TOWN OF HARVARD
FINANCE COMMITTEE
Minutes
Meeting Date: February 9,2008
Meeting Place: Town Hall
Members Present: Steve Colwell , Marie Crowley-Sobalvarro, Terry Mead, Debbie Ricci (Chair), Bob Thurston
Others: Tim Bragan, Town Administrator, Lorraine Leonard, Finance Director
Meeting Time: 9:10 am
Adjournment Time: 11:18 am
Discussions and Actions
l The minutes of the Feb. 6nd FinCom meeting was reviewed and approved with minor modifications.( 4-0-0 )
l Calculator issues were discussed. The important calculation is the Financial Projection summary worksheet to include in the Warrant book.
l There will be seven more articles in the Warrant not yet in the 'Rough Draft.'
Supplementary Library funds
COA supplementary funds
Funds for Special Education position at the Middle School
relating to Ambulance billings
Establishment of a committee to look into policy to control town spending
Funds for insurance offset from Stablization Fund
Funds for the Reserve Fund from Stablization Fund
l The $1,000 for the Town Clerk will be included in the Omnibus budget and the appropriate Ambulance amount ~ $12000 will be included in the Omnibus budget
l The Stablization article is a placeholder to increase the Reserve Fund for FY08 return.
l Tim Bragan left to work on the Calculator
l Town of Harvard Tax rate is ranked #17 highest across the State
l Discussion on the CPC articles-
ont-family:Wingdings;font-size:11pt;color:#000000;">ap sheet in the book to emphasize the Revenue sources (96% taxes) Using tables and charts.
l Bob Thurston left at 11:00 am
l THE BOOK
On the Finance Committee report, Debbie Ricci has done an outline. It will include the total revenue growth and revenue and expenses, she will include a summary of the Recap.
Suggestion to have Marie Crowley-Sobalvarro include the tax ranking moving from #20 to #17 statewide in the State of Town and to emphasize the systemic financial problems of our Town and the fact that other towns have similar issues across the State. Marie Crowley-Sobalvarro will show the drivers for the cost and expenses and will explain the Assumptions the FinCom has made and the impact of lowering the drivers. Debbie Ricci will draft the recommendation of the CPC articles for the book.
l Tuesday's meeting Feb 12 ,2008 will be at the Town Hall instead of the Bromfield School.
l Meeting adjourned at 11:18 am.(4-0-0)
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