HomeMy WebLinkAbout1987-12-29 Finance Committee Minutes FINANCE COMMITTEE MEETING 12/29/87
Chaired by Liz Greene, Vice Chairman
Meeting called to order at 7: 35 p.m.
Absent: Mucci, Harrison, Hashill, Allen
I . The Town Manager presented a request for a Reserve Fund transfer to
cover a shortfall of $3750. 00 for the contributory retirement
actuarial study costs. The Committee discussed the pros & cons of
the budgeting problems which led to this shortfall. Finally, the
committee voted to approve the transfer to the Contributory
Retirement account. The committee recomended that in future
budgets, all costs for such studies be included in the Finance
Committee budget for greater control and monitoring.
2 . The Town Manager also breifly noted that the Committee may expect
further requests for reserve fund transfers to cover shortfalls in
the Fire Department overtime account, the Police and Fire Department
Hepatitis H. Vaccine, the pay classification study and the school
department.
3 . The Town Manager planned to submit but withdrew a reserve fund
transfer request to cover the towns portion of a matching grant.
The committee felt that they would rather entertain requests for
reserve fund transfers, if a department was experiencing a
shortfall, rather than simply funding the town's portion of a
matching grant from the reserve fund. The committee discussed the
various ways to handle the towns portion of matchings grants:
o whether to include in a departments budget request;
o whether to set up up a separate account for matching
grants; or
o whether to handle with reserve fund transfers.
The Committee consensus was to discuss this issues in greater depth
when more members were present.
4 . The Committee briefly discussed the budget format changes suggested
by the Town Manager. This discussion also deferred to a later
meeting when more members were present.
The meeting adjourned at 8: 35 p.m.
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