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Finance Committee Meeting Minutes 7/12/19

Meeting date: 
Friday, July 12, 2019

FINANCE COMMITTEE

MEETING MINUTES

JULY 12, 2019

ATTENDING MEMBERS:                                  OTHER ATENDING:

  1. GEORGE CAIN, CHAIR                               1.  MARK MAKUC  (LIBRARIAN)
  2. REBECCA WOLIN
  3. JON SYLBERT

The following transfer of funds from the Town Reserve Fund were reviewed and approved:

  1. FUEL ACCOUNT                                   $229.73
  2. TOWN HALL ELECTRIC                                    $295.44
  3. STREET LIGHTING                               $244.12
  4. LEGAL COUNSEL EXPENSES                $217.23

In addition, the following Appropriation Transfers were reviewed and approved:

  1. FROM DPW OTHER EXPENSE TO PUBLIC STREET LIGHTING             $  158.77
  2. FROM S&I SALT AND SAND TO S&I OVERTIME                                 $1052.79
  3. FROM VARIOUS ACCOUNTS TO POLICE PART-TIME OFFICER          $2143.90
  4. FROM VARIOUS ACCOUNTS TO POLICE SOFTWARE LICENSES         $1422.50
  5. FROM TELECOMMUNICATIONS TO POLICE RENTALS                       $  100.00
  6. ENCUMBRANCES
    1. FROM STAPLES TO OFFICE SUPPLIES                                     $  119.99
    2. FROM GALLS TO UNIFORMS                                                  $  362.94
  7. TOTAL TRANSFERS                                                                              $3666.40

Also, the Finance Committee approved the Association of Finance Committees’ Fiscal Year 2020 dues in the amount of $135.00

Further, Mark Makuc inquired about the processing of a Builder’s Risk Insurance payment in the amount of $6,686.00 from last September.   Was this invoice to be charged to the Town’s Insurance Account with MIIA or to the Library’s Construction Account?  The Finance Committee decided to check with the Town’s Accountant regarding the resolution of this inquiry.

Finally, the Finance Committee reviewed the Ledger History – Allocated Summary - Expenditure Ledger printed on July 11, 2019 for Fiscal Year 2019.  A number of accounts with expenditures in excess of Allocated Funds were noted.  These variances were summarized in an email (copy attached) from Jon Sylbert (Finance Committee Member) to Justin Cole (Accounting Firm representative) seeking an explanation.  A review of this Ledger also noted that about 50% of the Allocated Funds for the Annual Audit have been expended.  Since the current variance is significant at $18,889.35, the Town’s accounting firm was asked about encumbering the outstanding balance.

Respectfully submitted by George Cain, Chair.