HomeMy WebLinkAboutFin Comm Minutes 9/22/2005Town of Mansfield
Finance Committee
Minutes of Meeting held Thursday- September 22.2005: '
Finance Committee Members Present: Andy Gazzolo (Chairman); Jess Aptowitz; Jack Goldberg;
Charlene Lavin; Jim Lazzara; and Greg Arnold. These minutes prepared by Greg Arnold.
Also in attendance for a portion of the Meeting was Town Manager John D'Agostino and
Bea Kearney
Matters Discussed and /or Voted On
Chairman Gazzolo presented an Agenda of topics to be discussed, including the following: (a) 5-
Year Forecast; (b) 2007 Budget Schedule; (c) Fall Town Meeting date; (d) the vacancy on the
Finance Committee; (e) TIF /STA proposals; (1) implementation of various sub - committees; and
(g) the interim Light Department Budget.
The Finance Committee discussed with Mr. D'Agostino the fact that certain budgeted items (i.e.,
unscheduled overtime) had already exceeded 100% of budget.
A general discussion took place with respect to the Management Letter, including discussions
about whether starting the process earlier, which might lead to an earlier- issued report, would
also result in higher costs. Although not a reflection of anything negative contained in this
year's Management Letter, there was general agreement that regardless of when the audit began,
any significant issues should be brought to the attention of the Town Manager in advance of the
final report. This discussion also touched upon the formation of an Audit Committee and it was
agreed to extend invitations to such a committee to the School Committee and the Board of
Selectmen.
The Finance Committee than discussed with Mr. D'Agostino the creation of a 5 -Year Forecast.
While it was recognized that projections beyond —3 years are less reliable, it was agreed to try
and implement a 5 -year forecast, to be updated on a rolling basis each year so as to avoid
becoming "stale."
Mr. D'Agostino reported that the Town had maintained it's A -1 bond rating with Moody's.
A general discussion was had with respect to the timing of the 2007 Budget, including a desire to
create a budget structure wherein budgets were proposed sufficiently in advance of Town
Meeting to allow all interested parties to fully assess its contents. In particular, it was proposed
that preliminary budget numbers (from the Municipal and School side), based on the Governor's
projected revenue numbers, be presented by the end of each January. These figures, which
would be understood to be subject to adjustment as the revenue picture became clearer (i.e., after
the House revenue figures are put out) would at least serve as a guide to allow for a better
opportunity for discussion on the budget. The Finance Committee committed to preparing a
draft schedule for this process.
There was a general discussion on the prospects of circulating Draft Warrant Articles for Town
Meeting in an effort to try and avoid changes to language after the warrants have been printed.
Mr. D'Agostino and Ms. Kearney left the meeting at approximately 8:15 p.m.
The Finance Committee had a general discussion on two pending TIF /STA proposals.
Charlene Lavin reported on the progress of the Consolidation Committee, indicating that a
productive meeting had taken place with members of the Finance Committee, School
Committee, Board of Selectmen and Town Manager. Various areas were identified as
potentially providing some areas for consolidation, which will be explored in future meetings.
A general discussion was had on the subject of the presentation made at Tuesday's School
Committee meeting concerning a proposed expansion plan for the High School.
Jack Goldberg reported on the status of the interim Light Department Budget. While the
numbers in the initial 6 -month estimate did not correspond to the actual figures, the process has
been improved and it is anticipated that the first full fiscal year budget (covering July 1, 2005 -
June 30, 2006) will be a better approximation.
Jack Goldberg also passed out some materials concerning potential areas for increasing school
revenues.
By a vote of 6 -0, the minutes of the June 9`h meeting were accepted.
The Meeting closed at 9:00 p.m.
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