Finance Committee Meeting Minutes 6/29/22 - 4pm

Finance Committee 6.29.22

AGENDA:

CONSIDER MINUTES AS AVAILABLE
RESERVE FUND TRANSFERS
REVIEW CODE OF CONDUCT FOR INCLUSION IN SELECTBOARD POLICY
PREPARE FOR JOINT MEETING ON POLICY AND PROCEDURE
ACCEPT REPORT TO TOWN FOR MONTEREY NEWS

ATTENDEES: M Miller, F Abbott, Micky Jervas on Phone, M Noe

First 8 minutes not recorded (on mute):

Reserve Fund Transfers;

MJ inquires about Library Funds. M Miller notes that requests for fund transfers must be routed through TA to ensure timely processing.

Accepted Code of Conduct for Transmittal to Select: Discussion of Select Board Code

Is Bylaw Review Committee work overlapping with other Committees for Standards?

Pause for Copies and reading Selectboard Code.

Purchasing Policies and Procedures: FA wonders if policy is consistent with State:

Chapters. When Competitive bidding is necessary: Procurement under $10,000 by state

but Monterey requires 3 quotes over $3,000. Multiple small procurements prohibited.

Lengthy discussion ensues. Policy over personality. FA recommends state policy. Do we need to educate Town Employees? M Noe provides support.

Accountant Timeline Requirements

Annual Budget Policy: Concern with description of Finance Committee Role: Lead described as coming from Selectboard rather than Budget as Joint effort. TA will submit proposed budget on that timeline. Change language to conform to current process. Preliminary process permits frank discussion and the consensus was not to change it. Budget will be finalized by Selectboard and Finance Committee jointly.  Edit Policy Draft to reflect this. Finance Committee holds hearing for public.

Free Cash has not been certified in a timely fashion in the past. Policy clarifies responsibility.

Library Employee Rate Change submitted for Mark Makuc to other employees.

Accept Monterey News Letter: Attached.

Adjourn to Joint Meeting