Finance Committee Meeting Minutes 2/17/21
Finance Minutes for 2/17/21
5pm: Joint meeting with the Selectboard
Present Rebecca Wolin, Jon Silbert. Michele Miller
Agenda
Budget recommendations from the Finance Committee
Review of total budget including special articles
agree to the budget schedule and format
Review of total levy and the potential of an increase in final tax rate to residents
Jon S is recommending no more than a 3½% increase to the tax levy and we can reach that goal if we cut approximately $300k from the current proposed budget. Steve pointed out that if we receive the grant applied for to purchase the SCBA there would be $123k coming off the top right away. Jon pointed out that that amount was not in the budget except for $10,000. If we do not get the grant we will not purchase this year.
Jon presented the selectboard with his levy analysis
Budget recommendations discussed:
Look to use approximately $200k in free cash and leave a balance of $500k in stabilization per the select board
Bridges roads and culverts stabilization fund was originally created to create a savings account for large bridge, road and culvert projects. Discussion ensued about the method of whether to borrow a large, certain amounts of money for these projects or just borrow it all not knowing what interest rates will be in the future.
Rebecca made a motion to keep the target to as close to a 3.5% increase to the tax levy as possible for FY22, Jon seconded, the finance committee voted to keep the budget to a 3.5% levy increase
COLA: Finance Committee states that COLA is 1.3% and 2% isn’t in line with inflation which is 1.2%. The Select Board (2/3) have voted to recommend 2% with the remainder to reward the employees for good works. The finance committee did not agree but did not vote
The finance committee members wished to leave off the milfoil harvesting special article requested by the Lake Garfield Working Group. Steve disagreed. It was noted that Steve should recuise himself as he has lake access and has lake front from his house and would be subject to a lake district. Don and Steve disagreed.
Jon Sylbert argued that Steven’s Lake and Lake Buel pay for their own upkeep through a separate tax district and Lake Garfield should too.
Meeting will be at 5:30pm next week