Minutes of the Finance and Advisory Board
September 14, 2004
Meeting Called to Order at: 7:00pm
Location: Town Hall -2nd floor meeting room
Members In Attendance: Jim Lacey, Reg Tardif, Walter Clemons, Bob Melideo, Peter Dion, Sandy Gerraughty, Ruth Stewart, Mike Sweat, Robin O’Malley
Also in attendance: Toni Mertz, Margaret Messelar
Minutes Taken by: Sandy Gerraughty
Motion to appoint Ray Snyder to CIP as Fin Comm representative.
Reg moved
Ruth 2nd.
Unanimous
Reserve Fund Transfers
Motion to transfer $7000 from Reserve Fund to Line Item #19131 Unemployment Insurance – to cover unemployment costs.
Reggie moved
Walter 2nd
Unanimous
Motion to transfer $2500 from Reserve Fund to Line Item #14242 Traffic Light Maintenance – to cover repair of traffic signals at Andover & Library Streets
Reggie moved
Robin 2nd
Unanimous
Toni brought in Audit for discussion.
$804K in Free Cash
$440K in Stabilization Fund currently
Jim asked Margaret Messelar to have school committee to come and talk to us about unemployment on Oct 12th.
Discussion about moving the $804K in Free Cash – but it cannot be moved to any other line item without a town meeting vote.
Recommendation for Steve to look into investing the $804 into investments as allowed by Mass General Law – as opposed to having it sit in Free Cash.
Peter presented an outline of a “Proposed Audit Committee”. Peter will send to Steve Delaney as a recommendation to the Board of Selectmen (BOS).
Mike and Jim presented “Proposed Standard Operation Procedure” for the Town Counsel line item in the budget. Jim will put together a rough draft for Proposal to give to BOS.
Fin Comm “Standard Operating Procedure” to be discussed at our October 12th meeting.
Discussion about looking into Long Term Budget Planning.
Motion to adjourn 8:33
Sandy moved
Peter 2nd
Meeting adjourned
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