Finance Committee Meeting Minutes 11/21/23
Finance Committee Meeting – Final MINUTES
Minutes of the Meeting 11/21/23
Meeting Date: Tuesday, November 21, 2023
Meeting; Zoom only opened at 6:00 pm
Finance Committee Members Present: Ilene Marcus, Roger McDonald, Jeff Zimmerman.
Other Individuals Present: zoom bombers
Call to Order at 6:10 pm
Ilene made opening remarks. Bombers removed. Roger Joined.
- COLA FY 25
Discussed at Joint SB and FC that FC would propose a COLA to the SB. Discussion on the rate of social security proposed 3.2%, many businesses tying to that rate. The concern in Monterey is keeping our salaries competitive with surrounding towns.
After discussion and calculations (shown below), the Finance Committee estimates the 2025 payroll at about $1,161,000 and proposes a COLA of 4% for FY 25 to support keeping our workforce strong. (as long as it is not less than the prior year, which was discovered after the meeting was 3.8%). We estimate that the COLA of 4% is about $9,000 over the cost of the 3.2%
Payroll | COLA | Cost | Difference |
$ 1,161,000 | 3.20% | $ 37,152 |
|
$ 1,161,000 | 3.30% | $ 38,313 | $ 1,161 |
$ 1,161,000 | 3.40% | $ 39,474 | $ 1,161 |
$ 1,161,000 | 3.50% | $ 40,635 | $ 1,161 |
$ 1,161,000 | 3.60% | $ 41,796 | $ 1,161 |
$ 1,161,001 | 4.00% | $ 46,440 | $ 9,288 |
- Fund Reserve Policy
All are okay with the draft policy Justin circulated on Nov. 14th. Ilene called a vote. All agreed with the new version sent 11—14-23 with Rogers's changes. No, Nos. No abstentions.
- Chair tabled the rest of the items till next week. Next Finance Committee Meeting:
November 29, 5:30 pm at Town Hall
Agenda:
- Budget Meetings and Schedule
- Reports
- Review of Missing Minutes
- New Business and Public Comment
Adjourned. 6:41pm