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HomeMy WebLinkAboutFinance Comm 08/20/2027Town of Mansfield a 6 Park Rain, Mauejteld, Massachusetts 0204g (f �) Finance Committee n +). Meetinp Minutes Augusts 20.2026 Present: Sara Walsh, Chair, Scott Feely, Vice -Chair; Cameron Syms, Ryahijvlartin, Greta Loukos, and Jack ond Cooney were present in the Meeting Room 3 A/B at Town Hall. Guests: Nick Monticello, Town Accountant and Mike Ahern, Buildings & Special Projects Manager Not Present: Melinda Tarsi-Goldfein Opening Meeting 1. Open Meeting Chair Sara Walsh called the Finance Committee meeting to order at 6:00 PM. She noted that the meeting was being recorded by Mansfield Cable Access Channel in accordance with Massachusetts Open Meeting Law. 2. Discussion and Consideration to Approve the July 9, 2026 Meeting Minutes Motion: To approve the July 9, 2026 meeting minutes. Feely/Cooney Passes: 6:0 Financial Updates 3. Review and Discussion of FY26 Financials Nick Monticello, Town Accountant/Finance Director, gave the Committee an overview on FY26 financial performance. Monticello reported that local receipts exceeded projections by approximately $1.7 million, though roughly $500,000 of that was attributed to one-time revenues, including significant building permit activity. Local receipts continue to show steady growth year over year. On the expenditure side, General Fund turn backs totaled approximately $1 million, aided in part by the FY26 spending freeze and reduced fuel costs. Snow and ice deficits had been managed through departmental savings and free cash, and encumbrances related to a Communications Tower project which produced additional turn backs when work could not proceed as scheduled. Enterprise funds also performed well: retained earnings in Sewer and Water continued to build in anticipation of future budget needs, including PFAS-related water system debt. Parking operations were able to fully absorb the MBTA assessment again post-COVID, and the Airport maintained stable operations despite temporary revenue reductions during the runway reconstruction project. Mr. Monticello informed the Committee that certified free cash for FY26 is expected to fall between $3 million and $3.5 million which will be higher than the prior year's $2.9 million. Ms. Walsh noted that it is still likely to be below financial policy thresholds. Committee members discussed the extent to which turn backs and one-time revenues influenced the projection. 4. Review and Discussion of FY 27 Financial Updates Regarding FY27, Mr. Monticello noted that only one month of financial activity had occurred and that revenues and expenditures appeared consistent with expectations. He explained timing differences in benefit and assessment payments, including quarterly SEMREC payments and up -front assessments to the Bristol County pension system. Ms. Walsh asked for a summary of all the budget savings that were put in place for FY27, to be presented at next month's meeting. S. Discussion and Consideration of Financial Transfers Mr. Monticello then reviewed financial transfers in the amount of $14,100 for a tower project that was encumbered in FY25, because the vendors were unable to complete the work in FY26. Since we cannot carry over the encumbrance into FY27, Mr. Monticello and Mr. Mike Ahern were present for a transfer out of the reserve fund to cover the expenses. As the encumbrance closed back to free cash, the Committee was asked to authorize a reserve fund transfer to allow the work to proceed in FY27. Mike Ahern provided additional detail on the phased project, including pending electrical and cabling work associated with relocating receivers from the high school to the new tower site. (Motion: To approve a transfer request of $14,100 from the General Fund Reserve Fund to account number 01192200-5240000 Municipal Buildings — Repair and Maintenance. (Feely/Cooney) Passes: 6:0 5. Review and Discussion of FY27 Budget Ms. Aronstein stated that the deficit is closed, and union negotiations continue. 6. Discussion of Roland Green Building Update Mr. Ahern provided an update on the Roland Green property disposition. Ahern reported that the property had been subdivided into three buildable lots, plus a small parcel reserved for a monument. One responsive bid was received for a single lot, resulting in an accepted offer of $360,000. The remaining lots will be rebid, with an expectation that visible construction activity may increase market interest. The Committee discussed timing for future revenue certification and the potential to return borrowed funds to the reserve fund once proceeds become available. 7. Discussion of Bristol County Pension Contribution The Committee next discussed ongoing issues related to the Bristol County pension contribution. Mr. Monticello reported that the Town Manager continues to attend monthly pension board meetings and is working through state municipal organizations to encourage legislative consideration of delaying the full -funding deadline due to fiscal pressures on cities and towns. Committee members voiced concerns about long-term return assumptions, potential impacts in weaker investment markets, and the limited ability of municipalities to influence pension system policy. 8. Discussion of Tax and Budget Communication Planning The Committee then discussed tax and budget communication planning. Members discussed examples of public -facing tax breakdowns from other municipalities and expressed interest in providing clearer and more accessible budget information to residents. Mr. Monticello shared that the town and schools had contracted with John Guilfoil Public Relations to develop an informational website that will consolidate budget and override materials, including tools allowing residents to estimate tax impacts. He added that the Tri-board is expected to meet after Labor Day to begin coordinated FY28 budget planning. Public Comment 9. Public Comment There were no comments from the public. Committee Business 10. Discussion of Upcoming Schedule and Agenda Topics The Committee confirmed future meeting dates of September 17, and October 15, (November 12 — Special Town Meeting), November 19, December 17. Additional Budget Subcommittee, Capital Improvement, and potential Tri-board meetings will be scheduled as needed. Members requested updated multi -year trend reports for future review and asked for an upcoming update on the library regarding its waiver status. They also discussed the impact of the FY26 spending freeze and requested a future briefing on its operational effects. 11. Any items not anticipated by the Chair 48 hours prior to this meeting No items were raised. 12. Member comments No additional member comments were offered. 13. Adjourn Motion: To adjourn the Finance Committee meeting of August 20, 2026 at 6:41 PM. (Feely/Loukos) Passes 6:0 "5KK Signature Minutes prepared by Nancy Griffin Date