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MASHPEE FINANCE REVIEW COMMITTEE <br /> MIN-UTES <br /> MONDAY, DECEMBER 13, 2004 <br /> Present: Ken Patrick, Chairman <br /> Chris Avis, Chuck Gasior, John Halachis, Don Myers, Gerald Umina <br /> Guests: Joyce Mason, Town Manager <br /> Dawn Thayer, Town Accountant <br /> CALL TO ORDER <br /> Chairman Patrick called a meeting of the Finance Review Committee to order at 7:00 pm at <br /> Mashpee Town Hall, Selectmen's Meeting Room. <br /> FINANCIAL REPORT <br /> Old Business <br /> ■ Mr. Avis and Mr. Patrick discussed that boards and committees are most likely covered by <br /> town liability insurance for errors and omissions. <br /> Format& Content <br /> ■ Mr. Patrick presented a list of potential line items to be included in the report, detailed as <br /> follows: <br /> Part 1 —Finance Committee Chairman Discussion& Analysis <br /> — Part 11 — Selectmen &Management Discussion& Analysis <br /> — Part 111 —Financial Schedules& Subsidiary Analysis <br /> o Schedule A—Changes in Net Assets& Statement of Activities <br /> o Schedule A-1 - General Fund Revenues <br /> o Schedule B - Government Funds Balance Sheet <br /> o Schedule C - General Fund <br /> o Schedule C-1 - Government Funds. <br /> o Schedule D - Summary of Town Appropriations <br /> o Schedule E - Notes and Supporting Schedules (including capital assets, debt and <br /> retirement costs) <br /> ■ Mr. Gasior also presented a suggested format for-Summary of Town Appropriations, listing <br /> information by category as follows: <br /> — FY 2004 Actual <br /> — FY 2005 as approved at town meeting <br /> — FY 2006 Finance Committee recommendations <br /> — % change <br /> ■ Mr. Patrick indicated he felt it was important to present a picture of deferred revenues. <br /> ■ Ms. Mason stated that the 2005 and 2006 numbers will come from her office in <br /> collaboration with the Town Accountant. <br /> ■ Ms. Mason felt the report should be more concise than a detailed financial report and <br /> Chairman Patrick's layout presents too much information. She suggested revenue <br /> projections, article funding methods and budgetary impact should be the key items <br /> presented. <br /> After further discussion, Committee agreed that these items are the key goals of the report, <br /> and that deferred revenue was not necessary to present in report. Mr. Halachis indicated that <br /> the full detail is already available to taxpayers. <br /> ■ Mr. Gasior, Mr. Patrick and Ms. Mason agreed that town retirement costs should be <br /> presented as a line item also. <br />