HomeMy WebLinkAboutFinance Comm. 07/25/2024Town of Mansfield
6 Pak Rom, Mansfield, Massachusetts 02048
Finance Committee
Tarsk
Goldfien, and Mr. Michael Flaherty were present in meeting room 3 A/B at Town Hall.
Not Present: Mr. Jack Cooney
Opening Meeting - {
1. Open Meeting - r
Ms. Sara Walsh called the Finance Committee meeting to order at 7:02PM.
2. Approval of June 20, 2024 meeting minutes.CD
Motion: To approve the June 20, 2024 meeting minutes. (Feely/Cooney) Passes
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Financial Updates`
3. Budget Transfer Memo from Assistant Town Manager/Finance Director 7/8/24 D scmlo
Ms. Walsh stated that this item will be deferred until the next meeting, given the Assistant tic wn Manager
is not in attendance as he is on vacation. She stated that any questions that there are about this point
should be directed to him upon his return.
4. 2024 Year End Update
Ms. Walsh stated that the Fiscal Year 2024 has officially ended and that the committee had not received
any notices from the Town Manager about major items that had come up. She stated that this item will also
be deferred to the next meeting, in which the Town Manager's Office can report back on matters regarding
the end of FY2024.
5. 2026 Budget Planning Process Update and Schedule
Ms. Walsh stated that there had been two Budget Subcommittee meetings since this committee met last,
and that there are two meetings scheduled in August. She stated that they are also working on planning a
Tri-Board meeting in September. She continued and described the work that the Budget Subcommittee is
doing, which entails reviewing major expenses, such as the trash/recycling mechanisms, as well as a
comparison of employee benefits for Mansfield and other towns, which revealed that we do not have any
outliers in our benefits plan. They are also working to establish a Benefits and Insurance subcommittee, and
members of the Finance Committee will likely be asked to be on that committee. The benefits compose of
roughly twenty percent of our spending so it will be helpful to have a committee looking into and review
that aspect of the town's finances. They are also working on a line by line review of the multi -year plan, and
got through the majority of the major expenses and will be moving on to revenue at their next meeting.
She said that the Assistant Town Manager and the Chair of the School Committee are working on
recommended parameters for the different departments to utilize as they are looking to implement
scenario -based trainings. There also may be three different versions of the budget, with the goal being that
the December/January budget will be closer to the final budget than in the past. This will be beneficial in
light of any potential discussions about an override, as we will have an idea of what the state's budget will
be by that point. Mr. Feely noted that the failed override in Norton could be a valuable learning opportunity
when analyzing what sort of cuts would need to be made, and what changes will result from not obtaining
an override, if one is necessary. Mr. Feely asked if there has been any data at the state level from a Finance
Committee perspective on overrides and where they are happening. Ms. Tarsi-Goldfien responded that the
Division of Local Services has collected data on when overrides go up, whether or not they pass, and the
rationale behind them, but due to the large number of overrides this year, they were going to try and wait
for the last round of Town Meetings to commence before pushing the data out. They have data from past
years, but given that this year was so abnormal they do not have data for this year posted yet. She
continued on to say that there may be a lot of information coming in the next couple of months for finance
committees across the state based on the lack of progression with the Municipal Empowerment Act.
Ms. Thurston asked if the Select Board had explored any opportunity to produce revenue via the Xfinity
Center, as she had heard someone mention that they were attempting to explore potential options for the
future. Mr. Feely stated that it seems in the past that we have been unable to do so given the property
ownership.
Questions from the Community
6. Questions from the community
There were no questions.
Committee Business
7. Policy Review and Discussion
Ms. Walsh stated that the committee had been asked to review the financial policies that are available on
the town's website and see if any changes need to be made, or if anything is missing. The first policy that
the board reviewed is for the Stabilization Fund and the Capital Stabilization Fund, as the two go together.
Ms. Tarsi-Goldfien asked if there is wording anywhere that allows the review of the definition of a capital
expenditure. Mr. Feely stated that there is no universal standard and towns can flex the definition as
needed. Ms. Walsh stated that it could be helpful to define the definition further to make it easier to
interpret. Mr. Feely stated that he would prefer to have a meeting prior to doing so to ensure that
everyone is satisfied with our current definition. Ms. Walsh stated that she is unsure if the town is
effectively following the Capital Stabilization Fund, as we are not putting any money in to it. Mr. Feely
stated that the idea behind that aspect of the policy is to encourage additional funds to be allocated for
that fund, assuming that the town has the ability to do so, which has not been the case for many years, Ms.
Walsh stated that she had a question that is applicable to both the Stabilization Fund and the Capital
Stabilization Fund, in Section 5B. She asked if the section was saying that these funds combined cannot
amount to more than ten percent. Mr. Feely confirmed that the ceiling of ten percent collectively between
both funds is accurate, and stated that it is unlikely that the town will approach or hit that ceiling. There
were no questions on the Free Cash policy. Ms. Thurston suggested that in every policy be updated to say
Select Board as opposed to Board of Selectmen. Ms. Walsh asked if the General Fund Reserve Fund needs
to be revised and Mr. Feely stated that it could be beneficial to consult the Assistant Town Manager for
clarification. Ms. Walsh asked about the usage of the General Fund Reserve Fund in "emergency"
situations. Ms. Tarsi-Goldfien suggested that the language is changed to reflect the language in
Massachusetts General Law that states "extraordinary and unforeseen" situations. Ms. Walsh asked what
prompted the state to implement a deficit spend rule for snow and ice. Mr. Feely stated that it is because it
is unpredictable and if towns under -budget, they are unable to plow or utilize any resources towards
managing the snow and ice. Ms. Thurston asked if snow and ice should be specifically mentioned in this
policy. Mr. Feely stated that due to the way state law is structured it is not necessary to do so, but Ms.
Walsh stated that it could be beneficial to ensure the policy is reflective of the way we are utilizing it.
The last policy the committee reviewed was the Long -Term Debt Policy. Ms. Tarsi-Goldfien stated that she
noted some language that needs to be updated to reflect the Department of Revenue's language. Ms. Tarsi-
Goldfien stated that she would circulate the supporting documents for the updated language to everyone
on the committee to review.
Ms. Thurston asked about number two in the Long -Term Debt Policy, and what it means specifically. Mr.
Feely stated that it is saying that if a project does not receive funding, it must be re -voted upon in order to
complete the project. Ms. Walsh asked if there were any policies that were missing or needed to be added.
Mr. Feely mentioned the discussed agreement between the town and the schools stating who will be
paying for what. Ms. Walsh stated that they are working on such agreement. Mr. Flaherty asked if they
should do anything with OPEB, to which Mr. Feely responded no. Ms. Tarsi-Goldfien asked if it would be
beneficial to consult a rating agency to see if they have any examples of best practices. Mr. Feely suggested
that they should run it by the Town Manager and the Assistant Town Manager. Ms. Walsh stated that she
would summarize the committee's discussion and suggested changes and will consult with the necessary
parties to answer the respective questions.
8. Select Board Visit 9/18
Ms. Walsh stated that the Select Board has invited every board and committee to come and speak to the
Board on September 181n
9. Website Discussion
Ms. Walsh stated that she received a suggestion that it could be beneficial to take a look at the Finance
Committee's website and add useful key information such as definitions for various financial terms. Ms.
Tarsi-Goldfien offered to work on any changes and updates that the website could need based on the
websites that other communities have.
10. Survey Discussion
Ms. Tarsi-Goldfien stated that the School and Town Needs Subcommittee will be meeting in August and
that after that meeting she will report back. Ms. Walsh asked when the best time for a survey would be.
Ms. Tarsi-Goldfien stated that December or January could be the most beneficial.
11. August/September Meeting Schedule
Ms. Walsh stated that September will be easier because everyone will be back in the flow of things, and she
has the September meeting down for September 19tn. The third Thursday in August, Ms. Walsh will be in
Disney, so she would need to join virtually or someone else would need to lead the meeting in her place.
Alternatively, they could look at other dates, such as August 22nd or August 29tn. Everyone agreed that the
291h would work, except for Mr. Flaherty, who stated his wife's birthday is that day and he is unsure if that
would pose a scheduling conflict.
12. Liaison/Committee Updates
Ms. Thurston stated that the Downtown Committee meeting was pushed back to August 12th. Mr. Feely
stated that the School Needs Committee has had a meeting that was just barely at quorum and that they
are having another meeting at the end of August to try and determine what material will be shared with the
public.
13. Member Comments
There were no member comments.
14. Adjourn
Moti n: o ad'ourn nce Committee meeting of July 25th, 2024 at 7:57PM. (Feely/Thurston) Passes: 5:0
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S(g rlatu'rd Date
Minutes prepared by Michelle Henderson