Print
Share page with AddThis

Finance Committee Meeting Minutes 10/18/2023

Meeting date: 
Wednesday, October 18, 2023

Finance Committee Meeting

Minutes of the Meeting 10/18/23

Meeting Date:  Wednesday October 18, 2023

Meeting opened at 5:30 pm at Town Hall  

Finance Committee Members Present:   Ilene Marcus, Roger McDonald, Jeff Zimmerman.

Other Individuals Present:  none

Call to Order at 5:31 pm

Agenda

1.Finance Calendar Due Dates

  • All agreed to the calendar created.  Ilene will send to the Select Board and ask for a meeting to discuss activities and working together for the upcoming budget season 
  • During Budget season, due to travel schedules, Ilene will set up the meetings on her zoom account and give to Laurie to post so we can continue our every-other-week meeting schedule, regardless of location.

 

2.Year-end transfers and reserves

  • We have not yet received the accounting from the Account on the year-end fund allocations and transfer funds.  Ilene will email the Town Administrator for an expected delivery date. 
  • All approved the face sheet for tracking reserve fund and transfer appropriation requests with changes Roger made with formulas.  Roger will split the last two columns – explanation and purpose.  Once that is completed, Ilene will send to the Town Administrator and copy the Select Board to be filled out for all submissions. The FC will not respond to requests without the face sheet. 

3.Dashboard

  • Jeff shared the dashboard, he has created with summary reports from the Town Administrator.  Roger suggested and all agreed that it should be produced quarterly.  The next one will be mid-January.
  • As issues arise from the dashboard and we dig into the specifics behind them, Ilene will keep a running list to be discussed with SB, TA, and Departments as appropriate. 
  • Roger reported on the reports he is using and what type of info he is finding and how that will flow into the dashboard
  • Big Kudos to Jeff for pulling this together

4.Roger on Reports

  • This was covered on dashboard and will be rolled-in, moving forward.

5.School Board Analysis

  • No move was made to take a vote.
  • Agreed that we can give our opinion as individuals, although there is no formal opinion from the FC.
  • We had a robust discussion on the pros/cons.  Based on the info from the 8-town school committee, we do not have the resources to test and check their formulas and compare those with our historical spending and make a projection if we win or loose under this plan. All agreed, not having specifics on the cost of the new High School is a big uncertain.  

6.Responsibilities the Finance Committee would like to see for the Town Administrator

As a fully volunteer committee, we need support, coordination, and proactive assistance from the TA to fulfill our mandated duties.  All members agreed, we need the following and will ask Melissa to attend a FC meeting to go over what we need and how to secure assistance for those items.

  1. Summary Reports (Jeff getting for dashboard)
  2. Face sheets for reserve fund and fund appropriation transfers (ilene to send to Melissa- after Roger update)
  3. Support zero-based budgeting in correspondence, discussions, and communications
  4. Complete and update Inventories for the town 
    1. Insurance (mandated by MA law – Roger Checking on this) – Ilene already created
    2. Equipment and Vehicle Maintenance – Roger creating
    3. Computers – Roger creating 
  5. Analysis tab in Budget spreadsheet or a linked spreadsheet where FC analysis can live
  6. Support committee operations, communications, and needs

7. Public Comment, Future and Unanticipated Business

  • Roger reported that the Board of Assessors has a new system they would like to discuss with the FC.  All agreed to invite them to any of our next meetings and if Wednesdays at 5:30 pm doesn’t work for them, find a mutually convenient time. Roger will communicate with them on setting the mtg.  

8.  Review Meeting Minutes

Approved Unanimously as it: 

4-20-23

4-26-23

5-16-23

6-27-23

 

Approved with Changes suggested by Jeff (Jeff to send Select Board Secretary changes for final): 

9-20-23

 

 

 

 

9.  Agenda for Next Meeting

 

  • Budget Cycle and FC Activities (incorporate items from 9-20-23 minutes listed)
  • Zero-Based Budget Training Planning
  • Reports
  • Public Comment, Future and Unanticipated Business
  • Review Meeting Minutes

 

 

Ilene made a motion to adjourn the meeting at 6:50 pm.  Roger seconded.  Called a vote, a unanimous yes.