TOWN OF HARVARD
FINANCE COMMITTEE
Minutes
Meeting Date: July 12, 2007
Meeting Place: Town Hall
Members Present: Steve Colwell, Marie Crowley-Sobalvarro, Terry Mead, George McKenna,
Debbie Ricci (Chair),
Others: Tim Bragan, Town Administrator, Lorraine Leonard, Finance Director
Meeting Time: 7:36 pm
Adjournment Time: 9:07 pm
Discussions and Actions
Lorraine Leonard provide and comm. reviewed the FY07 Reserve Transfers requests
School Department deficits of were mainly attributed to utility costs, Special Needs mandates, and contracted salaries.
· A motion was made and seconded to transfer funds so that the total transfers from the Reserve Account for the Fiscal 2007 is $361,703.68 to the accounts shown on the attached schedule It was unanimously approved. This includes previous transfers.
The balance in the FY07 reserve fund is $113,296.
Analysis and discussion on the FY07 recaps vs.07 Actual vs. FY 08 estimates.
Committee to watch mid-year revenue figures to be assured the committee is on track to cover contract obligations.
Committee members reviewed local receipts. There was some concern that these accurate predictors. The FY08 budget may be too high. They will be reviewed again at a future meeting
Tim Bragan reported on Town employee contracts with subsequent discussion on budget impact. FinCom will meet with the Selectmen and School boards to determine this impact at a future date to determine how much of the additional funding needs can be absorbed from present budgets and how much of an Over-ride will be recommended.
Tim Bragan reported the Special Election for Marty Meehan’s seat will be October 16, 2007. There will also be a Town of Harvard ballot question for an Override to fund town contracts at this time. Special Town meeting will be Oct. 3, 2007. Warrant will be posted by Sept. 19, 2007.
Chairs of the FinCom, Selectmen, and School Dept. will be meeting to review “worse-case scenarios” and possible FY08 funding sources
Calendar of FinCom meetings: Jul. 24, Aug.14, Aug.28
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