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FinCom Meeting Summary 7-13-2010
Town of Newbury
Finance Committee Meeting
Tuesday, July13, 2010, 6:30 pm, Town Hall
Meeting Summary

In Attendance: Bob Connors, Larry Guay, Dick Passeri, Frank Remley (Chair), Anna Tenaglia
Ex-Officio: Chuck Kostro, Town Administrator/Finance Director
Guest: Doug Packer

June 15 Meeting Summary: Unanimously approved without revision

June end-of-FY10 revenue and expenditure summaries:


Revenues: Chuck Kostro informed the committee that motor vehicle excise tax collections would be an estimated $80,000 below forecast for FY 10. With other arrears, including state aid payments of -$202,611 (some of which is yet to be booked) the total deficit (actual collections vs recap) as of 7.13.10 for FY 10 was currently $264,462. Of this he forecast additional posted revenue of $165,000, and an estimated $100,000 in expense under run. If his estimates are reasonably accurate, the year may end with a small surplus of about $500. He later clarified that the numbers added to the bottom of the revenue report were targets, and that we will likely have to meet again in order to balance our FY10 budget. He opined that we would need to be $100,000 under-budget to be in balance in FY10. Whether we achieve that or not will become clearer as we close out the year. The total expenditure report balance also includes $170,000 in State Assessment charges. This amount is not included in the budget column. Depending on how this gets accounted for, it will affect whether we are under budget or not.

Expenses: Except for the Byfield Fire Dept., almost all town expense line items are currently at or below budget. The year-end overage of $4631 for Byfield Fire occurred entirely in June and was the subject of a requested transfer below. The June YTD expense report of 7/13 resulted in an overall savings in expenditures vs FY 2010 budget of $22,590.


Reserve fund update, transfers, interdepartmental transfers: Chuck Kostro presented the following request for FY10 year-end transfers from 11 line items which were below budget, to 27 other line items which were over budget for the year :

1. From Legal Services
100-151-5300-000
$
To Town Administrator Salary
100-1234-5112-000
36.09
To Art 09-03S Fin Prior YR Bills
100-133-6200-000
1,612.67
To Assessors Wages
100-141-5112-000
17.32
To Town Clerk's Salary
100-161-5112-000
18.03
To Town Clerk's Wages
100-161-5114-000
12.12
To Registrars of Voters Salaries
100-163-5114-000
125.00
To Conservation Agent Salary
100-171-5112-000
395.07
To Byfield Fire Wages
100-221-5112-000
384.30
To Byfield Call Fire Wages
100-221-5114-000
1,908.36
To Byfield Fire Flat Rate
100-221-5420-000
0.04
To Triton Regional Operation
100-300-5320-000
0.04
To Triton Regional Capital
100-300-5820-000
0.04
To Board of Health Wages
100-510-5114-000
74.28