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HomeMy WebLinkAboutFINCOM MIN02242011 TOWN OF MANSFIELD Finance Committee Six Park Row, Mansfield, MA 02048 Room Committee Meeting Room, 3rd floor Minutes for 24 February 2011 rOIVN g[fE1VfD cRHS 0 ZOIlAPR , FFICt ~... 8 4 11.4 ) 52 l1A.ssl'SF'ltLD CHUSfrr S Attending: Karl Chambers Tom Ratliff Greg Arnold J ames Lazzara Jack Goldberg Charlene Lavin Andres Gazzolo, Chairnlan Meeting,: opened meeting at 7:26 p.m. Topics of Discussion: Miscellaneous: Memo from Southeastern School District was read concerning the school budget meeting dates and times. Revolving fund for ambulance was $270,000 in expenditures. The wlderfwlding for the last two years have to be added Net School Spending to FYl2 budget per law. FY12 Budget Review: The Chairman expected to vote on the FYl2 budget next meeting. Health insurance forecast costs for FY12 were lowered from 12.5% to 10.5%. Light Department Budget Presentation: The Chairnlan introduced Gary Babin to the Finance Committee. Mr. Goldberg requested the Light Department's budget information for FYI2. Mr. Babin discussed the substation proposal in East Mansfield. He stated that all designs and internal approvals from the town were confinned. He also received the National Heritage approval from the Commonwealth. He stated the transmission line was pending approval from the DPU. He expects to have approval by early SUllllller. The cost of the work is anticipated to be $8 million. He has received budget approval from town for that amount. He said the Light Department has a strong balance sheet and the Light Department currently have $8.8 million in operating cash. He anticipates to have an operating cash flow of$12 million by July 2011. He stated he has plenty of funding to support and maintain the proposed project. He also received a bond authorization, although there has been no decision if a bond will be requested. Their current plan is to pay for the project with current funds. There was discussion about paying from cash and/or via a bond. Town Selectman Jess Aptowitz and Mr. Ross provided their feedback into this discussion. The Chaimlan stated he would like a Five year forecast. Mr. Goldberg and Mr. Ratliff stated they would schedule a meeting with the Light Department and be prepared to discuss during the March lOth Finance Committee meeting. 1. TOWN OF MANSFIELD Finance Committee Six Park Row, Mansfield, MA 02048 Room Committee Meeting Room, 3rd floor Minutes for 24 February 2011 Miscellaneous: The Committee voted and accepted the meeting minutes for 3 February 2011 (4-0) and 10 February 2011 (5-0). Motion: to close meeting at 8:44 p.m. ~ Signature of Clerk 7 4'Jl/) =r/DLI Date of Approval ..,..