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Finance Committee <br /> Minutes <br /> January 21,2016 <br /> Committee/Lia son Reorfs; <br /> Review of Monthly Appropriation Report; <br /> Last month,the Finance Committee authorized an Emergency Reserve Fund transfer in the <br /> amount of$45,000, The$100,000 Reserve Fund balance is now$55,000. <br /> Under the $62,000 Finance Committee Expense Account the funds have been expended as <br /> follows; <br /> $43,000—Town Audit <br /> *An additional $7,000 has been encumbered for the Audit <br /> *FYI 7 Recommendation to increase Expense Budget by$7,000 <br /> $19,000 -Printing of October Town Meeting Warrant; $5,000 <br /> Expense; $204 <br /> The remainder of the expense budget; $11,800 is deemed adequate to fund the May Town <br /> Meeting Finance Committee report and related mailings. <br /> With regards to the decision of the Finance Committee to support an Emergency Reserve Fund <br /> Transfer at their last meeting as a result of a public health issue, it was recommended the Town <br /> review the liability insurance of the bank,the mortgage holder to possibly recoup expenditures. <br /> To date, the Finance Committee has not received a response from the Town regarding the <br /> foreclosure property. With the emergency funding, it was agreed the property and value thereof <br /> has been improved upon. The Finance Committee Chair indicated he would consult the Board of <br /> Health Agent with respect to this regard and report to the full committee at the next meeting. <br /> At the last meeting,the Town Manager requested that all departmental communications go <br /> through his office. As a reminder and for transparency members of the Finance Committee were <br /> requested to maintain an open line of communication with the Town Manager. <br /> 6 <br />