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HomeMy WebLinkAbout2022-09-26 Finance Committee Minutes Finance Committee Minutes of September 26, 2022 Present: Vice Chair Christine Allen, Keith Cheney, Ken Gray, Nancy Sarro, Regina Kean, Eva Pastor and Finance Director Lyne Savage Not Present: Dustin Silk, Brianna Stetson 3PM. The open session meeting was recorded in person in the Select Board Room at North Andover Town Hall 120 Main Street North Andover. INTRODUCTION OF NEW MEMBERS PUBLIC COMMENT None APPROVAL OF OPEN SESSION MINUTES FROM APRIL 6, 2022, APRIL 13, 2022 AND JULY 25, 2022 Mr. O'Connell tabled discussion to the next meeting as more time was needed to review the minutes. REVIEW OF FINANCE COMMITTEE POLICIES AND RULES OF PROCEDURES Mr. O'Connell tabled discussion to the next meeting as more time was needed to review the policies and rules of procedures. REVIEW OF BUDGET CALENDAR AND KEY MILESTONE Mr. O'Connell went over the budget calendar and discussed the upcoming dates. REVENUE AND FIXED COST COMMITTEE EXPLAINATION AND CALL FOR VOLUNTEERS Mr. O'Connell and Ms. Savage went over the role in the Revenue and Fixed Cost Committee. Mr. Gray and Ms. Sarro volunteered to join the committee. MOTION: Ms. Allen made a MOTION, seconded by Ms. Pastor nominating Ken Gray and Nancy Sarro to the Revenue and Fixed Cost Committee. Motion approved 7-0. ELECTION OF CHAIR AND VICE CHAIR OF THE FINANCE COMMITEEE MOTION: Ms. Kean made a MOTION, seconded by Christine Allen as the Vice Chair of the Committee. Motion approved 7-0. TOWN MANAGER AND FINANCE DIRECTOR/TOWN ACCOUNTANT REQUEST A TRANSFER FROM THE FINANCE COMMITTEE RESERVE Mr. O'Connell read the letter sent from the Town Manager explaining the request for a transfer of $100,000 and once the payment is made the amount would be transferred back to the reserve. Mr. Gray asked Ms. Savage how much is in the Amazon Community Partnership Agreement. Ms. Savage explained there is a variety of different payments that we will be made based on the agreement. Ms. Savage explained that the transfer will remain in the General Fund. Ms. Allen asked about the color of the furniture. Ms. Savage stated she will find out. Ms. Sarro asked Ms. Savage if the $1.5 million reserve is a bank account or an appropriation. Ms. Savage stated it is an appropriation. Ms. Allen gave an additional explanation of how the change into the GIC created a reserve and made the appropriation where the funds are available and more transparent. Mr. Chaney asked when Amazon would be issued their certificate of occupancy. Ms. Savage stated she is not involved in that aspect of the project. Mr. Gray asked how much is in free cash. Ms. Savage stated it has not been certified yet so the amount is unknown. Mr. Cheney asked if the reserve is added to from taxation. Ms. Savage stated it is put into the Town Manager recommendation for her budget at $1.5 million. MOTION: Ms. Allen made a MOTION to transfer from the Reserve account to the Senior Center capital account in the amount of $100,000.00. Mr. Cheney seconded. Motion approved 7-0. DISCUSSION ON TOPICS THE OPARD WOULD LIKE TO STUDY THIS YEAR OUTSIDE OF THE BUDGET Ms. Allen stated she would like to know more about what the ARPA funds can be spent on and to let other organizations within the Town know this is a funding source that they can use, for example within the schools. Mr. Gray asked about the deadline to spend the funds. Ms. Savage stated 2025. Mr. O'Connell mentioned Andrew Shapiro is in charge of the ARPA funding and to have him come into the next meeting. Ms. Sarro asked if other than department heads can request to use the funds. Ms. Allen mentioned about closing out the money from the gas disaster. Ms. Allen asked if there are any additional funding. Mr. O'Connell mention Mr. Shapiro would be the best to ask. Mr. Gray asked who gets the budget goals for the department. Mr. O'Connell stated the town manager and the Select Board set the goals and it goes to the departments as well as the School and their departments. It is then presented to the Finance Committee. Ms. Allen explained the Facilities Master Plan II to the new members. Ms. Kean mentioned discussing the Middle School Fields project where funds have been appropriated several years ago and where the project is now. ADJOURNMENT MOTION: Ms. Sarro made a MOTION, seconded by Ms. Allen adjourn the Finance Committee meeting at 7:500 PM. Motion approved 7-0. Respectfully submitted, Jillian A. Brothers Executive Assistant