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Revenue Ledger <br /> — Committee reviewed Revenue Ledger; schedule lists categories of town revenues. <br /> — Committee agreed to include this schedule in final report. <br /> Epense Ledger <br /> — Committee reviewed Expense Ledger; schedule lists categories for town expenditures- <br /> - Mr. Gasior expressed concern that information will be from 6/30/04 and thus will be too <br /> far out of date. <br /> — Chairman Patrick and Mr. Umina agreed it is important to show on what and how town <br /> spent money, and is a good way to track unused funds. Mr. Gasior and Mr. Avis agreed. <br /> — Committee agreed to include this schedule in final report. <br /> Governmental Funds/Changes in Balances <br /> — Committee discussed cash balances as listed, including free cash and the stabilization <br /> fund. <br /> — Committee agreed this schedule presents a useful picture of how much money is <br /> appropriated, but not spent. <br /> — Mr. Avis reviewed the Nongovernmental Funds column. Mr. Gasior indicated this is <br /> money spent on capital outlays over and above budgets. <br /> — Mr. Patrick noted that not all revenue has been collected yet, and spending that money <br /> may trigger borrowing. He highlighted the importance of listing deferred revenue as <br /> such. <br /> Committee discussed use and funding of stabilization fund and whether this is money <br /> available to the town for budgetary spending. <br /> — Committee discussed how presentation of debt and available cash should be handled for <br /> report, as well as how to explain unexpended balances. <br /> — Committee agreed that amount of revenue raised by town should be addressed by <br /> Finance Committee. <br /> — Mr. Halachis suggested that detailed information could be useful to taxpayers. Mr. <br /> Gasior reiterated the goal of producing a straightforward report for voters, with more <br /> detail used by Finance Committee to answer any questions raised at Town Meeting. <br /> Mr. Halachis questioned whether Finance Review and Finance Committees should meet <br /> to discuss report. Mr. Avis felt it was not necessary to meet, and Finance Committee <br /> will address any questions resulting from report. <br /> Mr. Halachis questioned whether there is a town policy on how much should be retained <br /> in stabilization fund. Mr. Umina noted town currently has 20-25% of budget in reserve. <br /> Mr. Gasior noted his experience with a standard of 3% of budget in reserve. <br /> Mr. Patrick noted most of money appropriated and left as surplus is no longer designated <br /> for specific department spending. <br /> Mr. Avis and Mr. Patrick suggested including Appropriated and Unexpended Funds as a <br /> line item in report. <br /> — Mr. Patrick stated that Finance Committee will be in the position of defending report at <br /> Town Meeting and that the members should have detailed information to do so. Mr. <br /> Gasior indicated Committee will have all the necessary information. Mr. Avis added <br /> that Town Manager can also address further questions. <br /> Explanation otTerms <br /> Mr. Avis suggested including explanations for various financial terms in report; Mr. <br /> Halachis proposed an appendix to accomplish this. <br /> Mr. Patrick volunteered to compile an appendix and review it with the Town Finance <br /> Director. Mr. Gasior suggested using the Town of Scituate Financial Report as a starting <br /> point as it also uses an appendix for terms. <br />