HomeMy WebLinkAboutFin Comm Minutes 4/3/2003n
Finance Committee Minutes for April 3, 2003
On Thursday, April 3, 2003, the Finance Committee convened a meeting with Andy' �Pi i :?,
Gazzolo, Jim Lazzara, Michael Sams, Frank Delvecchio, Jack Goldberg and Jeffrey Lang
in attendance.
The purpose of this meeting was to prepare an FY 04 budget analysis for school and
municipal staff members which set forth, in detail, the presumptions being made by the
Fincom. Fincom leveraged information provided at the 4/1 Fincom meeting to establish
likely revenue figures, including state aid.School and town expenses for 03 and 04 were
estimated using current figures and 04 figures furnished by the town finance team.
In determining how deficits would be allocated, Fincom voted on a 60 (school) /40
(town)
In developing pro forma figures, discussion was held around several budget drivers, both
revenue and expense, including:
Contractual salary obligations
Special education cost increases
Transportation cost increases
Insurance and benefit cost increases
Open issues which could affect budget forecasting were noted:
New Growth increases
Electric PILOT payment increases
Special ed circuit breaker
Healthcare buyback
Stabilization fund usage
Closing town hall one day per week
Future budget impact
Trash pick -up
The meeting closed with a summary of agreed upon budget analysis presumptions.
Various scenarios were devised based upon the severity of aid cuts and bad economic
conditions.
FinCom was slated to meet on Tuesday, April 6, 2003 for additional budget reviews.
Committee Clerk