Finance Committee Meeting Minutes 10/25/22

MONTEREY FINANCE COMMITTEE MEETING MINUTES

Meeting Date:  10/25/22

Finance Committee Members Present:   Michele Miller, Chair, Frank Abbott, Ilene Marcus

Finance Committee Members Absent:  none

Others present: Mickey Jervis

Meeting opened at: 4pm

1. Consider minutes as available – none were available.
2. Vote on any reserve transfer requests – none.
3. Reviewed the joint meeting with the Select Board on 10/18 and feedback received. To expand the list of projects for capital plan, Frank will:

• Create an inventory of town vehicles
• Create a form for vehicle/capital requests including evaluation criteria
• Meet with Jim and Melissa to revise Capital list and Status, focus on Town Hall improvements.
• Assign dollar amounts to Capital list

1. Discussion of draft capital planning procedures. Ilene suggested adding a timeline. Michele will find out the source of the definition of capital project. The policy should state how the plan is implemented / approved. Michele will incorporate comments and suggestions from FC into Capital Planning and Procedures document.
2. Ilene will work with Melissa to organize information from Town Accountant into useful summaries and create YTD summaries of the cash reports for periods with revenue, expenses, and projection.

Frank requested more detailed information about the financing of the library and payment schedule. This will be put on the next meeting agenda.

Comments also on prioritizing workforce compensation over capital projects.

At 5:15pm a motion was made, seconded, and unanimously approved to adjourn the meeting.