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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 |
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