TOWN OF HARVARD
FINANCE COMMITTEE
Minutes
Meeting Date: March 14, 2009
Meeting Place: Town Hall
Members Present: George McKenna (Chair) Steve Colwell, Marie Crowley Sobalvarro, Marie Fagan, Lori Granville, Bob Thurston
Others Present: Associate member Collyn Bradley, Lorraine Leonard, Finance Director; Tim Bragan, Town Administrator.
Meeting Time: 9:04 am
Adjournment Time: 12:16 pm
Discussions and Actions
l Fin Comm Chair opened meeting soliciting public commentary. No public commentary was offered.
l Review and discussion of Omnibus budget roll-up. Motion made to adjust the School line items by deleting the percentage change columns (not meaningful owing to change in methodology), and add explanatory footnote. Motion passed. Motion made to approve omnibus budget $19,742,367 (as adjusted). Motion passed.
l Discussion of Poles and Wires Tax. This (in the amount of $53,000) is already included on “New Growth” on recap sheet for FY09. However, lawsuit is pending with the State. Town Administrator recommended taking the $53,000 out of free cash and putting it in overlay account, to cover potential abatement (if the State loses the lawsuit). Town Finance Director noted that if the money is not there, and the state loses the lawsuit, then Harvard’s overlay account will show a deficit. This will look bad to credit rating agencies. Fin Comm member asked Finance Director to verify whether the funds
could be kept in reserve fund instead.
l Discussion of Financial Assumptions and Projections for “Finance Committee Report, Recommendations and Warrant Articles” (aka “the book”):
0;"> General Expenses will rise at no more than 1% per year.
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