HomeMy WebLinkAboutFin Comm 02/01/1982FINANCE COMMITTEE
MINUTES OF MEETING
FEBRUARY 1, 1982
Members attending: R. Dotson, W. Flannery, T. Markt, & J. White
Meeting called to.order at 7:30PM
Also present for the meeting to review the budget was Town Manager, C.Mauer
Discussion of varoiva Budget items followed:
5002-000 327,057.00
24,000,00 (Contribution for Electirc Dept.)
303,000.00
The Town Clerk requested an increae funding for ballots ($800) and an increase
in salaries for elections from $5,300. to $8,289. In the expense account Town
Clerk requested the following'changes:
3006-.001 $700.00
3006-004 300.00
3006-051 800,00
3006-052 5,000.00
Out of State Travel $300.00 (Salve Regina College in R,d,)
No action was taken by the Finance Committee at this time
The Town Treasurer requested increases to the Budget as follows:
3008-002 $600.
3008-004 700.
We also discussed the large increase in proposed amount for account
3008-014. This is due to Moody's certification fee in preparation for
next years bond issue;
Account 3008-015 is only an estimate at this time. We have not received
a final bill as of this date. Also,the Office needs a cash register very
badly and expects to purchase one in FY83.
There was a discussion concerning timing and amounts of borrowing for the
new Wastewater Treatment Plant, It might be wise to borrow $2,000,000, plus
balance due this year if market condition warrent. If overide carries favorable
interest rate this clould work to Town's advantage.
The Water Dept, is experiencing a possible loss in revenue and will probably
cause an increase in rates during FY83. Temproary borrowing has been cut back
in FY83 budget,
h
Minute of 2-1-82 Continued)
Blue -Cross Blue -Shield estimates for FY82 were short and we can expect a
large increase for FY83. There wag discussion regarding other ways of
r offering this service to,employees. Possibly we should research other
Companies, No decision made will research more at later date.
There was a discussion regarding encumbered funds in the School Department
Summer Salaries Account, Several questions were raised regarding this
practice and it was decided that we would monitor it very closely this year.
Next meeting will be scheduled for 2-4-82 at 7:30PM.
Motion to adjourn at 9:35PM Flannery/ White
Voted, 4-0
A