Wednesday, April 25, 2012

Live reporting - FinCom

Citizens Comments - none

Approval of Minutes - none

Action Items:
Appropriations: $151,114 – Wages (Contract Settlement) Source: FY 12 Additional State Aid

Of the 9 unions in negotiation, we have four tentative agreements
This amount may cover all the nine settlements when the Council approves them next week
The money is coming from the extra State allocation provided last October, 2011
(add link to announcement to tie back) not in free cash but if not used, could end up in free cash

Exact line item to be determined, once the agreements get finalized, the line items
the money would be a one time payment to the employees not increasing their base, hence not in the FY 2013 budget

Motion to approve, passed 6-0


budget subcommittee discussion on the $350
will be coming back from the stabilization account rather than free cash

Tax levy is what it is
state aid is determined by the State
combination of past collections, expectations, some are seasonal
take a deduction to create a safety net
motor vehicle excise will come in as expected
DOR won't allow forecast higher than collected the prior year, allowing within 10% of estimations
need to work within a narrow band that is fiscally prudent
we can increase a revenue if the Council votes to increase rates
action needs to justify the revenues

Question on the tax levy amount used to set the 2.5% and forecast for FY 2013
need to exclude the debt exclusion amounts from the levy base to calculate the 2.5% increase

we are getting a lull now, the real crunch will be 2014 when the state faces their numbers issue

approx $340K from meals tax

anything in misc non-recurring can not be counted as an expectation for the next year

interest income is really hitting the bottom, it is good for borrowing

other excise, is the hotel, motel we use in the non-operational accounts but it is in there

Q - If we do get extra money from the State, what would we do with it?
A - I think we would go with the Schools to avoid the draw down of the reserves
this budget is 99% to bed,I am already thinking of 2014
I'd like to cover the Schools as they are almost 60% of the budget and driving the bus

We get $52M in tax revenue with the levy, we have gotten cut $3M in state aid. Our days of big numbers from the state are long gone.

We have 20% less employees than we had years ago, you've seen the numbers on all the departments, they are all doing an excellent job. When you at rock bottom you will face difficulty

Schools going up 1.6 the levy is going up 2.1 

Reading line item by line item for approval, seconded, passing 6-0
if any one of these differs, it will be noted.

The line items correspond to the following document

Comment from Feldman about the Library and while there is an increase this year, what will happen next year?

Side note Bruins are loosing 1-0 to the Capitals

Bond sale, note sale and refunding sale occured today
AA stable reafirmed
105 day note for 2.5M at .3681%
1.76% came it from 7 bids
refinance bonds some of the Keller Sullivan will come off the debt exclusion amount
exact amounts on the refinancing will come in in a couple of days

motion to adjourn

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