HomeMy WebLinkAboutFinance Comm 02/15/1992FINANCE COMMITTEE
MINUTES FOR FEBRUARY 15, 1992
Meeting called to order at 8:25 a.m.
Attending members: Chairman, Phil Smith, Tom Brady, Barbara Hagg, Gordon
Penman, Ed McQuaid, Bob Lynch.
Non-members present: Bill Williams, Joan Cutillo
Chairman reported that Dr. Warren would like to schedule a meeting to
discuss school dept. budget with Fincom. A meeting will be scheduled.
General discussion of municipal budget reductions proposed by
Mr. Williams totalling $203K. Committee noted that capital expenditures
are now budgeted at zero. Mr. Williams noted that with aforementioned
reductions, the primary reason for municipal spending growth is due to
higher insurance costs. Ms. Cutillo confirmed that current insurance
expenditure estimates are reasonable.
Committee reviewed current revenue projections.
Committee discussed status of the Electric Department and noted that the
department's independence has precluded a reasonable understanding of
its finances. Concensus was reached that Fimcom should attempt some
level of investigation after town meeting.
Committee discussed merits and magnitude of potential fee increases.
Mr. McQuaid requested that an increased fee structure be developed and
imputed within the revenue projections, for purposes of analysis.
Committee discussed the pros and cons of developing a fee structure that
would automatically increase by a standard rate on an annual basis.
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Committee revisited the topic of Mr. William's proposed $203K in
municipal budget reductions. After a review of the items to be cut, E
committee suggested that Mr. Williams restore $50K, $38K of which should
be used for equipment replacement. The balance should be restored at
his discretion.
Committee revisited topic of revenue projections. After extensive line
item review, consensus was reached that revenue projections might
reasonably be adjusted up by approximate $700K. Line items that were
adjusted included new growth, penalty interest, water service, sewer
service, lottery and stabilization. Various committee members voiced
dissenting opinions regarding the likelihood that certain of the
adjustments would prove to be acceptable to the town.
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A reserve fund transfer of $3,485 to cover increased legal fees was
presented by Ms. Cutillo and approved by Fimcom 6-0.
B. Hagg motion to adjourn seconded by Bob Lynch. Accepted 6-0. Meeting
# adjourned 11,AA a.m.
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