2/25/2002 FINANCE COMMITTEE Minutes

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Z Board-of Selectmen Minutes Eebruary 25,2002- APPOINTMENTS 5,2002APPOINTMENTS AND HEARINGS:_ School CommitteelTinanceCommittee`(continued) In-addition-to the uncertainty of Chapter 70.aidran.increase-of 15%is anticipated in insurance and benefit premium costs. It was also noted that the police and fire contracts are pending_settlement. An additional $245,000 is estimated based upon other contractual settlements. Utilizing a-figureof$1,100,500 for school salary contract obligations, the updated revenue analysis reflects a bottom line deficit of minus $520,151. x 5519,000 shortfall is also projected for the above referenced contract settlements. The shortfall estimate includes a 10% reduction in Chapter 74 aid At the last budget meeting, the School Department requested the Board consider a budget of$17,492,000 for fiscal year 2003. Last year's budget appropriation was$15,100,000_ The Superintendent of Schools.suggested the F.Y03 budget be increased-by $1,500,000 to support increased salary contractual obligations, SPED tuition,mandated SPED new hires and increased enrollment positions. Upon review of the figures, the second round school budget request for fiscal year 2003.totals-516,80.0,000- Itwasnotedthat.an-administrative team comprised o.f..members of.the. School Department reduced the budget by $692,203,000 although the School Committee has not officially endorsed the proposed school budget reduction. Preliminary budget reductions.include.arevised base payroll,a three-year lease of computers opposed to five, a reduction in utility projections, building and grounds,_athletics,text books,staffing and a SPED van purchase. The Finance Committee for consideration presented a budget recommendation of$16,472,000. The Town Administrator recommended ahudget of 516,400,500 to_meetcontractuaLobligations-for the— school-Discussion of the budget ensued.