HomeMy WebLinkAboutFin Comm Minutes 2/6/2003February 6, 2003 Finance Committee Minutes
On Thursday, February 6, 2003, the FinCom convened a meeting with Andy Gazzolo,
Jack Goldberg, Jim Lazzara, Mike Sams, Charlene Lavin, Frank Delvecchio and Jeff
Lang in attendance. Also in attendance was John D'Agostino.
John D provided a status on the current financial condition of the town in light of possible
decreased state aid. He provided a budget review showing projected 03 balances and
deficits which revealed that the town should be able get through the current cycle.
Several cost reduction opportunities have been explored on the municipal and school
sides of the budget. John D indicated that he has met with most of his departments
relative to budgeting and expected to complete these meetings by 2125. He indicated that
the police department budget was still challenging, with a $47,000 increase.
Notable deficit categories included a $95,000 increase in insurance benefit costs, as well
as increases to unemployment, Medicaid and MBTA rent.
Opportunities for additional fund sources exist with respect to the Reserve Fund, Overlay
reserves, Electric Department PILOT and wastewater revenue.
Spending on snow and ice removal through the rest of the season remains a key spending
variable. The Finance Committee voted unanimously in favor of allocating necessary
funds for snow removal as required in the 03 budget.
John D confirmed that a hiring freeze is in effect. In many cases, where employees retire,
no position replacements will be sought.
Merging MIS systems with the School department is under review as a possibility, but
the schools use a completely separate operating system.
The Next Finance Committee meeting was not slated.
By
J f L' ng
Clerk
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