of the other member's questions.
WARRANT ARTICLES:
Fincom Warrant Article: Jack distributed a warrant article to be included in the Town
Warrant, which recommends that a committee be established to develop revenue and
fixed expense projections for the town's operating budget. This committee shall be
comprised of the Town Manager,the Town Finance Director, the School Superintendent
and two Finance Committee members. Paula MOVED to suspend the rules to vote on
the article and Mike seconded. The vote was unanimous. Melinda then MOVED to
adopt the Fincom Warrant Article with the understanding that language will be adjusted
to state that it is an advisory committee and that the Town Manager still presents revenue
projections. Mike seconded and the vote was unanimous.
Town Moderator Warrant Article: Jack handed out a proposed article by the Town
Moderator, which states that the Fincom presents the budget.
Town Manager Warrant Article: Jack also handed out a proposed article by the Town
Manager, which states that the manager presents the budget.
Joint Meeting: Mark Rees invited the Fincom for a joint meeting with the BOS on
3/1/04 to meet with department heads to review the budget.
.ADJOURNMENT: Keith MOVED to adjourn the meeting and Mike seconded. The
vote was unanimous.