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Finance Committee Meeting Minutes 7-2-2013
Town of Newbury
Finance Committee Meeting
Tuesday July 2, 2013, 7:00 pm, Town Hall
Meeting Summary  (draft)

In Attendance:  Linda Allen, Gene Case (Vice Chair), Bob Connors, Larry Guay, Marshall Jespersen, Frank Remley (Chair)

Ex-Officio: Tracy Blais, Town Administrator/Finance Director (not present due to vacation)


  • Meeting Summaries:   Both the 4/2 and 6/4 summaries were unanimously adopted.
During this discussion, it was resolved that a schedule of the FY 14 budget calendar and time frame should be established beginning at our Sept 3 meeting . It was also proposed that a review of the Finance Committee role and responsibilities should be conducted and clarified as needed. This review should include the current bylaws involving the Finance Committee and the MMA/ATFC policy to assist in clarifying the role of the FinCom.

  • May YTD Financial Reports:    Reports were briefly reviewed.
  • Revenues: Overall revenues appear to be ahead of projections through May. As of May 31 total revenues are 99.77% of the FY13 recap estimates with one month to go.
  • Expenses: Expenses are slightly ahead (+1.16%) of targets for May YTD. However, Educational Expenses, and Debt Service for the year are almost fully paid in advance of the final month while nearly all other departmental budgets were below their budgets for the year so far, some significantly.
  • Reserve Fund: As of May 31 and May approved transfers, the reserve Fund is $2,938.93.
  • Year end interdepartmental transfers: Town Administrator: Eight year end interdepartmental transfers were proposed by the town administrator in absentia. They were as follows:
  • $5000 from Tax Title & Foreclosure (100 130 5300 000), current balance of 35,105/65 to PI Beach Management (100 171 5400 000), current balance of 4704.25.
Vote: Yes 6-No 0- abstaining 0.

  • $5000 from BOH Expenses (100 510 5290 000), current balance of 106,668.18 to PI Beach Management (100 171 5400 000), current balance of 4704.25.
6-0-0

  • $5000 from Insurance Expense (100 197 5740 000), current balance of 16,019.64 to IT Services (100 123 5241 000), current balance of 2,745.72.
6-0-0

  • $5000 from Essex County Retirement System (100 911 5170 000), current balance of 9,283.41 to IT Services (100 123 5241 000), current balance of 2,745.72.
6-0-0

  • $5000 from Police Dept Expense (100 210 5420 000), current balance of 23,849.06 to Police Dept Salary and Wages (100 210 5114 000), current balance of 85,284.39.
6-0-0

  • $2000 from Bldg Inspector Salaries and Wages (100 241 5112 000), current balance of 14,833.00) to Bldg Inspector Expenses (100 241 5420 000), current balance of 268.38.
6-0-0

  • $5000 from Electrical Systems (100 192 6200 001), current balance of 5,246.41 to Public Bldg Utilities (100 192 5210 000), current balance of 6,089.05.
6-0-0

  • $5000 from BOH Expenses (100 510 5290 000), current balance of 106,668.18 to Street lighting (100 424 5210 000), current balance of 4,052.36.
6-0-0

        All transfers were unanimously approved subject to verification and updating of existing account balances, some of which seemed to be subject to transposition errors, or timing of reports. Therefore, motion was made, seconded and unanimously approved to amend and update the transfer documents as needed to reflect correct balances and to include account numbers. However, per above votes, the transfers themselves were approved. (NOTE: Account numbers and balances above where taken from the May Departmental Expense Report.)

  • CPC Update: CPC Chair reported no new issues
  • Other (TBD): N/A
  • Next Meeting: Tuesday Sep 3, 7:00 pm Town Hall