Finance Committee Meeting Minutes 9/20/2023
Finance Committee Meeting
Minutes of the Meeting 9/20/23
Meeting Date: Wednesday September 20, 2023
Meeting opened at 5:31 pm at Town Hall
Finance Committee Members Present: Roger McDonald, Jeff Zimmerman
Finance Committee Members Absent: Ilene Marcus
Other Individuals Present: Laurie McArthur (sb secretary)
Call to Order at 5:31 pm
- Finance Calendar Due Dates
Roger discussed the email from Ilene and said he and Ilene had discussed dates relative to the Select Board. Roger and Ilene discussed dates where there will be a several scheduled hearings. This item will be discussed at a future meeting.
- Year- end transfers and reserves
Jeff reported that he saw the form that Roger created, which will be included with the minutes.Roger added some formulas to the document to calculate the differences between reserve fund transfers and appropriations.
- Dashboard
Roger asked how this will be displayed. Jeff reported that he will hand this out once a month at the meeting. Jeff said that he discussed this with Melissa who said that she would be able to provide him with the documentation for the reports. Jeff met with Melissa and the accountant to discuss financial reports. Jeff explained the process utilized by the accountant and reported that Melissa was able to provide a simplified set of reports for the Finance Committee to review. Jeff discussed the fiduciary responsibility of the Finance Committee, and suggested looking at the Finance Committee’s page on the Monterey website to ensure they are acting within their responsibilities.
Roger also discussed the possibility of modifying the language utilized for the role of the Finance Committee.
- Roger on reports
Roger discussed the finances of the Board of Assessors and the discrepancies that were in the budget and how this was reflected in the larger report. Roger discussed how there were different components listed in the budget and there was a need to figure out how to read it.
Jeff discussed how reviewing the reports was one of the responsibilities of the Finance Committee even though reports are reviewed by other individuals.
Roger discussed the library and community center budget regarding electricity and identified that both locations have used a large portion of their budget already. Jeff discussed ways to work with the various departments to help them budget appropriately; Roger will email melissa regarding some of the line items.
- School Board Analysis
Roger reported that Ilene suggested writing something for the Monterey News regarding the School Board Analysis. Roger said he has attended two meetings thus far and said that there was a lot of money out there and a lot of information provided. Jeff suggested asking the Select Board about writing something for the Monterey News, since the members have more experience with this area. Jeff said that it would be helpful if the workgroup sent a document that the Finance Committee could review. Jeff said that the Finance Committee could speak to the finances of Monterey but would not be qualified to evaluate the entire proposal and make remarks. Jeff said that the Finance Committee may be able to give an impression to the Select Board based on the information they have but could not responsibly offer an opinion as to whether Monterey should engage in the process.
Roger reported that the first vote included one per town; however, the second vote included all towns and individuals at a large election. Jeff said that rather than writing an article, perhaps they can urge individuals to look at the site 8towns.org so they can make an informed decision, and then the Select Board could decide.
- Responsibilities the Finance Committee would like to see for Town Administrator
Jeff suggested that the Town Administrator assist the departments to prepare their budgets and look for irregularities in their budgets, help the finance committee with budgetary information and meetings, and help the finance committee recognize things they need to attend to. Roger suggested more oversite to finance issues throughout the year. Jeff said that the Town Administrator help the departments decrease the number of transfer requests at the end of the year. Jeff discussed how it would be more beneficial if when working on the budget with the various departments if they happen to over budget slightly rather than significantly underbudget for the fiscal year. Jeff also suggested that it should be the responsibility of the Town Administrator to assist with providing information when new employees are hired so if needed their positions could be added into the budget. Roger inquired if the Town Administrator would be able to be responsible for knowing the information about the various town vehicles, such as the monthly payment, interest rates, etc. Jeff also created a table on the summary dashboard regarding funds available in the various miscellaneous accounts and how and when those funds are allocated.
- Public Comment, Future, and Unanticipated Business
- Approve Minutes
Roger motioned to accept the August 23rd minutes as amended.Jeff seconded.Call a vote: Roger-yes, Jeff-yes.
The next meeting is scheduled for October 4th at 5:30pm.
Jeff made a motion to adjourn.Roger seconded.Meeting adjourned at 6:42pm.
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