Date: January 8, 2007
Date Minutes Approved by the Board of Selectmen: April 2, 2007
JOINT MEETING OF THE BOARD OF SELECTMEN AND SCHOOL COMMITTEE
Present from the Board of Selectmen: Elizabeth Sullivan, Chair; Andre Martecchini, Vice-Chair, and John Tuffy, Clerk.
Present from the School Committee: Karen Wong; Anne Ward; and John Magnarelli.
Present from the Finance Committee: David Madigan, Colleen Brayer.
Also Present: Linda Garrity
Staff: Richard MacDonald, Town Manager; John Madden, Finance Director; Eileen Williams, School Superintendent; Susan Skeiber, Assistant School Superintendent; and
Mickey McGonagle, School Business Manager.
The meeting was called to order at 8:15 AM.
FY08 BUDGET DISCUSSION
Opening remarks were given by School Superintendent Williams that funds planned for the FY08 School Department budget are inadequate. Additional funds will be necessary.
The Finance Director gave a brief overview of revenue projections for FY08. Highlights included reduced New Growth, a 10% projected increase in Chapter 70 State Aid funding, use of Pension Reserve funds, and use of all remaining Free Cash.
Mr. McGonagle and Mr. Madigan suggested an increased use of reserves. This was followed by a discussion related to bond rating agencies and preservation of reserves. Mr. McGonagle and Mr. Madigan stated that the use of reserves would have no effect on bond interest. The Finance Director argued strongly in opposition.
Ms. Sullivan offered to redirect $50,000 earmarked for the Stabilization Fund to the School budget. This was accepted by the School Committee, but said to be still not enough.
Mr. Magnarelli put forth the suggestion of an override for FY08. This was discussed at length. Discussion ended with a recommendation by Ms. Ward that any override would most likely be geared toward FY09 due to time considerations.
School Committee members said that they would discuss the results of the meeting at their next meeting.
ADJOURNMENT
The meeting was adjourned at approximately 11:00 AM.
Note: Minutes Drafted by Mr. Madden, Finance Director
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