HomeMy WebLinkAbout2021-05-04 Finance Committee Minutes
Finance Committee
Minutes of May 4, 2021
Present: Chairman Sasha Weinreich, Edward MacMillan, Christine Allen, Kevin Foley, Dustin Silk, Regina Kean,
, Jennifer Burns-Luz
Absent: None
Non-Finance Committee Members: Lyne Savage
, 2020
Order imposing strict limitation on the number of people that may gather in one place, this meeting of the North Andover
Ms. Weinreich called the meeting to order at 7:05PM via conference call.
Ms. Weinreich led the Pledge of Allegiance.
Public Comment
No public comment.
Vote on Warrant Articles for June 2021
Article 24 & Article 25
Ms. Weinreich suggested to wait and take no action until Town Meeting. Ms. Savage explained the articles. Mr.
OConnell and Ms. Allen agreed on not taking action at this time. Mr. Ringler asked if there was a number to transfer.
Ms. Savage stated no, not as of yet. Ms. Weinreich asked if more revenue was received from the Amazon permit fees
than were budgeted. Ms. Savage stated yes. Mr. Ringler asked if an overview of free cash will be given to clear up any
confusion or misunderstanding. Ms. Savage explained that free cash was used knowing that Amazon permit fees would
replenish the free cash. Ms. Savage explained free cash will be certified in August/September by the State.
MOTION: Mr. OConnell motioned to vote on all outstanding articles at one time. Ms. Allen seconded. Roll Call-
MacMillan- yes, Allen- yes, Ringler- yes, Foley- - yes, Kean- yes, Luz- yes, Silk-yes, Weinreich- yes.
Motion approved 9-0.
Mr. Ringler asked about Article 6. Ms. Weinreich explained the article.
Ms. Luz left the meeting at 7:25PM.
MOTION: Mr. OConnell motioned to vote Favorable Action on Articles 2, 6, 14, 15, 16, 21, 22, 23, 26. Ms. Kean
seconded. Roll Call- MacMillan- yes, Allen- yes, Ringler- yes, Foley- - yes, Kean- yes, Silk-yes, Weinreich-
yes. Motion approved 8-0.
Ms. Luz joined the meeting at 7:28PM
Discuss & Revise Warrant Letter
Ms. Weinreich went through the revised warrant letter. Mr. Foley asked what the overall policy is for reserve for capital
for buildings. Ms. Weinreich stated the Capital Needs Assessment prioritizes age and needs of buildings each year. Ms.
Kean mentioned to add in as outlined in Facilities Master Plan for frequency of building needs. Mr. Foley mentioned to
change Board of Selectmen to Select Board in the Executive Summary. Mr. Ringler spoke about his concern of the use of
free cash for capital investment and suggested it be noted in the letter. Ms. Savage mentioned the capital improvement
was funded 100% by free cash. Ms. Savage stated the interest rates are low on earnings and are low on borrowing so
better to use the free cash. Ms. Weinreich suggested to add a sentence about the future needs of the school in the
Executive Summary. Ms. Kean agreed to mentioning not being able to fund the needs of the school without a big action.
Old Business
None
Approval of April 27, 2021 Minutes
MOTION: Ms. Allen motioned to approve minutes of March 23, 2021. Ms. Luz seconded. Roll Call- MacMillan- yes,
Allen- yes, Ringler- yes, Foley- - yes, Kean- yes, Luz- yes, Silk-yes, Weinreich- yes. Motion approved 9-0.
Adjournment
MOTION: Mr. Foley made a motion to adjourn at 8:15PM, seconded by Ms. Kean. Roll Call- MacMillan- yes, Allen-
yes, Ringler- yes, Foley- - yes, Kean- yes, Luz- yes, Silk yes, Weinreich- yes. Motion approved 9-0.
Respectfully submitted,
Jillian A. Brothers
Executive Assistant