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Town of Newbury
Finance Committee Meeting
Tuesday Nov. 5, 2013, 7:00 pm, Town Hall
Meeting Minutes
Committee: Linda Allen, Bob Connors (CPC Chair), Larry Guay, Marshall Jespersen, Frank Remley (Chair)
Ex-Officio: Tracy Blais, Town Administrator/Finance Director
Guests: Dick Passeri, Library Board
- Meeting Minutes for 10.22.2013 were unanimously approved.
- Dick Passeri, Library Board, and Amy Sadkin, Library Director gave a brief report on the current services and financial condition of the Newbury Library. It was well received, and informative as to the activities and services provided by the Library.
- Sept., fy14 YTD Financial Reports (Town Administrator): Revenues and expenses are tracking will through September:
- Revenues: Through 9/13 Revenues are $165,658 ahead of collections in FY 13. Tax collections and tax lien redemptions are $87k greater than last year, and pilot payments are $55k ahead or last year.
- Expenditures: through September overall they are about 2% ahead of budget, but this is due to advance payments for pension costs, which reduces the Town’s obligation for the year by 9%; advance payments for building insurance and repairs; one time transfers to Stabilization and OPEB funds as approved in the May ATM; and assesor’s expense due to the planned hiring of a new principal assessor.
- Reserve Fund Update (Town Administrator): There were no new requests for reserve fund transfers. It currently stands at $90,000.
- CPC update (CPC Chair): Bob Connors reported that new requests for capital funding to be reviewed by the CPC, in advance of the November 1 target date now totals $858,968. A current list of these requests is attached.
- Other (as needed):
- Merits of considering a Community Preservation Act (CPA): in a brief discussion, the committee is favorably disposed to this, but it will require further consideration and will ultimately need to be approved by a town vote in the Spring.
- Issues arising from STM results: There were no further issues to be discussed.
- Next Meeting (tentative): Tuesday Dec. 3, 7:00 pm Town Hall
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