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MASIiPEE FINANCE REVIEW COMMITTEE <br /> MINUTES <br /> TUESDAY, JANUARY 18, 2005 <br /> Present: Ken Patrick, Chairman <br /> Chris Avis, Chuck Gasior, John Halachis, Gerald Umina <br /> Guests: Desiree Hendricks-Moreno, Finance Committee <br /> CALL TO ORDER <br /> Chairman Patrick called a meeting of the Finance Review Committee to order at 7:04 pm at <br /> Mashpee Town Hall, Meeting Room 3. <br /> FINANCIAL REPORT <br /> Format& Content <br /> Mr. Patrick presented a summary of schedules agreed upon at the last meeting for review, <br /> detailed as follows: <br /> — Part 1 —Finance Committee Chairman Discussion & Analysis <br /> — Part I1 — Selectmen & Management Discussion& Analysis <br /> — Part 111 —Financial Schedules & Subsidiary Analysis <br /> o Schedule A— Summary of Town Appropriations <br /> o Schedule B —Calculation of Property Tax Rate <br /> o Schedule C —Balance Sheet (2004 Actual—2005 Forecast) <br /> o Schedule D—Revenue Ledger(2004 Actual—2005 Forecast) <br /> o Schedule E—Expense Ledger(2004 Actual—2005 Forecast) <br /> o Schedule F —Net Funded Fixed Debt (2004 Actual — 2005 Forecast) <br /> o Schedule G—Governmental Funds/Changes in Balances (2004 Actual) <br /> — Mr. Gasior indicated he met with Town Manager Joyce Mason to obtain the debt <br /> schedule through 2013. He stated the importance of including this information in report, <br /> and suggested providing 2004—2010 debt numbers to show change in debt over time. <br /> — Mr. Gasior and Mr. Patrick discussed how to explain debt structure and rules <br /> surrounding debt use within report. <br /> — Mr. Gasior suggested detailing capital improvement expenditures funded through current <br /> year's budget. <br /> — Mr. Gasior also presented a rough draft of Finance Committee narrative for report. He <br /> will email this document to Committee members: <br /> Summar of Town Appropriations <br /> — Committee agreed to include Summary of Town Appropriations in report, as reviewed at <br /> previous meeting. <br /> Calculation of Property Tax Rate <br /> — Mr. Gasior assembled this schedule after meeting with Assessor; formula calculates <br /> what average homeowner and condo owner pays in taxes. <br /> — Committee agreed to include this schedule in report. <br /> Balance Sheet <br /> — Chairman Patrick reviewed the Balance Sheet, and expressed the importance of <br /> including this information in report. <br /> — Mr. Gasior stated that the Balance Sheet presents too much detail. Mr. Umina agreed. <br /> — Committee discussed whether this much detail should be in report, and agreed to <br /> eliminate Balance Sheet from report. <br />