Wednesday, April 15, 2009

Live reporting - Financial Planning Committee report

Note: Bartlett has arrived (so McGann no show, Mason left)

Jim Roche introduces the Financial Planning Committee report
Doug Hardesty will do the actual presentation

A copy of the presentation will be made available as soon as possible.

Pitch for Monday April 27th Town-wide forum at Horace Mann/Mercer Auditorium 7:30 PM

Doug had much experience within the town with coaching sports but had not much idea on the town finances or operations. Having gone through this process I am happy with what I have learned.

Doug is a professional auditor. It is fact based, not what is felt.
They have tried to keep bias out of this. Telling the pinata story.
This report can stand up to the toughest test.

The executive summary and the draft of the full report will released in the next couple of days for all to review.

The reason we call this a "draft", while we have been diligent in obtaining feedback, we want the town council and citizens to weigh in, and potentially incorporate into the document as we go forward.

We get a lot of aid from the state, have low property taxes relative to peer towns

In every measurable category, the town and schools are low

We go into a deficit and manage our way through it somehow

It is a structural deficit. It will continue unless we take action

The projected deficits are real and significant, they will continue to occur

There are a whole host of things to do so that it is most effective

There is a premise that most citizens will not allow continued cuts

Federal and state mandates are not funded but are costly and are required

Teacher compensation; a cost of living raise and commensurate with experience, masters required within first five years

It is just the way the market is for compensating teachers, we need to get to the inflection point, we need to calculate that

Cash reserves, 7.5 million used since 2005 has been a big help, we can't do that nay more

Since 2000 we have grown 1300 students and dropped over 100 personnel


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