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HomeMy WebLinkAboutBudget Comm. 11/06/2014f(tee vein_ r-rr o11r/1�l I � jsl ��j Cub - Minutes from the BudgeR&GUMS MeJ aNkULERKS r 1�CE NovembeA,Yf� 5 P b! 41 Present at the meeting were: Walter Wilk Ed Vozzella Frank DelVecchio George Dentino Kiera O'Neil Lynn Cavicci Steve Schoonveld William Ross Zeffro Gianetti John Stanbrook MANSFIELD MASSACHUSETTS At 6:35, Steve Schoonveld called the meeting to order and referred the committee to the agenda. 1. Selecting leadership/organization approach After a brief discussion it was decided that the sub -committee meetings would be organized and lead based on a rotating approach. The Finance Committee organized and will lead the current meeting, the School Committee the next meeting, and the Board of Selectmen the following. The rotation will continue for future meetings. 2. Discussion of FY 2016 budget priorities Discussion was centered on the use of the CIP process, the use of free cash in the FY 2016 budget and the potential issues within the expected budget. 3. Discussion of the FY 2016 budget calendar Steve Schoonveld presented the Finance Committee approach for the FY 2016 budget process including a series of Q&A sessions to be held in April before Town Meeting. The dates of the initial budget presentations in early January were also shared. 4. 5-year budget projection review by John Stanbrook John Stanbrook distributed and presented the current version of the 5 year budget projections based on aggressive, moderate and conservative. John explained the approach taken and the assumptions within the projections. This is a tool developed on request and with the help of the Finance Committee three budget seasons ago. He is looking to refine the projection based on the FY 2016 budget and assumptions based on population, revenue and expense projections. 5. Review of sources of FY2014 free cash with John Stanbrook 1 Q A John Stanbrook distributed and presented an exhibit detailing the sources of free cash from FY 2014 and available for use following confirmation by the state. 6. Discussion of Finance Committee financial policies The proposed financial policies will be or have been distributed to the Board of Selectmen and the School Committee for comments. In November, FINCOM representatives will be happy to meet with the School Committee and BOS to collect comments and craft a final version for signatures. The expectation is to have a signed set of policies prior to the busy budget process beginning in January. 7. Member comments None 8. Minutes None at this time. 9. Items not known yet known within 48 hours of the meeting None at this time. Motion to Adjourn (DelVecchio) Seconded by Wilk, Motion passes 10-0-0. Adjourned at 7:40.