TOWN OF HARVARD
FINANCE COMMITTEE
Minutes
Meeting Date: March 21, 2009
Meeting Place: Town Hall
Members Present: George McKenna (Chair) Steve Colwell, Marie Crowley Sobalvarro, Marie Fagan, Lori Granville, Bob Thurston
Others Present: Lorraine Leonard, Finance Director; Tim Bragan, Town Administrator.
Meeting Time: 9:14 am
Adjournment Time: 12:45 pm
Discussions and Actions
l Fin Comm Chair opened meeting 9:14 am.
l Minutes of March 7 accepted as amended.
l Minutes of March 11 accepted as amended.
l Minutes of March 14 accepted as amended.
l Finance Director offered clarification on use of Overlay account: Cannot transfer into Overlay from Reserve account, but can close out an overlay surplus. Harvard has 3 years of small Overlay deficits that we have to close out. Fin Comm recommended raising one-half the Poles and Wires tax for 2009 and 2010, to cover potential loss of State lawsuit. So, $26,000 from Free Cash into overlay for 2009; and $26,000 from Free Cash into Overlay for 2010.
l Reviewed and edited draft of “Finance Committee Report” section of “the book.”
l Reviewed and edited draft of “State of Our Town” section.
l Reviewed and edited draft of “Education” section.
l Reviewed “Schedule of Changes in Revenue and Expenditures for FY10.”
l Reviewed “FY08 Reserve Fund Transfers and Stabilization Fund.”
l Review of Warrant Articles:
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