Finance Committee
Meeting Minutes
Bellingham Municipal Center
Wednesday June 22, 2016 7pm
1. FinCom Present: JC, MF, JA, KK, KG
2. FinCom Absent: AE
3. Meeting called to order: 7pm
______________________________________________________________________
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 Finance Committee and the Board of Selectmen may approve budget inter-departmentally or intra-departmentally transfers 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).
~
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~$6,000~from salaries within~Department 189~and transferring $12,000 from Dept. 715 (debt Service Interest on Bonds).~Any remaining unspent balance closes to fund balance at the~end~of the fiscal year.
~
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 from Dept. 715 (Debt Service Interest on Bonds.)~Any remaining unspent balance closes to fund balance at the~end~of the fiscal year.
~
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 .May and June’s invoices have yet to be paid. I will recommend transferring $17,000: $, 5000 from Dept. 426 (Gas and Oil Fuel) and $12,000 from Dep 715 (Debt Service Interest on Bonds) to finish out the fiscal year.~Any remaining unspent balance closes to fund balance at the~end~of the fiscal year.
~
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 from Dept. 426 (Gas and Oil).~Any remaining unspent balance closes to fund balance at the~end~of the fiscal year.
Department 421 Highway Maintenance and Salaries: Don has indicated overtime has been an issue this year. Don estimates a need of $8,000 to finish out the year. $5,000 to be transferred from Dept. 421 (Prof Services, Storm water Engineering) and $3,000 transferred from dept. 422 (Highway Administration)
~
Board of Selectmen has approved these transfers as presented.
JC made a motion to approve these transfers as presented. Seconded by KK.
Recommended by FinCom 5-0
_______________________________________________________________________
6. New Business, emails, bills, correspondence etc.
1. Update on Pearl Street Mill Demo: Denis reports that remediation has begun and that the company has 90 days to complete it.
2. Invoice received from Alternative Printing in the amount of $455.00 for the printing of the TM booklets. JC made a motion to pay this invoice. Seconded by KK. Recommended by FinCom 5-0.
3. Invoice received from Kelly Grant for Clerk pay for the month of June. KK made a motion to pay this invoice. Seconded by MF. Recommended by FinCom 5-0.
7. Meeting Minutes Approval
3/14/2016 (AE, MF)- Motion made by JC, second by KK. Recommended 4-0
3/22/2016 (JC, AE)- Motion made by KK, second by MF. Recommended 4-0
8.Motion made by JC to adjourn meeting at 7:39pm. Second by KK. Meeting Adjourned at 7:39pm.
| 
