HomeMy WebLinkAboutFin Comm Minutes 1/9/2003January 9, 2003 Finance Committee Minutes
On Thursday, January 9, 2003, the FinCom convened - &meeting with Andy Gaz-zolo; Jack
Goldberg, Jim Lazzara, Mike Sams, Charlene Lavin and Jeff Lang in attendance. -
The meeting opened with &discussion on the - Electric department PILOT-payment. Andy
Gazzolo met with town officials to discuss the current status of the PILOT program. -
Jolui D'Agostino will be working with the towtutreasurer oncost analysis relative- to,the
PILOT program. Current case law supports the imposition of a PILOT assessment by the
town. It was noted that members of the Electric department have questioned the -PILOT
payment.
Substantial cuts to town aid are anticipated. Mansfield could see as mueh7as -a-10%
reduction in aid. Special education funds, in particular, could be hard hit. Insurance costs
are slated to increase substantially. FinCom members noted -that conservative use-of the
stabilization fund is key in this challenging economic environment. Stabilization funds
should be used for capital expenditures, as opposed to the operational budget.
Updated revenue figures from the town are expected on January 15.
A quarterly review is slated for January 23.
Department reviews are expected in late February/March
Andy Gazzolo recommended updating the-5 year forecast to account for new-econpmic
realities.
The Next Finance Committee meetingwas -not slated
By
Jeffrey g
Clerk 1
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