Tuesday, June 2, 2009

Live reporting - Finance Committee Mtg 6/2/09

Attending: Juan Rivera, Patricia Goldsmith, Phyllis Messere, Mark Cataldo, James Roche
Tina Powderly, Robert Teixeira, Brett S. Feldman, Rebecca Cameron

Missing: Jack Caufield, Craig Maire

Minutes for the following meetings were brought up for review.
April 16 - motion to approve, passed 9-0
April 21 - motion to approve, passed 9-0
April 28 - motion to approve, passed 9-0
April 29 - motion to approve, passed 9-0
May 5 - motion to approve, passed 9-0

Retirement Actuarial Study - request for $14,000 to be performed to update last one in 2007, the study is required by law to get updated every 2 years

The total outstanding liability is 49 million based upon a present value of the total liability (at an 8% assumed return)

motion to approve, passed 9-0

Library repairs
Proposing to pay off the library repairs with the net proceeds from the sale of the Four Corners building. Alternative to go to the market by June 30th to bond the library repairs. The proceeds for the Four Corners building are already in hand.

Bids for museum will be out at the end of June
Ladder truck has been bonded for the next three years

As long as an item is bondable, the proceeds from the Four Corners building can be used.

motion to approve, passed 9-0

Update on Budget
Recommendation to use the budget as recommended and acted upon by Finance Committee. Then come July, make any other changes needed. Jeff Nutting was at the State House yesterday and there are still no indications that it will be resolved by the end of the month.

Easier to adopt the budget and then when all the facts are known, make any decisions at that time. There are so many things in the air right now.

The School Committee has already provided notices to the 60 odd personnel that should be affected worse case.

The Senate is hoping to do better than what is already mentioned. Exactly what it will be remains to be seen.

The Town has used the Governor's numbers. The House's numbers were higher and the Senate's numbers were lower than the Governor's.

Jeff Nutting - "My gut feeling is that the 875,000 is going to gt smaller... They cut Chap 70 2% across the board. That is the first time Franklin has seen a lower number in 17 years."

Finance Committee meetings currently scheduled for June 9th and June 23rd in case they are needed.

There is an opening in the Finance Committee. Jeff recommended to the Charter Commission to stagger the terms to avoid a complete turn over.

New Business

T Powderly proposal for a joint committee to advocate to the MA State House for some of the legislative changes needed to get out from under some of the policy requirements and unfunded mandates.

J Roche thinks that is a great idea, if you have any interest in that arena, let me know.

J Rivera - concerned about an email about a proposal to remove the Strings Program.
J Nutting - Policy decisions about school programs are totally the perview of the School Committee. The Finance Committee and the Town Council only approve the bottom line of the budget. The Budget hearing at the School Committee was continued to June 9th.

motion to adjourn - passed 9-0

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