Finance Committee Meeting Minutes 5/19/2020

FINANCE COMMITTEE MEETING

MAY 19, 2020

MINUTES

ATTENDING MEMBERS:                     

            GEORGE CAIN, CHAIR                                                                                    

            JON SYLBERT                                      

            REBECCA WOLIN

The meeting was called to order at 4:01 PM. 

As requested by the Select Board (SB), the Finance Committee (FC) reviewed its current budget recommendation (which basically differed from a SB's recommended budget by one DPW truck and the impact that item would have on the Free Cash and Stabilization Accounts).  The goal was to develop a "Covid-19 Budget Option” to review with the SB on 5/20/2020.  The idea is to consider a “Phase 1” budget plan that could carry the Town through the balance of the virus impact for however long that situation may impact the Town’s on-going financial challenges, particularly in recognition that State funds (and possibly local tax revenues) could be significantly curtailed for the foreseeable future.   

For the SB’s consideration at the 5/20/2020 Joint Meeting, the FC offered the following ideas for discussion:

1. Do not commit to purchase of the FC’s one DPW truck recommendation until later in the year.  Stabilization funds would still be available for such a purchase if and when the Town’s on-going financial situation is better defined.
2. Hold the Highway Capital Fund at the 2020 level, e.g., $115,000.
3. Hold the Highway Fuel Account at the 2020 level, e.g., $20,000, which recognizes the current significant reduction in fuel costs.
4. Hold the Park Commission budget at the 2020 level, e.g., $17,800, which recognizes the plan to hold-off on the basketball court renovations and the probability of reduced use of the Town's facilities.
5. Level fund the Fire Department budget until confirmation of the garage/office designation to include residential usage is confirmed by the appropriate inspector(s) as well as ensuing that the State’s residential male/female usage guidelines are in place along with the Health Department’s confirmation that Covid-19 commercial/residential guidelines are in place and are understood by all first responders.    

Rebecca agreed to reflect these budget options into its latest FY 2021 recommended budget so that the SB will be able to see the overall impact.  That document was sent to the SB so this budget option could be reviewed in detail on 5/20 at the Joint Meeting.

The Minutes from the 5/13/2020 meeting were reviewed and approved.

The meeting was adjourned at 4:26 PM.

Respectfully submitted,

George Cain, Chair