Selectmen’s Meeting
April 5, 2005
I. Call to Order
Chairman Harding called the meeting to order at 6:05pm. In attendance were Selectman John P. Ulcickas, Selectman Gary F. Nelson, Chairman Norman P. Harding and Town Administrator, Nancy J. Wrigley. Minutes were transcribed and typed by Office Manager, Mary B. Winglass.
II. Introduction of Guests
III. Old Business
A. Continued discussion of municipal accounts with Treasurer, Elizabeth Standing and Merrimac Savings Bank
Chairman Harding stated that he has had three meetings with President & CEO John Meserve of Merrimac Savings Bank, Treasurer Betty Standing and Town Administrator, Nancy Wrigley and it was time to bring Selectman Ulcickas and Selectman Nelson into the discussion. Chairman Harding outlined how the Selectmen met with Merrimac Saving Bank a couple of months ago and started the discussion of moving the town accounts from BankNorth to Merrimac Savings Bank since they opened a branch in town.
President, John Meserve was present and discussed that Merrimac Savings Bank has set up its first municipal account structure. After meeting with Treasurer Elizabeth Standing and Town Administrator, Nancy Wrigley, Merrimac Savings Bank was able to come up with a better account structure than BankNorth’s which has the flexibility of being right in town, offers an extended daily deposit time and offers the town the opportunity to earn more interest. The municipal accounts will have no restrictions and allows the town to write as many checks per month and all deposits are fully insured.
The Selectmen discussed that they want to support the bank as they have shown that they have made the investment and are willing to work with the town. John Meserve stated that he is very happy with what is going on as far as activity in town. All deposits are fully insured and Mr. Meserve suggested that the town shop around for CD rates as they change all the time with special promotions. The Selectmen thanked Mr. Meserve for attending this meeting and for all the work he has put in to give the town this banking option.
After Mr. Meserve left, the Selectmen and Treasurer Betty Standing discussed the town’s banking requirements and the Selectmen agreed that they have no problem moving the accounts to Merrimac Savings Bank. Treasurer Standing stated that she will open the accounts but will wait until the first tax payments are received before she starts depositing into the Merrimac accounts. The Selectmen concurred. It was agreed that in the meantime there was no reason to wait to move the following accounts to Merrimac Savings and to open the town account right away so that checks could be ordered. Treasurer Standing stated that she would move the following accounts on April 21st and April 22nd; Newton Food Pantry, Conservation Commission account, Recreation Commission account, Stewardship account, Transfer
Station Recycling account and she will open the town account in order to allow the bookkeeper/payroll administrator time to start the internal changeover. A letter will be written by the Selectmen to authorize the opening of each account and to allow the use of the town tax identification number.
IV. New Business
V. Announcements
VI. Accept Minutes of Selectmen Meetings
VII. Reports from Department Heads
VIII. Review of Action Items
IX. Adjourn
Chairman Harding motioned to adjourn at 7:22pm. Second by Selectman Nelson. Vote: Unanimous.
Respectfully Submitted,
Mary B. Winglass
Office Manager
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