TOWN OF HARVARD
FINANCE COMMITTEE MEETING
Minutes
Meeting Date: April 30, 2008
Meeting Place: Town Hall
Fin Com : Steve Colwell, George McKenna,Terry Mead, Marie Crowley-Sobalvarro,
Debbie Ricci,Chair,
Others: Lorraine Leonard, Finance Director
Meeting Time: 7:37 pm
Adjournment Time: 9:45 pm
Discussions and Actions
l Minutes of the Tri-Board meetings of April 14th and April 19th were approved as amended ((4-0-1)
l Minutes of the FinCom meeting of April 19th were approved as amended (4-0-1)
l Lorraine Leonard presented a Reserve Fund Transfer request from the Schools for $11,732. Request is for the balance encumbered for Special Ed. Placements- DOE audit reclassifications of SOE circuit breaker eligible expenses. Amount to be received in FY08 was reduced by approxinately $23,000.
Steve Colwell moved to approve this transfer to account # 03005-54810, seconded by Marie Crowley Solvarro, (5-0-0)
l Request for a Reserve Fund transfer requested by Lorraine Leonard, Finance Department for $1000.00. The annual fee to update the town's financials is $1500. This amount is usually deducted from our BAN or Bond premium. FY08 is the first year that we have not received a premium. Previously requested on $500. Terry Mead moved to approve the transfer to account # 01709-59130, Marie Crowley-Sobalvarro seconded. (5-0-0)
l Reserve Transfer request from the Finance department for $1000.00 New auditors were hired via RFP process, lowest qualified proposal was $1000 more than budgeted. Marie Crowley-Sobalvarro moved to approve this transfer to account # 01120-53011. Steve Colwell seconded, passed (5-0-0). Thanks to George McKenna for his many years of auditing service to the town
l The balance is $192,362 in Reserve Fund after these transfers.
l Lorraine updated the RECAP with changes: correct Monty Tech assessment, (4,154)Update MTRS Health Ins. Charge,$28,064, Charter tuitions changes $16,000, and minor budget changes($1850)
The deficit, with schools reducing $155K, and Round One reductions including $6.6K deduction in Library, will be $200K.
Billing for Ambulance was discussed. You cannot bill according to residency restrictions. There was a suggestion for a warrant article for a revolving account for ambulance billing for 1 year.
No action taken.
l Discussion of the Library budget and letter received from the Library Trustees of their suggested cuts and the dissatisfaction of the proposed cuts to the Library.
l Update from LorraineLeonard on the School's March 31st outside fund report and FY08 Harvard School's budget.
l George McKenna feels $200K is too low, and would suggest a $325K and itemized his cuts and additions. He did not factor in the cuts that would be reduced by the Municipal departments.
l Leo Blair suggested to bring forth suggestions brought up by George McKenna. Debbie Ricci will have this document for the Tri-board meeting of May 1.
l The FinCom discussed funding the small capital articles from Stabilization. The Capital Committee will be meeting on Thursday, May 1st with their final recommendations for the budget and funding sources for Capital items.
l Move to adjourn at 9:45 pm(5-0-0)
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