Finance Committee Meeting Minutes 8/23/23

Finance Committee Meeting 

Minutes of the Meeting 8/23/23 

Meeting Date:  Thursday, August 23, 2023 

Meeting opened at 5:31 pm at Town Hall  

Finance Committee Members Present:   Ilene Marcus, Roger McDonald, Jeff Zimmerman 

Other Individuals Present: Laurie McArthur (sb secretary)

Call to Order at 5:31 pm 

Agenda 8/23/23

1-Review & Approve Minutes

The Finance Committee reviewed and unanimously approved the minutes from 7/5/23 and from 7/26/23.  

The Finance Committee will review and amend minutes from 6/27/23, and 7/13/23 during the next meeting.  

2-Onboarding Operations

The Finance Committee agreed that they needed to discuss summary reports.  

Jeff suggested the need for a monthly year-to date vs budget summary report.  

3-Monthly / Quarterly Budget and Other Summary Reports 

Jeff said that he was looking for a one page summary to review.  The Finance Committee discussed the need for a roll up.  Ilene said that she believes they may have to go to the Select Board to see if the Town Administrator or Accountant can produce this.  Jeff said that he would like to call it the budget vs actual monthly summary roll up.  Ilene asked how the Finance Committee would like to look at the other reports.  Ilene suggested speaking with Frank about what reports he utilized when he completed the task.  Roger discussed the various reports, and identified sections where he was uncertain of how the Finance Committee was supposed to review this. 

Jeff discussed concerns in the budget where the purpose of costs may have been listed and justified, whereas others may have been lacking necessary information.  Jeff said that he has followed up with the Town Administrator and was informed that it is not possible to obtain the roll up information.  Ilene said that she is going to broach the Select Board and inform them of the need for a roll up report.  Next month the Finance Committee will review the reports to determine whether they have populated.  Roger will review reports and see what needs to be completed.  

The Finance Committee will meet every two weeks and Ilene will request the ability to print documents.  Ilene said that the calendar would outline all of the important dates the Finance Committee will need to lay out.  

4 - Capital Budget Policy Vote

Ilene printed this out for them.  Ilene discussed feedback from the Select Board.  Jeff made a motion to accept the Capital Budget Policy as amended.  Roger seconded.  Call a vote: Ilene-yes, Jeff-yes, Roger-yes.  

Ilene asked Roger if he would be able to draft a form for each department to review.  Jeff said that this way individuals could just complete the form.  The Finance Committee will create a calendar and will create face sheets for each department’s budget.  

5-Public Comments 

There was no Public Comment

6- Future Agenda Items 

• Cyber security
• Roll up
• How to take the data and create a form, and review the form monthly that includes: revenue, expenses, summary.  (Dashboard list)
• Trainings

7 - Unanticipated Business 

Roger inquired about cyber security for the Town.  Ilene said that she would suggest Roger speak with Frank to discuss costs and gather some additional information on cyber security.  

Ilene said that she would like to research the $20,000 of unanticipated expenses that were not identified in the year end transfer requests and reports.    

Roger emailed the head of the MMA inquiring about how they can become members.  He reported that he was informed that the invoice was mailed to the accountant, and the Finance Committee should look into this.  Roger said that the MMA offered trainings and seminars.  

Next Agenda- minutes 6/27, 7/13, 8/23

Discuss FC calendar due dates

Year end transfers and reserve fund

Dashboard

Standing report from roger on reports

Public comment, future agenda items, unanticipated items.

Jeff made a motion to adjourn the FC meeting, Roger seconded.  Call a vote: Roger-yes, Ilene-yes, Jeff-yes.  Meeting adjourned at 6:00pm.