3/17/2016 FINANCE COMMITTEE Minutes

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4 Finance Committee Minutes March 17,2016 Public Hearing—FYI 7 Operating Budget: (continued) The total approved capital budget for fiscal year 2017 is $468,731. This includes authorization to temporary borrow$650,000 through ambulance receipts to fully fluid a new fire pumper truck. The capital budget and the overlay, a provision for abatements $375,000 is included in the Town Manager's recommendation to bring forth a total recommended operating budget of $56,489,762. Mrs. Thayer indicated in FYI 6, $6 million was certified as free cash,funding available for appropriation. The sum of$3.3 million will be used for Town Meeting in May. The remainder will be on hand for the start of next fiscal year. Mrs. Thayer indicated the budget as presented is conservative and the Triple A bond rating the Town has achieved has offset budgetary costs. Members of the Finance Committee applauded the efforts of the Town Manager and his Financial Team consisting of the Finance Director,the Assessor and Treasurer for bringing forth a well-planned and well-presented budget. In closing, Rodney C. Collins, Town Manager re-conveyed the budget contains several new line items for professional development, sick buy-back,and overtime. With the addition of new positions, some positions were suspended or deleted to offset costs. And further, sick buy-back a contractual provision will be monitored, and any unused funds will be returned. With regards to overtime,the budget provision will ensure those with responsibilities will cover what is necessary, when it is necessary. Rodney C. Collins, Town Manager expressed appreciation to his Financial Team in the development of a fair and conservative budget for the Town of Mashpee. Being no further comment,the Finance Committee motioned to close the Public Hearing. Motion made by Mr. Avis to close the Public Hearing. Motion seconded by Mrs. Cook. VOTE: Unanimous. 5-0,2 absent. Roll Call Vote: Mr.Avis,yes Mrs. Cook,yes Mr.Richardson,yes Mr. Klenert,yes Mr. Pettengill,yes Opposed,none May 2016 Town Meeting Warrant Review: In preparation for the Report of the Finance Committee for the Special and Annual Town Meetings of Monday, May 2, 2016 members of the Finance Committee continued their review of the warrant taking a position on the following articles as referenced. To expedite the process of preparing the Finance Committee Report, it was agreed members would assist in the process and prepare a description of the FinCom Overview where noted.