HomeMy WebLinkAboutFin Comm Minutes 10/20/2005Town of Mansfield
Finance Committee
Minutes of Meeting held Thursday. October 20:2005 ; _ JS
Finance Committee Members Present:
James Lazarra (presiding)
Jess Aptowitz
Jack Goldberg
Charlene Lavin
Greg Arnold
These minutes were prepared by Greg Arnold.
Matters Discussed and/or Voted On
James Lazarra and Jack Goldberg reported on their recent meeting with representatives of the
Schools. Although it was a productive meeting, little progress was made in determining
precisely how much money was being spent and what the class -by -class student breakdown is.
While the Finance Committee recognizes that it is up to the School Committee to determine how
the money allocated to the Schools is spent, it is the responsibility of the Finance Committee to
inform the School Committee how much money can reasonably be anticipated. This can be
accomplished in conjunction with the budget timeline previously discussed, in an effort to avoid
budgets being presented on the eve of Town Meeting where costs exceed revenues by substantial
amounts. The proposal is to make preliminary budgets in January of each year, based on the
State numbers, with the understanding that these figures can be revised proportionately if the
final numbers go up.
There was also some general talk with John Moretti on the subject of finding additional sources
of potential revenue (i.e., corporate sponsorships), a concept which was well - received. Mr.
Moretti also seemed receptive to the notion of a "Financial Literacy" seminar being given. Both
of these areas will be explored in more depth.
Jack Golderg reported that we had received the Quarterly Operating Budget for the School. Mr.
Moretti had asked school personnel for a 7% reduction in the operating budget, which alleviated
a potential cash shortfall.
James Lazarra indicated that John D'Agostino had reported that no money was going to be
appropriated at the Fall Town Meeting, so there would be no need to draft warrants /articles on
that topic. (There may be an issue with the manner in which certain votes were done at the last
Town Meeting with respect to police cruisers and CIP. This issue might have to be re -voted
upon.) It was anticipated that $300,000 in `fi•ee cash' would exist, approximately $200,000 of
which would be going into the Stabilization Account. There is also an anticipated request for 2
( new police cruisers.
A discussion was held concerning the recent meeting of the TIF Committee and the proposals
with respect to Samsonite and Spherics. In particular, it was noted that the manner in which the
Samsonite STA deal is being portrayed makes it appear as a larger tax break than it may, in fact
be (i.e., increased tax revenues from personal property tax associated with the new facility would
offset some of the diminution in property tax; vacant property often subject to claim for tax
abatement; etc.). It was also noted that the long -term viability of Samsonite should be explored
if the current structure (i.e., 100% property tax credit in early years) was to be maintained. It
was acknowledged that this proposal may be a means of attracting a large tenant to the office
park, thereby reducing the current 40% vacancy rate. The proposal with respect to Spherics
(which is a true TIF) was also discussed.
Further discussion was held on the subject of Town health insurance costs. It was agreed that the
Finance Committee would contact John D'Agostino in an attempt to get a better handle on how
much was being spent for the current health care plan and whether the same plan could be
obtained from another provider at a lower rate (either individually, or through the town coalition
in which we have been involved).
The Meeting closed at 8:40 p.m.
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Gregory T. Arnold, Secretary