Finance Committee Meeting Minutes 3/30/21
Finance Committee Meeting Minutes 3-30-21 @ 4:30 PM
Present: Rebecca Wolin, Jon Sylbert, Michele Miller
Agenda items to be discussed:
Agenda
Final Budget items to discuss prior to tomorrow’s meeting
The first item discussed was the salary line of the town administrator and the admin asst. The finance committee agreed 2-1 to split the salaries up one as a pt. town administer and 1 as a full time admin asst.
The finance committee states that this position was advertised for a part time and Steve and Don hired a full time person. The contract is unenforceable and could possibly leave Mellisa without a position if the budget was this way.
Don said – “you are probably correct, but I won’t be here next year so I don’t care”
The finance committee had lowered some town budgets to keep the tax levy below 3.5%. Jon suggest and it was agreed that we would lower the fire department and the depw by $5,000 each as there is always left over money for free cash
Library loan – the library requested to have the loan paid off per the schedule of $72,000. The select board would like not to pay any capital or a very small amount as they are looking to take out a 1 million dollar bond next year. This would essentially spend funds we do not have and kick the can down the road for taxpayers. Rebecca explained that the finance committee is strongly against this. In this volatile bond market we are too small to be playing with the big guys. The select board is not very versed in the bond market and is taking the word of the banker. The select board stated that this banker does not make commission, but all bankers’ salaries are based on quotas, so Unibank banker salary is based on the business he brings in. We do not have a bond rating yet and with credit scores, if you do not have the credit when you apply you do not get the best rates to start out. The bond market almost failed last year when the county of LA defaulted on their bonds, many smaller bonds were called in, and the federal reserve had to put money into the market to shore it up. For a town of 800 people we should not be taking out bonds.
The stabilization fund was not funded this year by the finance committee as the bridges should be on the TIP list to have the state pay for the repair.
Milfoil The finance committee agreed that this should remain a citizen’s petition 3-0
Community Center Lighting – Jon believes funds from the revolving fund should be used to fix the lights until we have time to put together a thought out lighting proposal. Michele requested a temporary solution that would not create light pollution. The finance committee voted 2-1 to put the lights back into the budget
FD Capital: Jon stated that the Finance Committee is struggling with this sensitive issue and that they feel there are quite a few things yet to be resolved. Discussion ensued about the $32k appropriated for this year and the fact that only $21k was needed after received a lower quote for the railing job. Jon feels we need to wait until last year’s monies and how they are spent is resolved. The finance committee agreed 2-1
Truck: The Finance Committee is proposing to purchase the truck using $100k from free cash and $100k from stabilization. Rebecca feels that borrowing right now is irresponsible. There is not even a capital plan for the town anymore. Michele said she would work on one. Michele does not have any issue with borrowing as our debt service is. The finance committee voted to take the funds from stabilization and free cash and this passed 2-1
.The meeting adjourned at 6:00PM