Finance Committee Meeting Minutes 1/24/23
Minutes of the meeting 1/24/23
Meeting Date: Tuesday January 24, 2023
Meeting Opened at 4:00 pm
Finance Committee Members present: Frank Abbot, Ilene Marcus
Other individuals present: Laurie McArthur (Office Assistant), Justin Makuc
Call to Order at 4:00pm
Agenda:
Final List of Return Reviews with Detailed Info Requests to Town Admin
(Provide lists of questions for departments that require additional follow up to the Town Administrator)
- Ilene recommended inquiring about HR and salaries for the various departments.
- Ilene discussed the idea of a budget cycle to ensure that the budget information was received from the Finance Committee and the departments followed through. Frank discussed the importance of follow up.
- Frank asked what costs were charged in the same category of the payable expenditure ledger.
- Ilene asked what costs are associate with insurance and do you have an inventory for town wide insurance expenses?
Updated Expense Budget
Frank reported that he has some formats he has started to use for the Expense Budget. The Finance Committee reviewed the budgets for the individual departments. Ilene discussed itemizing what was needed in the departments to gather a more accurate budget. Ilene discussed the difference between a functional budget vs a cost budget and how a functional budget could be utilized in future budgets. The Finance Committee discussed the spreadsheet and how they would obtain feedback from the various departments regarding the spreadsheet. Frank discussed the Chapter 90 funds and the Finance Committee questioned how these funds can be utilized. With costs rising, the Finance Committee’s goal is to scrutinize and come to a realistic budget in order to refrain from increasing taxes which is why we need to focus a bit more on revenue on this budget cycle. Justin showed the Finance Committee the Division of Local Services Gateway site. Ilene will continue to work on the Revenue Analysis, and Frank will continue to work on the budgets.
Capital Plan Review
Other items
- There is a joint meeting next week on 1/31/23 with the Select Board.
Frank made a motion to adjourn the meeting at 5:19pm; Ilene seconded
Call a vote: Frank- yes, Ilene- yes
Documents used at the Meeting