Town of Newbury
Finance Committee Meeting
Tuesday Feb. 21, 2012 7:00 pm, Town Library
Meeting Summary
Committee (alphabetical): Gene Case (Vice Chair), Erica Jacobsen, Marshal Jespersen, Frank
Remley (Chair), Frank Wetenkamp
1) Jan 18 Meeting Summary: Unanimously approved with minor word change
(posted)
2) Jan YTD Revenue and Expense Summaries:
• Revenues: Collections are ahead of projections for January YTD; February
collections should improve further due to RE and Excise Tax billing in
January. Also, the Bldg Inspector has just received a check from Governors
Academy for $45,000 for a new structure, and expects a possible further
amount of $15-20 k. In addition, the town expects to receive $70,000 as its
compensation for losses due to the Officer Cena injury in 2009. As a result of
efforts by Tracy to identify non-permitted users of the Transfer Station, in
part by spending two consecutive Saturdays inspecting entering vehicles for
2012 stickers, $73,136 of additional permit revenue has been collected since
the beginning of February.
• Expenditures: General Fund expenditures are 52.79% of budget as of 1/31.
The benchmark for this date is 58.63%, so budget control YTD is very good.
No line item budge is over-expended, with exception of a number which
normally incur advance or lump sum payments.
3) Reserve Fund update: no new reserve fund requests were made.
4) FY 13 Budget progress: the Town Administrator was on leave, but her current
projection is that we will need to generate an additional $430,000 in revenue for
FY13. This will be addressed in more detail in the coming weeks. Her current
projection is for $317,000 in increased revenues without an override.
Consequently she is currently projecting an override request as follows:
Education $156,000
Public Safety 180,000
DPW 60,000
Culture & Rec. 34,000
TOTAL $430,000
5) Capital Planning Committee update: Bob Connors was not in attendance, but had
provided in advance a draft report of the CPC’s five year plan and projection of
needed capital expenditures. Discussion was deferred until the next meeting when
Bob could be present.
6) TRSD Regional Agreement and FY13 outlook: There was no further discussion of
the regional agreement changes to be proposed. The recommendations from the Jan.
18 meeting still stand, and are awaiting action by the BOS. They have been conveyed
to the TRSC chair, and summarized in a Financial Advisory Committee meeting with
TRSD management.
7) Next Meeting(s): Tuesday, Mar. 20, 7:00 pm, Library (regular monthly meeting);
tentative special meeting on Mar. 5 or 6 with Town Administrator (T BA) to discuss
FY13 projections before BOS meeting on Mar 14 and final TRSD budget vote on
Mar. 15.
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