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Minutes of the Finance Committee <br /> August 27,2009 <br /> Mashpee'down Hall,Selectmen's Meeting Room <br /> Meeting called to order at: Chairman Sandra Lindsey called the meeting of the Finance <br /> Committee to order at 6;35 p.m. at the Mashpee Town Hall <br /> 'resent: Sandra Lindsey, Chairman; Chuck rasior,vice Chairman; Bill Johnson; Chris <br /> Avis; Oskar Klenert, Clerk; George Schmidt; Bob Hutchinson <br /> Excused: None <br /> Others; Joyce Mason, Town Manager; Rene' Read,Assistant Town Manager; Terrie Cook; <br /> Ann Bradshaw; Brian Kehrl, Mashpee Enterprise <br /> 1.Avoroval of Min tes: Vice-Chairman Chuck Gastor moved to approve the Minutes <br /> of Julv.2332009. Oskar Klenert seconded. AR,in favor. leo discussion. <br /> 11. Correspondence: <br /> 111. bests for Transfer: None. Balance in reserve fund is One Hundred Thousand <br /> ($100,000.00) and 00/100 l-lars, <br /> IV. Old Business: <br /> V.New Business: School.representatives discussion on Bud et,Aran Bradshaw discussed <br /> School Financial report (1 Y), circuit breaker,and picture on other revenue. Ms. Bradshaw <br /> commented the School is in a comfortable position compared with other coni unities. <br /> The EOY report must be reported each year to the Department of Elementary and Secondary <br /> Education(DESE), and is used to ensure that districts comply with Mate and Federal <br /> financial regulations. EOY report is reviewed and audited by Sullivan and Rogers, Inc.,the <br /> accounting firm used by the Town. <br /> FIs. Bradshaw discussed prepays for FY09 and spending restrictions,which included the <br /> elimination of positions,a reduction of hours for some positions,and a hang hold. <br /> Bill Johnson inquired about prepayment advantage. vice Chairman Chuck Gasior inquired <br /> about out of district tuitions- Y0 . Bob Hutchinson explained"prepaying frees up money to <br /> allow them to look at other alternatives" such as teacher and paraprofessional "buy hack". <br /> Regarding spending,Bob Hutchinson clarified that the Treasurer handles funds for the <br /> School,but the School can determine spending. Chris Avis inquired whether funds are held <br /> in interest bearing accounts. <br /> 2181201 1 <br />