Finance Committee
Meeting Agenda
Bellingham Municipal Center
Wednesday June 22, 2016 7pm
1. FinCom Present:
2. FinCom Absent:
3. Meeting called to order:
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4. The Town CFO reports the following budgets are currently in deficit and he is recommending the committee and the board take advantage of the year-end budget transfer process. ~
From the Town CFO to the Finance Committee:
The transfer process is permitted under Chapter 44, Section 33B whereby both the committee and the board may approve budget inter-departmentally or intra-departmentally without town meeting approval as follows: (excerpt from Information Release Guideline 06-209 issued by the Division of Local Services, Department of Revenue).
The following departments are going to need supplemental appropriations (funding sources I will provide you subsequently).
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Department 189~(Building Maintenance) – current unspent balance of expenses (non-salaries) is $34. June’s telephone and electric bills still need to be paid. We estimate that~$18,000~should be sufficient to cover June’s invoices for these utilities. There is $9,200 available in unspent salaries in this budget. I will recommend transfer~$8,000~from salaries within~Department 189~and transferring the difference from~other sources.~Any remaining unspent balance closes to fund balance at the~end~of the fiscal year.
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Department 190~(On the Job Injury Deductible)~–~this budget is currently overspent by $2,558.24. We have averaged approximately $1,060/per month during the FY. We have already spent $860 in the month of June. I will recommend a transfer of $2,800 (funding source to be determined momentarily).~Any remaining unspent balance closes to fund balance at the~end~of the fiscal year.
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Department 424 (Street Lighting)~– there is a currently an unspent balance of $2,344 in this budget. We have averaged $11,127/month in bills. June’s invoices have yet to be paid. I will recommend transferring $10,000 from other budget(s) (source to be determined momentarily) to finish out the fiscal year.~Any remaining unspent balance closes to fund balance at the~end~of the fiscal year.
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Department 630 (Parks) – Expenses (non-salary) are overspent by $9. There is still one month of utility bills (telephone & electricity) that will need to be paid. Telephone bills have averaged $145/month. Electric bills have averaged $301/month. I will recommend a transfer of $600. We may have available money in the salary lines within this budget to transfer.~Any remaining unspent balance closes to fund balance at the~end~of the fiscal year.
Department 422: supplement salaries in Department 422. Will most likely transfer from expenses in 422 or 421. More information will be available at meeting.
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The Board of Selectmen will meet Tuesday June 21, 2016 at 5:30pm to review and approve these transfer requests. Mr. Fraine has indicated that he and the Board will be available to meet with the Finance Committee.
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6. New Business, emails, bills, correspondence etc.
Adjourned:
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