Finance Committee Meeting Minutes 11/7/22

MONTEREY FINANCE COMMITTEE MEETING MINUTES

Meeting Date:  11/7/22

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. Discussion of minutes as available. Notes made on 4/13: Frank Abbott was present as a citizen, he was not elected to the FC yet. Same for 5/3. On the 10/18 joint meeting minutes, the FC clarified their statement on winter road watch stipends.
2. Miller made a motion to approve the following minutes with edits. 4/13, 5/3, 6/14, 6/22 joint meeting, 6/29 joint meeting, 9/13, 10/18, 10/18 joint meeting, and 10/25. Marcus seconded, unanimously approved.
3. Miller made a motion to table a Reserve Fund Transfer request from Don Clausen until the next meeting on 11/15/22. Abbott seconded, unanimous approval. Marcus will research the request further before the next meeting.
4. Updates on continued preparation of the capital plan:

Miller made edits to the capital planning process documents to separate the policy from the planning process documents as discussed in previous meetings. She will share the edits with the rest of the FC for review.

Marcus has reviewed the reports that are generated by the accountant for efficiency and clarity. Marcus proposes utilizing a template to better view the budget progress by department showing revenue, personnel assigned to that department, and costs other than personnel. Marcus will work with Melissa Noe and the accountant to clarify and streamline the reports to see quarterly budget progress reports. She also wants to clarify the reserve fund transfer process and tracking as it is shown on the budget. She would like to see cash flow reports, an exception report, and a variance report.

Abbott will meet with Melissa Noe to discuss Town Hall capital needs. The grant was not approved to fund the capital needs assessment. He will also get an update about the ARPA funds distribution. He will update the capital planning spreadsheet to include ARPA fund awards. He will continue to compile information about town owned vehicles and equipment.

1. Library Request from Mickey Jervas. The library will go over budget because they are now mandated to change the way hours are recorded. They previously paid employees for a shift, but now they will be paid based on the hours that they work according to the new timeclock system. Jervas is presenting a projection to the Finance Committee that they may go over the budget allocated as a result of a discrepancy in hours worked verses projected. Marcus stated that this is a staff level issue and recommended that Mark Makuc should meet with Melissa Noe to review the timeclock policy and its implementation. After that review, and consultation with Human Resources if necessary. The FC will entertain a formal reserve fund transfer request and supporting information if the budget is confirmed to exceed previously approved amounts.
2. The meeting was adjourned at 5:10pm.