Laserfiche WebLink
E <br />BUDGET COUNCIL -2- March 18, 1998 <br />Finance Committee Member Grimm advised that the Finance Committee <br />was not informed that this presentation was being given this <br />evening and was not prepared to discuss the presentation at this <br />time. <br />Mr. Stohlman agreed to withdraw his motion. <br />Chair Keigley advised that the Superintendent would like to table <br />the vote on the budget. Dr. Harutunian would like the <br />opportunity to make a presentation to the Finance Committee <br />regarding proposed cuts and how they would affect the School <br />Department. <br />Selectman Ensminger asked if any of the Finance Committee votes <br />regarding the budget carried by 5 or more. <br />A representative from the newspaper read a list of votes from his <br />notes. <br />Chair Keigley stated that the Finance Committee is non - biased and <br />is not looking at the budget as town side and school side. <br />Richard Foley made a presentation to the Budget Council. <br />Chair Keigley informed the Council that the Finance Committee did <br />recommend no further free cash transfers to the FY99 budget and <br />no new projects for FY2000. <br />Mr. Stohlman stated that last year's policy of the Finance <br />Committee was that free cash balance be equal to 5 %. At the end <br />of the fiscal year we will have less, how does the Finance <br />Committee reconcile this? <br />Finance Committee Member Grimm stated that the policy states the <br />goal is 5% cash reserves at the beginning of the year and shall <br />not fall below 3% and, we have not. <br />A member asked at what point is the bond rating affected? <br />Ms. Klepeis stated that there is no specific percentage. This <br />policy helped us to get AA rating and need to not have as many <br />transfers as this year. Raters look at financial management and <br />trends also. <br />