HomeMy WebLinkAboutFin Comm Minutes 3/27/2003Finance Committee Minutes for March 27 2003
On Thursday, March 27, 2003, the Finance Committee cob- krie'd' a fheothigwit4 Andy
Gazzolo, Jim Lazzara, Michael Sams, Frank Delvecchio Charlene Lavin, Jack Goldberg
and Jeffrey Lang in attendance. Also attending were John D'Agostino, Bea Kearney and 1.
Jay Banos [on behalf of the YMCA program].
The meeting opened with a general discussion by John D. relative to current efforts to
manage the budget. It was noted that the Governor's proposed budget reflected 15%
decreases in expenditures. John focused upon the revised budget analysis which factored
in '03 budget changes driven by the Governor's "9C" cuts ['03 budget 9C cuts amounted
to $221,000 for Mansfield]. John also reviewed the House 1 Local Aid Summary with
the FinCom. The FinCom indicated that it needs to understand worst case budget
predictions and whether budget reductions against the House or Governor's budget or
some percentage thereof. Also under consideration is a six month budget with a flat
percentage reduction.
John distributed copies of correspondence issued at the state level [State Senate, Ways
and Means Committee which provide further insight relative to the economic challenges
confronted in this budget cycle. This information included a "worst case scenario"
predicting 15 -20% reductions in Lottery, local aid, additional assistance and Chapter 70
aid for Fiscal Year 2004.
FinCom also briefly discussed use of the Stabilization fund to help balance the budget.
Consideration was given to the impact that use of stabilization might have on the town's
bond rating. It was decided that further discovery in conjunction with the town treasurer
would be obtained relative to this item.
FinCom also seeks information relative to the school budget and costs associated with
Collective Bargaining obligations.
Jay Barros gave a presentation on the YMCA program and his argument in favor of
keeping the after school program under the ownership of the YMCA, as opposed to
having it run by the School department. The revenue earned through this program is key
to overall YMCA activity funding.
FinCom was slated to meet on Tuesday, April 1, 2003 for additional budget reviews.