HomeMy WebLinkAboutFin Comm 04/23/2020Finance Committee Meeting Minutes
April 23, 2020
Present: Mr. Walter Wilk, Chairman; Mr. Brian Eagle, Vice -Chairman, Mr. Scott Feely',,] . ichael DeSantis;
Ms. Sara Walsh; Ms. Kathleen Aguiar; and Mr. Jack Cooney, Clerk NI 12
A a; 21-1
Also Present: None. 0
Not Present: None.
1. Call the Finance Committee meeting to order and review the agenda
Chairman Wilk called the meeting to order at 4:35 p.m. Chairman Wilk queried the members to see how they
would like to handle discussion from audience members and it was decided to allow discussion after each
agenda item.
2. Reserve Fund transfers
Chairman Wilk stated there were no requests currently.
3. Discuss impact of COVID-19 on current FY (incurred and potential new expenses; potential decrease in
local receipts)
Chairman Wilk stated that Mr. Dumas and Mr. LaCasse had shared with him that expenses directly related to
COVID were at approximately $66,000.00 currently, These expenses included things such as software licenses,
laptops, PPE, etc. He further stated that Mr. Dumas had instituted a spending freeze.
Chairman Wilk further stated that FY20 state aid should not be dramatically affected but locally food and
beverage receipts and building permits could be affected and Mr. LaCasse will be putting numbers together
for the Finance Committee.
Mr. Eagle asked if the town owned any properties that were rented out that could be affected by the new rent
forebearance policy but Chairman Wilk stated he did not know of any that would be affected.
4. Discuss impact of COVID-19 on next FY budget (likely decrease in local receipts; potential for recovery
from other sources)
Chairman Wilk relayed from Mr. Dumas that he had not received any information from the state yet and Mr.
Eagle asked if the Committee should look at different scenarios that could affect the budget such as the Xfinity
Center cancelling shows. Mr. Eagle also suggested using this situation as an opportunity to approach
businesses who are looking to downsize or move to more suburban areas during the pandemic.
Chairman Wilk also reminded the Committee that nothing had been done yet concerning the RFP for the fire
station or the new tranches of land. Ms. Aguiar stated that there has been no impact on the property market
in Mansfield yet and this might be an opportune time to try to market these properties.
S. How can Mansfield prepare financially when the State opens if revenue is generally reduced by 5%, 10%
or 15%?
Chairman Wilk stated the Committee will send a letter to the Select Board asking for scenarios if the town's
revenue is reduced by 10%, 15%, 20% and 25% for the Committee to consider.
Mr. DeSantis asked if the Town should be looking at refinancing any existing debt.
Finance Committee Meeting Minutes
April 23, 2020 Page 1
6. Committee reports (Master Plan, CIP, School, Downtown, Audit, other)
Master Plan — Ms. Walsh stated it is in final draft and will be out to the public soon.
CIP — No report.
Schools — No report.
Downtown — No report.
Audit — No report.
7. Items not known within 48 hours
None.
8. Audience Q&A
None,
9. Committee member comments
Mr. Eagle asked about the Town's cybersecurity insurance and Chairman Wilk stated that the social
engineering coverage had been increased. He further stated that the policy was up for renewal in June and
that they would be increasing the contingent business interruption coverage substantially.
10, Adjourn
Motion: To adjourn Finance Committee meeting of April 23, 2020 (Feely/Eagle) at 5:23 p.m.
Pass 7:0
John Cooney
Finance Committee Clerk Signature
Minutes Clerk Signature
Minutes Prepared by Mary Dalton
Date
Date
Finance Committee Meeting Minutes
April 23, 2020 Page 2