TOWN OF HARVARD
FINANCE COMMITTEE
Minutes
Meeting Date: June 4, 2008
Meeting Place: Town Hall
Members Present: Steve Colwell, Terry Mead, Marie Crowley Sobalvarro
Debbie Ricci, Chair, Bob Thurston
Others: Tim Bragan, Town Administrator, Lorraine Leonard, Finance Director
Meeting Time: 7:35 pm
Adjournment Time: 9:03 pm
Discussions and Actions
l The minutes of the FinCom meeting of May 13 were approved as amended . Moved by Marie Crowley Sobalvarro, seconded by Terry Mead, passed (4-0-1 ). The minutes of FinCom meeting of May 21, 2008 were approved as amended. Moved by Marie Crowley Sobalvarro, seconded by Terry Mead, passed (5-0-0).
l Update from Lorraine Leonard on possible Reserve Fund issues.
l Update from Lorraine Leonard on Local Receipts. These are not as positive as hoped. Investment Income is not complete, but it looks like there will be about $90,000 in deficit in Local Receipts.
l Reserve Fund Actions and Requests
1. Marie Crowley Sobalvarro moved to approved a Reserve Fund transfering the amount of $50.00 to Acct# 01710-59170, seconded by Steve Colwell, passed (5-0-0)
2. School Budget --It is not official, but at this time it does not look like any transfers will be necessary.
l FY 10 Budget Process:
1. The Town Administration will give the Departments their Personnel budget. Overall budget`
would be determined by looking at the resources and revenue first, then looking at the projections for budgeting. Any increases in personnel would then have to be requested separately by the individual departments.
2. Time lines of Maintenance of Public Buildings are being worked on now and will be shared in the future. Capital Items will be able to be more efficiently planned and scheduled with this information.
Suggestions:
Start with Goals, payroll information, Capital Committee to start earlier.
l FinCom Meeting Dates June 18 -- Town Hall – tentative, needed if Ballot #1 does not pass.
July 9 – Town Hall- dedicated for Reserve Fund Transfer
l Upcoming Town Events:
September 18, 2008- FRIENDS OF COA --FASHION SHOW
l FinCom Dinner: possible dates Sundays: June 29 or July 13,2008
l 9:03 Adjourned meeting - (5-0-0)
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