Finance Committee Minutes
April 20, 2006
The meeting was called to order at 6:30 p.m.
In attendance: Jim Deming, Eric Munson, Jr., Ralph Ledger, Mira Munson, Ted Locke and Margaret McClellan. Absent were Wes Green and David Barney.
Updates:
· Margaret reported that the Cherry Sheet number going to the Governor would be $137,439.00 and that New Growth number submitted to the State would be $46,000.00. She also reported that the tax rate should be in by the first week in May.
· Ralph reported that he left a message for Jim but had not actually talked to him about the stabilization fund and how use of it might relate to our increased Cherry Sheet number which will change in 2009 (perhaps downward).
· Eric reported that he had not yet heard from the Engineer regarding his report on the Town Garage (despite calls requesting urgent completion of the report). In any case, Eric felt that this report and all issues related to the Town Garage should be handled separately from the 2007 Budget and should be discussed at a Special Town Meeting. All agreed with this plan.
The Selectmen and Finance Committee reviewed the budgets numbers one final time and made the following changes:
· Public Works reduced from $75,400 to $50,400
· Snow and Ice reduced from $68,900 to $62,900 (in line with ’06 actual) The committee agreed that the extra money from ’06 (about $6,000 ) should be used to buy plow blades for next year thus allowing us to reduce the ’07 budget
· Fire Dept. Expenses reduced from $21,350 to $12,000 with the understanding that when the Dept. gets reorganized the Selectmen and Finance Committee will entertain a request for more money which would come from Free Cash. ( the Fire Dept. has not spent all of its budget for 06 and there is expected to be considerable excess which will go into Free Cash)
· Tax Title (Treasurer) was increased from $1,000 to $5,000 to help get more lots up for sale. The group felt the use of a real estate agent was preferred over an auction .
· Capital debt service was reduced from $41,250 to $36,625 after more up to date information on numbers and interest rates was provided. This amount will cover principal and interest on the current note(s) and interest on the ’07 amount of $200,000. It was suggested that if there is a surplus in what was budgeted for ’06 that this should be applied to the principal so that future payments will be reduced. Interest on capital debt service will be 3.75 until July . To date we have spent $158, 345.85 on the truck, painting, doors and a rake. A second note will be taken out to cover capital expense from now until July1. Then both
notes will be combined and put out to bid.
· A Municipal Maintenance category was added at $10,000 to cover mowing of all Town lawns and cemeteries
As regards the current Capital Budget, Jim Deming agreed to talk with Joanne Munson about how the Dump Committee was coming on their Capital items.
As regards the 2007 Capital Budget – John has bids out for the cost of a new loader. They should be in the next day or so in time for the Budget Hearing. We should also be able to sell the current loader.
When all adjustments were finished, the bottom line reflected an $83,056 excess which the Selectmen and Finance Committee agreed to apply to a Stabilization Account to be used for road repair and construction and repair of Town Buildings
As the meeting was ready to close, Ted noted that the School Budget reflected an actual 8% increase over ’06 – the additional increase reflects the contribution required by the state from each town in the region.
Everyone was reminded about the Budget Hearing scheduled for April 24, 2006. The Selectmen, Finance Committee and all Dept. Heads are expected to be present.
The meeting was adjourned at 9:00 p.m.
Respectfully submitted,
Mira K. Munson, Secretary
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