2/11/2002 FINANCE COMMITTEE Minutes

Home Browse Search

y 2 i I Board of Selectmen Minutes February 11, 2002 A P II TN4:E TS AND HEARINGS: Joint MeetinQ— School Comm Ittel inaneinance Committee: The Board of Selectmen met jointly with members ofthe Finance Committee and School Committee for the pose of reviewing the 'Y3 budget. In��nce, Finance C nn ee asemb r Jeff y Armed Dean Arden, James Ifor ars, Kathleen Lynch and Carlton Aferedi h, �l Committee members present, Theresa Cook., .� � e Mills,, Peter Thomas, Ben Caswell and Mollie leis. Also in attendance were Sherwood Fluery, Superintendent of Sch.oc4s, School Business Administrator Michael Tarlow, and Town Accountant Diane dye Ma GnTown Administrator discussed in detail, the analysis Gf available revenues to support the budget. with the state of the present and the development Gf a new Chapter 70 formula it is,difficult to pro'ect the growth in Chapter 0 State revenues for the eomn year, J CorrespGnJence was rec Wed from Matthvvv patrick, State Representative dated February ebrua 002 with respect to the revenue projection for fiscal Y year 2003).. The Charman of the Hcause Ways and Mas has + ended that unici al offie1at prepare for 10% reduct' 'n al reee p mal aide it the exception f Lo tery Aid, which is dependent fry solely upon lottery sales. As a result,.1rs . Masson has recommend that Chapter 70 assista=b level funded. Additional areas of uncertainty include the Town's � ra�e aid benefits. An increase f 15 In prem gists r e ted. that the eraff T wn budget is level find and the .maw wed Selectmen have imposed a hiring freeze on any new positions. The reoammended budget a&prepared by the Tuvvn Administrator is full balanced, given the estimated current revenues, and does not'require an or use of the T s stahilization fund. It des however.. utilize the sura of$276,000 from free cash.