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HomeMy WebLinkAbout2019-09-24 Finance Committee Minutes 1 ue i ni I V TOWN OF NORTH ANDOVER FINANCE COMMITTEE Meeting Minutes Meeting Date September 24, 2019 Meeting Location: School Administration Building Sasha Weinreich, SW Chairman X Ed MacMillian EM, Vice Chair X Timothy Tschirhart, TT X Divya Bhatnagar, DB X Charles Trafton, CT Jennifer Luz, JL X Thomas Ringler, TR X Kevin Foley, KF X Christine Allen, CA X Angela Ciofolo, AC X Note: All FINCOM votes are subject to a re-vote upon receipt of new information. Note: Documents used in this meeting are listed in Document Table, herein. Non Finance Committee Members in attendance Lyne Savage (LS), Finance Director/Town Accountant Pledge of Allegiance 07:09 Call to order Discussion starts on or about 7:10 pm/ 01:00 on video time SW: Stated that there is no Public Comment at this time. SW: Opened the meeting with introducing and welcoming two new excellent members to the Finance Committee, Jennifer Luz and Kevin Foley. SW: Thanked both new members for agreeing to join the Finance Committee. FY19 End of Year Financials Discussion starts on or about 7:11 pm/ 02:00 on video time SW: Let's start with the review of the FYI 9 End of Year Financials that LS was kind enough to provide and send to us. SW: We will turn this over to TT TT: Stated that he had some relevant questions for LS and requested that she come to the mic to explain and help us understand as well as to answer some questions. TT: Asked LS of the Original Appropriation, is that the same thing as the Final Approved Budget? September 24, 2019 Page 1 LS: Responded that the original ATM adopted budget has to stay original, but can be revised through several different methods. LS: Commented on the revenues and stated that they are not adopted at Town Meeting and can be changed at any time. LS: Spoke on a variety of items such as the recap sheets, revenue, building budget, adjusting tax rates,property taxes, etc. TT: Asked LS about the increase of the motor vehicle excise tax LS: It is not unusual in a good economy to have an excess increase in what we see for motor vehicle excise tax. Many people in a good economy purchase new cars. TT: Questioned the interest income. LS: Explained that the last Treasurer we had (she is no longer working for the Town), was strong on investments. She knew how to invest funds properly, and she found CD's with greater interest rates. Conversations and questions regarding Insurance (GIC), Free Cash, revised budgets, economy, overtime, Columbia Gas, operating budgets, etc., were discussed. School Budget, salaries, transportation costs and out of district costs and also keeping students in district were also discussed. TT: Commented on the Enterprise Funds (water& sewer) and the Stevens Estate. LS: This was an unusual year for us because we were focusing on Columbia Gas. There were a lot of things that were planned that we wanted to do, but we could not. This was a tough year to analyze. We are still dealing with Columbia Ga CA: Commended to TT on his review of the FYI 9 End of year Financials stating that his comments and questions were very good. Approval of minutes for July 30, 2019 Discussion starts on or about 7:30 pm/20:00 on video time CA: Made a motion to approve the July 30, 2019 minutes TT: Second the motion All were in favor to approve the minutes FY20 Topics of Focus Review and Allocate areas of focus to specific members. Finance Committee appointment to newly established Steven's Estate Committee Discussion starts on or about 7:32 pm/ 022:00 on video time SW: Spoke of how they want to focus and structure this year. Also commented on how LS has offered to send an actual year to date report. SW: Asked the members to think about what section of the budget they might be interested in (regarding the warrant letter). If there are any associated meetings with the subject you choose September 24, 2019 Page 2 you may think of going to those meetings, in order to keep a pulse on the specific topic you choose. SW: Does anyone have any strong opinions or preference on what subject(s) or topic of the budget you may want to focus on, regarding the Warrant Letter? TT: Commented that the school budget runs so independent from the rest of the budget, but has become more transparent over the years. TT and CA chose to do the School Budget. CA: Suggested that we need to be more plugged into the CPC. Someone could focus on this. Last year we did not get the report ahead of time, we had no way to comment or think about it, they did not give us much time. SW: Commented of the changes to the Senior Center, SW: Spoke of the importance of knowing ahead of time any changes and issues that are coming down the pipeline, this will help us make better financial recommendations. KF: Spoke of his concerns of the paid Family Medical Leave Act and the impact it may have on the Town. SW: Asked if CT and TT will remain on OPEB TT: Agreed to remain on OPEB SW: Spoke of how the BOS are looking to appoint a former or present member of the Finance Committee to the new Stevens Estate Committee (it is considered to be a long term Planning Committee). There are two committees to the Stevens Estate one is the existing committee that focuses on ongoing operations, and the new one is the Long Term Planning Committee, making long term recommendations (this is the committee the BOS are looking to appoint members to).This committee will report back to the Board of Selectmen with their recommendations. JL: Stated that she would consider serving on this new Committee for the Stevens Estate, but is concerned with the time commitment. CA: Suggested that JL should speak to Regina (BOS)to see if she would be comfortable with committing to this committee. SW: Responded to JL, this could be a tentative commitment, and also suggested that she could be the second person for this committee. SW: Suggested various topics to the Finance Committee Members to think about focusing on. SW: Spoke of how she is looking forward to meeting with the new Town Manager, and will also speak to her on the nondisclosure agreement,that was spoken about at the last meeting. Also she and EM will keep everyone posted at the next meeting on this issue. September 24, 2019 Page 3 TT: Explained the Revenue and Fixed Cost Committee and then asked what Finance Committee Member might be interested in attending. SW: Responded back and stated that she will do it if no one can do it. KF: Stated he will do it as well with SW. Public comments) Discussion starts on or about 8:10pm/61:00 on video time Stan Limpert, of 43 Stonecleave Road SL: Made a suggestion to the Finance Committee members to possibly think about the CPA to discuss. Adi ournment 8:17 TT: Made a motion to adjourn the meeting CA: Second the motion All were in favor to adjourn Document Table -Agenda Finance Committee Meeting for September 24,2019 -Minutes from July 30, 2019 -Town Meeting Adopted Budget Fiscal Year 2020 -FY19 General Fund -FY19 Enterprise Fund Expenses -Fy19 General Fund Expense Budget -Finance Committee request (17 messages) -FY2019 Actual vs Budget September 24, 2019 Page 4