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HomeMy WebLinkAboutFin Comm Minutes 3/25/2004Town of Mansfield Finance Committee March 25, 2004 Presiding: Andres Gazzolo Present: James Lazzara, Jack Goldberg, Charlene Lavin(until approx 8pnr), Michael Sams, Frank DelVecchio (at times also present were David McCarter and John D'Agostino) Chairman Gazzolo called the meeting to order at 7:10 p.m. Andy distributed information prepared by the town treasurer. He indicated a desire to get a presentation from him on this information and how the 500,000 reduction in bond financing reimbursement related to the Jordon/Jackson project affects this. Frank reported on a meeting with capital improvements and that our position to bond future capital projects may be weakened. Andy reported the latest information on new revenue growth of 650,000 and the correction in an error in property taxes of 370,000 downward. Overall, revenue growth is only 1.8% higher than last year, however, the reports from the state is that there may be some, as yet uncommitted, increase. Overall revenues are up SI.1 million after these assumptions or $61,552,486 in total, compared to last year's amount of $60,460,787. when compared to the proposed budget the shortfall is $3,907,115. This assumes no capital and not getting the 70/30 health care split. Andy requested a 5 year history of Town and School information from Bea. This is expected to be available soon. Andy reported that a person at Roling Green was replaced at a significant increase in cost to the Town. Andy reviewed some information related to indirect school personnel. Mike reported that information is forthcoming on various matters including the latest school reductions. It was noted that suggested reductions from budget included very little in lire way of indirect personnel. Mike is requesting additional information in this matter. John D' explained how the Jordan /Jackson bond overage will be addressed outside time budget as a debt exclusion and its affect on debt capacity. John D' reported that the Electric Dept. is able to elect a fiscal year end to have the same year end as the Town. John expressed the desire to be included in reviewing any proposals that the finconr subcommittee might make before they are formalized. Such recommendations are expected to be presented at the May meeting of the Light Commissioners. John indicated that he has begun a search for a new director. Jack indicated that this may be a good time to review the structure in this department. There was a general discussion on overall budget requests/conditions and the potential for a Propsition 2 Y: override. Andy suggested our next meeting be a workshop with the Selectmen. Andy suggested that it may be the appropriate time for another letter to the editor from the finconr that sets forth the current status on the budget process. At the (lire of this writing, May 1st was set for the all day Saturday review of all departmental budgets. On a motion duly made and seconded, it was: VOTED: to accept (4 -0 -1) the minutes of the meetings of March 4 and 11, 2004. On a motion duly made and seconded, it was: VOTED: to adjourn the meeting at 9:03 p.m. JRs ectf llysub nmit / B. Goidber , tary i II � n {I I p l ll n. r u i it ii ll tl t� h.�