1990- 1991-FINANCE COMMITTEE - Laserfiche WebLink

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Finance Committee Minutes August 6, . 1990 Page 2. Current Financial Status and Preliminary Outlook for FY92 Revenue available after processing of abatements and "11'th hour" tax collections 22,000 Unexpected revenues: State recertification of free cash 98,000 Balance for funds put aside for May Special TM 42,000 State aid 330,000 Returned by School Department 113,000 Returned by.other Town Departments 154,000 Funds needed: 1988 overlay deficit 32,000 Falmouth tuition deficit (FY90) 86,000 Interest deficit (Sea Mist payoff) 52,000 Previously committed 124,536 Available for appropriation: 464,464 FY91 revenue included 225,000' from overlay reserve (a one time source which will not be available for FY 92) and 375,000 for available funds which are also not available for FY 92. Thus, when the 464,464 currently available is factored against a level funded budget for FY92 there is short-fall: Revenue available 464,464 Revenue available in FY91 but not for FY92 -600,000 Interest deficit (estimated) - 51,000 Overlay deficit (current, may increase) - 72,000 - Projected short-fall from level funded budget -258,536 Does not include FY91 Falmouth tuition deficit of 100,000 to 250,000 • Mashpee finance Committee August, 6, 1990 Chairman Vaccaro expressed his concern that people would take the $464, +64 as excess money. All members agreed with this and felt that none of this money should be spent as it is needed for FY92. Finance Committee members joined the Selectmen's meeting already in progress. Chairman Vaccaro reviewed the Financial Status Report and Preliminary Outlook for FY92. In view of the Town's fiscal situation Selectman Carter urged that there be public hearings on all money articles prior to putting them on the warrant. Selectman Hanson stated that the new Town Hall building is going out to bid in four days and in view of the information provided by the Finance Committee he was unsure as to how to proceed. IIe asked for a vote of confidence from the Board of Selectmen. Ile noted that the building committee has put in two years of hard work and a quarter of a million dollars. Selectman. Lawrence noted that the town had voted that the building committee proceed through the bidding process. He further added that a town meeting vote will be required to go any further. IIanson stated that the times were "lean" and the bids are anticipated to be between 20-307 below originally estimated. The Selectmen were unanimous in their vote that the Town Hall Building Committee should go forward with the bidding process. The Finance Committee and the Selectmen will meet in a public hearing on August 27th at 7 p.m. to discuss the Financial Status again and the tuition ceficit.