Finance Committee Meeting Minutes 11/29/22
Finance Committee Meeting 11/29
Present: M Miller, F Abbott, I Marcus, M Noe
Rules of Order were discussed and accepted in response to viewer comments: Minimize interruptions/ pass “talking stick”/stating name upon speaking when possible. Collective representation in Monterey News does not preclude individual opinions. Take turns writing monthly report.
Minutes accepted for prior meeting with edits.
No Reserve Fund Transfers
Capital Plan Policy Final Draft is ready to share with Select Board for next joint meeting 12/6. MM final edits added. F Abbott expresses concern about “who has final say”. M Miller says as a collaborative process warrant articles are generally agreed upon. Finance Committee can bring disagreements to Town Meeting should they exist.
Discuss and support J Makuc memo re: Financial Policy. Re-affirming that Reserve Fund Transfers are for the un-expected. Stabilization is for Capital Expenses. Robust discussion of different roles in Budget Process. M Miller favors not changing the process.
TA needs Guidance on COLA and Budget Caps. Timeline is in place.
Expand Details for Forms for Capital Planning. Add Directions for Completion.
TA as Procurement Officer to All Depts for Cost Savings
Reserve Fund Transfers will be tracked by I Marcus to determine Budget Overages.
Focus on COLA: F Abbott proposes pay increase of 3% plus “bonus” pay lump sum. Rather than imbedding increase in salary. Discussion of alternatives. TA questions legality of the “bonus”.
Accountant? Treasurer? Town Counsel? should weigh in on this. 4-5% COLA max overall. To be continued.
The question of “salary disparities”: Is it real or anecdotal? Are potential employees considering other benefits: location, commute, work environment as well as salary in decision-making? Keeping stable workforce is goal. Merit raises will also be in the salary.
“Where are we going with police force”? Impact of State mandates re: part-time officers.
Prioritize employees over Capital Purchases. Continued importance of using data in making decisions as tax increases may be the consequence of planning not grounded in reality.
Planning to present our findings at Joint meeting with Selects. Finance responsible for Presentation and will open discussion.
Turn to Capital Plan: Ongoing discussion about different tasks FC is engaged in.
J Makuc arrives. I Marcus explains what we will be present. Make sure we present to Selects what they need. No changes expected. Financial Reserve Policy review. FC requests draft before meeting to consider. Establish Target Balances for Stabilization.
DLS guidance: Financial Reserves: Policy and Process. Free Cash and Stabilization should total 5%.
Are we spending all of Free Cash every year: Why? Under or Over Budget. Back and forth with I Marcus and J Makuc about different strategies for crafting Operating and Capital Budgets based on Data.
Impacts of Town Hall Improvements. M Miller: Mill River Town Hall as an example of Regulations gone wrong.
Annual Operating has been approved by Selects.
New Marlborough Land Trust sets the standard. Cassilis Farm purchase for Affordable Housing.
Wrap up. Deferred deciding on Budget Meeting representatives but made some assignments.
IM: Assessors, COA, Transfer, Cemetery
MM: Library, Parks, BLDG
FA: Highway, Fire, Town Clerk
Schedule Meetings for the end of December
Meeting Adjourned at 5:35