HomeMy WebLinkAbout2017-04-03 Finance Committee Minutes Public Hearing TOWN OF NORTH ANDOVER
FINANCE COMMITTEE
Meeting Minutes
Meeting Date April 3rd, 2017
PUBLIC HEARING
Meeting Location: School Administration Building, 566 Main Street
Bill Callahan, BC, Chairman X Sasha Weinreich, SW X
Jennifer Goldman, JG, Vice Chair X Divya Bhatnagar, DB X
Karin Blake, KB X Angela Ciofolo, AC X
Thomas Ringler, TR X
Timothy Tschirhart, TT X
Liz Gerron, LG X
Note: All FINCOM votes are subject to change upon receipt of new information.
Note: Documents used in this meeting are listed in Document Table, herein.
Non Finance Committee Members in attendance
Non Finance Committee Members in attendance
Andrew Maylor(Maylor), Town Manager
Ray Santilli (Santilli), Assistant Town Manager
Lyric Savage (Savage), Town Accountant
Eric Kfoury(Kfoury), Director of Community Development
Charles Gray (Gray), Police Chief
James Mealey(Mealey), Assistant Superintendent, Finance & Operations
Steven Foster (Foster), Facilities Director
Christopher McClure (McClure), Director of Information Technology
Jim Stanford (Stanford), Director of Public Works
Call to order 6:45
BC: Good Evening everyone, and welcome to the FYI Public Hearing.
Public Hearing
Discussion starts on or about 6:451)m/00:30 on video time
Stan Limpert, of 43 Stonecleave Road, former School Committee member
Limpert: Stated that he had a couple of questions to ask.
What is the latest thinking on the potential impacts on our town budget with the State and Federal
Budget, which seems to be in a dramatic state of flux? How did those discussions go?
BC: Responded to Limpert's question, stating that we have been as conservative as usual with
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the amount of State Aid we put in. We did not do anything with the Federal Aid. So Title 1
money we assumed would be there. We would make a determination on the Federal Budget once
we get more information on the Federal Budget.
Limpert: What advantage or leverage does the new Triple A bond rating give us?
BC: Responded fundamentally it means the cost of borrowing is lower. The goal is to maintain to
keep our debt under 5%.
Limpert continued to discuss and ask questions to the Finance Committee and Maylor.
Maylor: Reserves allow us to feel comfortable regardless of the economic circumstances.
Reserves help us to fulfill promises. It is normal to talk about reserves in good time,but we
always need to be prepared,because every day is different from today.
BC: Asked for any further comments.
TT: Wanted to thank Limpert for his service in the School Committee
Ad'ournment 6:57 PM
KB: made a motion to adjourn
TT: Second the motion
All in favor to adjourn
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