Finance Committee Meeting Minutes 10/11/22
MONTEREY FINANCE COMMITTEE MEETING MINUTES
Meeting Date: 10/11/22
Finance Committee Members Present: Michele Miller, Chair, Frank Abbott, Ilene Marcus
Finance Committee Members Absent: none
Others present remotely: Melissa Noe, Don Coburn
Meeting opened at: 4pm
Approved letters to Select Board and Planning Board re: capital planning, funding sources, and master plan process.
Capital planning process:
Reviewed funding sources
- Chapter 90 – only for roads
- Free Cash – typically $300-$500k per year – needs town/special meeting approval. Not a result of over budgeting – comes from budgeted funds not used in the year it was budgeted.
- Stabilization – Can be a source for capital projects. Current balance is roughly $589k
- Loans
- Reserve Funds – line item in budget every year, typically $20-$30k for transfers throughout the year for unanticipated expenses. Not a funding source for capital projects.
- Grants – Frank will compline a spreadsheet of grants received in past years.
- APRA
- Tax Revenue
Plan to compile a spreadsheet with a summary of capital project requests, the year funds are requested for, and possible funding sources applicable to each project.
Abbott will set a meeting with Sean Tryon re: future budget planning for Fire Department.
Motion was made, seconded, and unanimously approved to adjourn the meeting at 5:03pm