November 9, 2010
Minutes
Finance Committee
Attending: R. Smith Chair, Steven Cole, Gary Krum, John Knox, Russell French, Norman Novell
Absent: Sue Boyle, Judith Cannon
Staff Present:Sheila Vanderhoef, Town Administrator
The meeting was opened @ 5pm by Chair R. Smith who confirmed that the main purpose of the meeting was to assist the center in understanding their role and the towns’ financial management and reporting. However he entertained general comments about the Selectmen’s budget policy. Several members felt that the policy should state more directly to the schools, a no override policy. Vice Chair R. French also felt that the policy was lacking in providing a focus for the goals of the upcoming budget year.
He felt that three key elements, protecting revenue, enhancing revenue and reducing cost or cost containment, should be stated as FY12 goals of the budget.
After some discussion the committee also asked for a 5 year comparison of the budget and wanted to be sure the fees were evaluated and raised this year to more fully reflect operation costs. Also, member John Knox mentioned that Rock Harbor fees are very low and should be addressed.
T.A. Vanderhoef was then invited to begin the educational program. She began with general information on the charter budget process, discussed various financial terms such as debt exclusions, overrides, BANS and bonding. The focus then switched to the recap sheet, cherry sheets, tax rate setting, valuations and local receipts. During the discussion, several questions was asked about state requirements and how to read or find information in the sample documents. The T.A. also reminded the committee that our documents and other town documents are available at mass.gov. , Division of Local Services.
The T.A. then asked the committee to set at least two additional meetings to complete their discussion. Dec 1st at 5pm and December 8th at 5pm were agreed upon as next meeting dates. The committee was also encouraged to meet with the library in advance of needing to make a recommendation and agreed to invite the Library trustees to a meeting on December 15th at 5pm. T.A. Vanderhoef agreed to send a letter inviting the library trustees.
At 7:25pm a motion was made and seconded. The committee adjourned.
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