Finance Committee Meeting Minutes 11/22/22
MINUTES FINANCE COMMITTEE MEETING 11/22/22
PRESENT: F ABBOTT, I MARCUS, M MILLER, CHAIR. PUBLIC: M NOE, D COBURN
Agenda was reviewed
Edited Minutes of 11/15 Meeting were approved by adding a reference to “quasi” town entities to policy discussion. Errors in journal entry and underbudgeting led to current shortfall in Assessors office.
Letter for Monterey News next issue was reviewed and some edits made. See attached final draft.
Capital Policy Review:
IM wanted to know where the first draft came from: Required by Auditor and compiled from other towns. MM submitted a rewrite of the first page in order to better define Policy as separate from Procedure. Tasked with completing rewrite of the rest for next meeting. Much discussion about Capital Planning document. Concern expressed about “entities” which get Town Funding but are directed by independent boards.
Accountability throughout process of funding and disbursement. Topic of ARPA distribution not following Capital Planning Policy and Procedure. Monitoring run rate of budget throughout the year.
Receive note from J Makuc/Select Board:
All agreed on setting Targets for Stabilization, Free Cash and Reserve Fund relative to Annual Budget. As we work to finalize the list of Capital Expenses we will also consider all financing options for Capital spending. Purpose of Stabilization is for unexpected expenses. Purpose of Reserve Fund is for unexpected expenses.
D Coburn comments that during his tenure Stabilization was reduced from 1 million to half that.
Set meeting with Select Board to review Policies. For Dec 6.
COLA: F Abbott suggests that COLA take priority in budget discussions. TA suggests we provide guidance for budget process by offering a COLA number. Use SS or State %
F Abbott uses Highway Dept as example of importance of keeping employees. I Marcus gives different viewpoints on COLA impacts. Request spreadsheet from TA for budget impact. Add COLA discussion to next agenda.
D Coburn rebukes FC for being unruly in discussion.
Don Coburn answers questions about potential School Regionalization Capital/ Debt impact on Budget. We won’t know for sure until Spring with Final Report. Apportionment of costs between towns is under discussion. Proposed agreement will be before Town Meeting. Transportation Report will be reviewed. Location of new high school (100 million! Laughter)? 90/10 split? 50K
Resolved to “Complete” anticipated Capital List at next meeting on Dec. 6
Meeting adjourned at 5:22