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HomeMy WebLinkAboutFINCOM07102014Town of Mansfield Finance Committee Minutes of July 10, 2014 I OWN CLERKS OFFICE Present: Steve Schoonveld, Chairman; Walter Wilk, Vice Chairman; Liz Christo, Cie);�4bgs?Aichael O'Brien; Yogen Chemburkar; Scott Feely, and John Stanbrook, Town Accountant MANSFIELD MASSACHUSETTc Absent: James Bazinet, Member Call to Order:. Chairman Schoonveld called the meeting to order at 7:35pm Request Transfer from General Fund Reserve Fund to General Fund Town Clerk Other Expenses Elections/Registration Motion: To transfer $250.00 from the General Fund Reserve Fund to Account No. 011612- 538008 — General Fund Town Clerk Other Expenses Elections/Registration (Feely/Wilk); All in Favor; 6 -0 -0 Roll Call Vote: O'Brien aye; Chemburkar aye; Feely aye; Christo aye; Wilk aye, Schoonveld aye Discussion - Arlington's Visual Budget Program John Stanbrook presented an overview of Arlington's Visual Budget. John Stanbrook can input FY 15 budget and FY 14 actuals. The software is very user friendly. ( The Finance Committee thinks this will be a great tool for residents and encourage John Stanbrook to look further into purchasing the software. Creation of a Compensated Absences Trust Fund for FY 16 Annual Town Meeting "Chapter 40 Section 131). Any city, town or district which accepts the provisions of this section by majority vote of its city council, the voters present at a town meeting or district meeting or by majority vote of a regional school committee may establish, appropriate or transfer money to a reserve fund for the future payment of accrued liabilities for compensated absences due any employee or full -time officer of the city or town upon the termination of the employee's or full -time officer's employment. The treasurer may invest the monies in the manner authorized by section 54 of chapter 44, and any interest earned thereon shall be credited to and become part of the fund. The city council, town meeting or district meeting may designate the municipal official to authorize payments from this fund, and in the absence of a designation, it shall be the responsibility of the chief executive officer of the city, town or district. In a region school district, funds may be added to the reserve fund for the future payment of accrued liabilities only by appropriation in the annual budget voted on by the city council of member of cities or at the annual town meeting of member towns." John Stanbrook states that this would be paid out of operating budget and the only replenishment would be at Town Meeting. Page I 1 Finance Committee Meeting July 10, 2014 Bondin Polio John Stanbrook presented a list of debt. Bond rates are very low right now and that is why John Stanbrook is .' oking at bonding policy. John Stanbrook is looking for the opinion of the Finance Committee. Finance Committee supports looking at bonds and possibly combining bonds in the same departments. John Stanbrook will talk to the finance advisor in September. 5 -Year Plan John Stanbrook is looking at the budget scenarios (conservative, moderate and aggressive). Steve Schoonveld feels level spending is a good method. We need to have a balanced budget in FY 2019. Discussion on developing a town hall style meeting on communication Steve Schoonveld wants to enhance communication about Town meeting. General goals: 1. Put together communication efforts and share with schools and other boards to get information out to the residents the importance of Town Meeting. 2. 500 people at Town Meeting 3. Two -hour Town Meeting Liz Christo feels the Finance Committee main responsibility is mostly Articles 1 and 2. Yogen Chemburkar is in favor of weekly presentations prior to Town Meeting to update and educate the residents. Walter Wilk suggests more signs around the town. Also doing an interview with cable will help inform residents. Drafting of a calendar for efforts leading up to town meeting Finance Committee will start drafting a calendar for future meeting up to Town Meeting. Update on policies Walter Wilk suggests a joint meeting with Committees to discuss policies. We will talk to John and Bill on where we stand with policies. Page 12 Finance Committee Meeting July 10, 2014 Committee Members Comments None (, _.eview of Minutes Motion: To approve minutes of June 26, 2014. (Christo/Wilk); All in Favor; 6 -0 -0 Roll Call Vote: O'Brien aye; Chemburkar aye; Feely aye; Christo aye; Wilk aye, Schoonveld aye Other Items Not Known 48 Hours Prior to Meetin None Adjourn Motion: To adjourn meeting at 9:30 pm (Wilk/O'Brien); All in Favor; 6 -0 -0 Roll Call Vote: O'Brien aye; Chemburkar aye; Feely ay; Christo aye; Wilk aye, Schoonveld aye Signatur of Clerk Page 13 Finance Committee Meeting July 10, 2014 10-11 Date of Approval