Finance Committee Minutes – 3 February 2007, Town Hall
Meeting called to order at 8:35 a.m.
Members present: Colwell, Donovan, McKenna, Mead, Ricci, Russo, Sobalvarro
Administrators present: Bragan
Our tax rate is currently at $12.10/$1000, given the current FY08 budget.
The meeting converged with the Board of Selectmen and School Committee at 9:05 a.m.
Finance Committee Members present: Colwell, Donovan, McKenna, Mead, Ricci, Russo, Sobalvarro
Selectmen present: Eubanks, Kimball, Dean, Wallace
Administrators present: Leonard, Bragan, Jefferson
School Committee Members present: Wickman, Verbits, Hardy
Tim Bragan presented what a $0 override would look like – From the available $750k (taxes), minus $106k excluded debt and $140k capital exclusion (dump truck), the town would have $504k tax revenue. After applying Cherry Sheet and Local Receipts, the total dollars available would be $674k.
In order to present a no override budget, the school would have to reduce its overall request by ~$701k and the town would have to reduce its request by ~$305k (assuming the standard 70/30 split between school/town).
Thomas Jefferson presented a history of school fees and other revenue, indicating that the school in FY07 supplemented its budget by fees/donations/circuit breaker (non-grant) for $1,743,063. This number is expected to increase to $2,061,000, primarily driven by a $350k circuit breaker reimbursement.
The school was again requested to present a budget showing all funding sources.
The meeting adjourned for Executive Session at 9:45 a.m.
Finance Committee Meeting returned to regular session at 10:45 a.m.
A review of the budget and open questions occurred.
§ Lorraine to follow-up with the library to find out what their estimated electricity usage is; it’s not yet known whether the library is on the TransCanada rate.
§ Lorraine to update Local Receipts figure and send to Debbie.
§ FC to revisit the Dump Truck Capital Exclusion
§ Pond Committee small warrant changed to $15k (instead of $19k) based on the rate change for the town electric, and use of their $500 gift account
§ Open question regarding the MHOC/Water Department upgrade on Littleton; Dave Swain to talk with Lucy Wallace
§ DPW requested again to break out 2 projects and obtain estimates.
§ Reserve fund reduced to $265k ($100k plus $165k SPED)
§ Lorraine to follow-up with the School regarding the urgency of the Bromfield House repairs
§ The COA’s request for additional hours was discussed; they will be invited to the next FC meeting; Ginger Quarles to provide Marie with documentation to share
§ Debbie to follow-up with Fire Department to see if there’s been a change to the total # of trainees, and what specifically is covered in their total budget
§ Lorraine to obtain the Chapter 90 funds summary (~$300k?)
The meeting adjourned at 12:10 p.m.
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