Finance Committee Minutes – 1 May 2007 – Town Hall Meeting Room
Meeting called to order at 7:35 p.m.
Members present: McKenna, Mead, Ricci, Russo, Sobalvarro
Administrators present: Bragan, Leonard
I. Minutes from prior meetings were reviewed, modified, and approved with modifications.
II. Park and Rec Update:
Eric Peterson and Jim Lee presented an overview of Park and Rec’s revolving accounts, plans for 2007-2008, and the status of the beach septic project. The revolving account balance is presently $3.5k, plus an additional $5k in a PayPal account to cover expenses associated with opening the beach. At present, P&R is covering its costs with the fees charged.
The beach septic (a Presby system) will be installed by Dana Fairbanks, for an estimated cost of $21.5k. Park and Rec will be going to the Conservation Commission on Thursday (5/3) to finalize their plans; work may begin 10 days after this meeting. It is expected to take ~2 weeks to complete the project.
III. Election of officers will be postponed until a meeting where all FinCom members are present.
IV. School and Town Update:
Lorraine presented an overview of the circuit breaker revolving account balance and expected payments.
There was no additional news to impart regarding local receipts for FY08.
V. FY09 Budget Planning:
The budget package, including timetables, will be updated so that the process can commence on October 30. All packages will request that departments provide FY06 and FY07 actual spending, FY08 YTD spending, and FY09 requested funds, as well as a headcount and salary listing. FinCom will also be given copies of the original budgets submitted to the BoS. Another aspect to be addressed is the Capital Planning Committee, and to re-evaluate the process by which it is determined what items will be acquired.
VI. Committee Liaisons:
These will be reviewed during the summer.
The meeting adjourned at 9:45 p.m.
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