Quick Recap:
- No major cuts for FY 2021 budget given the level funding plus provided by State
- Adding $75K to each of the Town Clerk and Recreation budgets (to cover for TC - election expenses and Rec for summer camps)
- Increasing New Growth by $1M in light of performance on revenues to date during COVID-19
- Next meetings Nov 17 (Beaver St interceptor) and Dec 15 (topic TBD)
- With new member participating there is some good Q&A to provide insights on process and dollar flows
Photos captured during the meeting and mostly shared via Twitter can be also found online https://photos.app.goo.gl/hF8csGHAzu1j1JfD8
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As with most meetings in this pandemic period, I took my notes via Twitter during the meeting reporting in real-time via the virtual session.
The Twitter hashtag can be found online #fincom1109
https://twitter.com/search?q=%23fincom1109&src=typeahead_click
- Real time reporting underway for the Finance Committee meeting #fincom1109
- Minutes for two meetings approved 7-0 (two members missing) (maybe we'll figure out who in this new zoom world) #fincom1109
- Budget update tonight as some adjustments need to be made before the Nov 18 Town Council meeting as the tax rate will be set at the Dec 2 meeting. #fincom1109 with maintenance of local aid (Chap 70) and unrestricted aid were carried forward with inflation adjustment
- Hence no major adjustments for the Town budget for FY 2021 and aside from Town Clerk budget (due to election costs for COVID) the town budget is in good shape, no deep cuts anticipated as opposed to what was expected earlier this year. #fincom1109
- Adjusting the new growth number up by $1M #fincom1109
- #fincom1109 additional revenue after all the plus/minus with assumptions of the Gov's House 2 budget. Proposing extra growth to go to stabilization fund to help cover for change in circumstances down the road.
- $2.7M in free cash certified is a good number (currently would be used for capital planning). Generally and by fiscal policy this free cash is one time funding, shouldn't be used for operations expense #fincom1109 encumbrance partially explained by POs cut for some budgets
- Encumbrance also used to carry forward expenses from year to year, it is a good business practice to do so. #fincom1109 shows good management of the budget Q on charter school funding, all based upon state formula, student opportunity act would have made changes
- Discussion on charter school funding, really just an in and out of the town flow, not really the charter school 'budget' #fincom1109 line 820 is not currently set as it is set by the State not the Council. Will be set with final cherry sheet numbers before the tax rate is set
- Savings anticipated by closures were realized, aside from DT funding in good stead, anything excess will flow to free cash at year end. #fincom1109 reduction in health care premium due to shut down as they weren't serving in the period
- With new member on #fincom1109 some good Q&A to provide insights on process and dollar flows. (She is not the new member) here she helps to explain charter school funding
- Recommendations of $75K for Town Clerk and Recreation as the reopening was doing more than what was initially forecast due to the COVID-19 changes. Did run 6 weeks of summer camp, and run concerts on the common during summer. #fincom1109
- What elections will look like in the future is unknown but it will not be like the normal past; mail ballots likely to be standard, we'll need to relook at election staffing, and materials etc. #fincom1109 police detail for transport of ballots from municipal bldg to FHS
- Resolution on adding supplemental appropriations , motion made, second, passes 7-0 #fincom1109 $853K to budget stabilization fund, motion made, second, passes 7-0
- Nov 17 and Dec 15 next meetings, Beaver St interceptor on topic for Nov 17; open for topic on the 15th #fincom1109 leasing and bonding vs free cash, etc. Q on next 5 year forecast and even given the uncertainty, it is needed; there will be surprises
- Maybe after Jan 20, and with a state budget, we should have something falling into some clarity, certainly by the regular budget time in May June we should, we all want to get back to something of a regular schedule. #fincom1109 should have school dept here for discussion
- Level service is one thing as it tends to cost more, level funding is a different issue. #fincom1109 motion to adjourn, passes 7-0 That's all for tonight, catch you next time!
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| George Conley, FinComm Vice Chair |
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