1994-FINANCE COMMITTEE - Laserfiche WebLink

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Page 2 mentioned to the Executive Secretary. These included such things as moving Buildings and Grounds out of the Selectmen's budget and placing it back into the DPW's Budget. Another item is the excess $111,000 that the Finance Committee would like to put on reserve for some debt inside the cap, for example, to reserve for the landfill cap or Fire Station renovations or Town Hall renovations, etc. They would also like to put $200,000 into a Capital Replacement Account. They mentioned Stabilization and how it is growing. They would like to have this continue. Mr. Whritenour explained that he would like to form a credit buffer and also keep Stabilization growing. Eliminate reserves and one time revenues. He indicated that the Trust Funds also need to be increased. Mr. Goggin then asked if they were in agreement with the Executive Secretary in regard to Stabilization? The Finance Committee is referring to it as Stabilization and Mr. Whritenour is referring to it as a credit buffer. Mr. Goggin asked about the Betterment Fund? Mr. Whritenour explained that he would have liked to go back to the beginning of the fiscal year to get betterment reserves, but that they could only go as far back as the law was passed. Ms. Greelish mentioned that she was concerned because there were people who paid their betterments up front and the money was spent instead of being placed in the Betterment Reserve Account and so therefore the Town will have to make up the money. The Town will have to in the • future pay their bills. Mr. Goggin asked about the $188,000 in excess betterments? He requested that the money be placed in the Betterment Reserve Account. Mr. Whritenour stated that it had been placed in Stabilization last year. Ms. Greelish asked how much free cash the Town had? Mr. Whritenour answered, not much. Ms. Greelish also stated that it was the intention of the Finance Committee to set aside 1% of the Levy Limit. Mr. Whritenour explained that there was one problem in the budget that was bothering him. Apparently the Town only accounts for 52 weeks in the year. This year there were actually 53 weeks. Most towns budget for 52. 2 weeks, but Mashpee only for 52 weeks. The Town needs an excess of $71,000 to pay for that extra week this year for all the employees paid a weekly salary. Ms. Greelish commented that this probably was not a good year to hire anyone new. Before Mr. Whritenour left the meeting he stated that it was his intention to meet with the Finance Committee every couple of weeks. Ms. King indicated that he was meeting with herself and Ms. Greelish at 6:OOPM on January 19, 1994 . At 7 :OOPM the Finance Committee will meet with the Personnel Board in attendance for discussion. Mr. Goggin indicated that he would like to attend the Board of Selectmen's meeting on January 24th to review the Master Financial Plan. • Mr. Goggin stated that at the next meeting the Committee would try