Finance Committee Meeting Minutes 07/26/2023
Minutes of the Finance Committee 7/26/23
Meeting Date: Wednesday July 26, 2023
Meeting Opened at 5:32 pm
Finance Committee Members Present: Ilene Marcus, Jeff Zimmerman, Roger McDonald
Finance Committee Members Absent: None
Also Present: Laurie McArthur
Also Present Remotely:
Call to Order 5:32 pm
Agenda:
- Approval of minutes
No minutes were approved during this meeting.
- Capital Budget Plan Policy
Roger discussed his process for reviewing other documents. Ilene said that she did research on how other Towns created their Capital Budget Plan Policies to help find a more effective way to create a Budget for Monterey. Ilene discussed strategies to consider when looking at the budget and when trying to prepare a budget. The Finance Committee reviewed the policy that was presented by the Select Board based on the information gathered from the Finance Committee. Ilene said that in conversations with the Select Board the necessary documentation and questions still need to be added. Ilene said they would like to list all of the necessary questions but would consider refraining from a document that would require frequent updates. Jeff inquired about the rating system and the two missing worksheets.
Roger said that the Capital improvement worksheet was not listed on the Finance Committee’s version. Ilene clarified that there was no Capital improvement sheet included, but would add an addendum at the end outlining questions that pertain to the Capital Policy. Jeff said that the Finance Committee could create a document to organize their thoughts that would only be utilized by the Finance Committee. Roger said that the major correction would be to add the questions, and Ilene said that these questions would then need to be approved by the Select Board. The Finance Committee reviewed the document sent from the Select Board and discussed modifications to the document. Jeff suggested adding a fourth category that would highlight potential cost factors and additional components that should be taken into consideration when looking at the budget. Roger suggested the wording to include: every year each department must project costs and answer specific questions about their funding request. Jeff discussed how it would be more challenging to work on the budget with different departments if the department is unable to answer budgetary questions pertaining to their department. The Finance Committee agreed that each year every department must answer specific questions that are posed to them by the Finance Committee aligned with the Capital Budget Plan Policy.
- Handbook & onboarding schedule
Ilene suggested looking at the state Finance Committee guide. The Finance Committee discussed the onboarding process and the preference for a list for Town Policies. Jeff discussed modifications to the handbook and requests to schedule meetings out and have a list of due dates for projects. Jeff inquired about the schedule for receiving updated financial reports. Jeff inquired about account balances, loan obligations and expenses where funds may have been allocated to a different area. Jeff suggested adding a summary section to the main financial spreadsheet that is sent to them by the Town Administrator.
- Debrief on transfers & appropriations
Ilene expressed concerns regarding transfers and appropriations. In addition she discussed her communication with the Select Board regarding those transfer requests. The Finance Committee talked about trying to avoid having to make numerous requests at the end of the year.
- Public Comments
There was no public comment.
- Future Agenda Items
Onboarding, plans, minutes, and what they would like for future agenda items to include video access and public comment.
7. Unanticipated Business
The Finance Committee discussed their next agenda and meeting
-Handbook and onboarding schedule
-Discussion on public comment and video conferencing access
-Public Comment, Future Agenda Items, Unanticipated Business
9/13/23 at 5:30
9/27/23 at 5:30
Ilene made a motion to adjourn the Finance Committee meeting. Jeff Seconded. The Finance Committee unanimously voted to adjourn the meeting at 6:56pm.