1990- 1991-FINANCE COMMITTEE - Laserfiche WebLink

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r, l'lI1fII2t of � 2IS4pE P. O. BOX 1108 OLECD' MASHPEE. MA 02649 FINANCE COMMITTEE FINANCE COMMITTEE MINUTES Town Hall August 6, 1990 Present: John Ferriday, Tony Gallo, Deirdre Greelish, Carl Heller, Vern Polka, and Jim Vaccaro The Finance Committee meeting commenced at 7 p.m. The first order of business was approval of the Finance Committee minutes of June 19, 1990. Chairman Vaccaro noted a correction to page 3, paragraph 5, the 100% should be 01. Carl motioned the minutes be approved as amended, John Ferriday seconded and there was a unanimous vote of approval. PIember Ferriday informed the Finance Committee that he had received a response to his inquiry to the State Ethics Commission regarding a possible conflict of interest. The Commission stated that as a member of the Finance Committee in accordance with G.L.c. 263A he was not in conflict and could participate in matters which involve the conservation commission, inasmuch as his wife has no personal financial interest in those matters, Deirdre Greelish informed the Committee that she alsohad received a response to her inquiry to the State Ethics Commission. The Commission informed her that nothing in G.L.c. 268A, the conflict of interest law, prohibits an individual from serving in an unpaid capacity on two municipal committees. Deirdre expressed her concern about town bylaws regarding Finance Cor..mittee members. Vern noted that she would check into the town bylaws to see if Finance Committee members were able to serve on, other town boards. Jim distributed to the members a Current Financial Status and Preliminary Outlook for FY92 factsheet. He noted that the Free Cash balance was $22,000 and the total of the revenue available for appropriation was $464,464. Anne Shaw the Treasurer/Tax Collector will have to borrow $5 million to aet the town through the delay in tax collection and getting the tax bills out. The estimated interest deficit is $51,000. Jim stressed the FY91 revenue included $225,000 fromoverlay reserve which was a one time source and would not be available for FY92 and $375,000 from available funds which will not be available for FY92. Ile also informed the members that the overlay deficit is currently estimated at $72,000 but he feels that it will get higher. In view of this information it is obvious that the town will not even be able to level fund budgets next year. The $258,536 deficit does not include the FY91 ral;aouth tuition deficit estimated to be between $100,000 and $250,000.