8/10/2017 FINANCE COMMITTEE Minutes

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4 Finance Committee Minutes August 10, 0 1 7 Discussion reizardiag Town pension Fund Unfunded Liabili : (continued) Rodney C. Collins Town Manager indicated at a time of fiscal constraints maintaining a level service budget is a challenge. There is a goal to set aside mom'es to the DFEB trust; when reviewing the budgets and considering the addition of new employees,the bottom line is reviewed and fully considered in terns of affordability and sustainability. In realizing these assumptions, it is also n" nportant to be competitive with neighboring communities to ensure the Town of Mashpee remains within the median to retain existing personnel. Rodney C. Collins stated this has been addressed through the collective bargaining process while trying to maintain the level of services and attracting new businesses to the Mashpee community to brim forth new revenues,, With respect to the Town Pension Fund, an unfunded liability it was agreed the full Pension Liability Report would be forwarded to the Finance Committee for review. The unfunded pension liability is currently million. pp royal of Year End Transfers: Dawn Thayer presented the,following FY2017 appropriation year-end transfers approved by the Board of Selectman at their last meeting. Library: $10,700 Transfer from Library F/T Clefical Salary to Library Energy Expense In /Treasurer: $411050 Transfer from Medicare Expense to L1l_J TA Surcharge Expense Building: $2,300 Transfer from Selectmen F/T Salary to Building F/T salary Accounting: 1,000 Transfer from.Human Resources F/T Salary to Accounting F/T Salary Veterans Semites: $5,600 Transfer frorn Medicare Expense to Veteran Benefits Expense Motion made by Mr. Avis to approve the Year End Transfers as outlined. Motion seconded by Mr* DelPonte* VOTE: Unanimous. 7-0* Roll Cali Vote* Mr. Richardson,yes lir. Pettengill,yes Mr. Ryan,yes Mir. Avis,yes Mr. Delponte,yes Mr. McKelvey,yes Mr. McCahill,yes opposed,none Members of the Finance Committee requested an explanation in writing regarding the balances of the accounts being transferred. It was noted that at tunes there are unforeseen expenditures such as the rising costs of utilities and with employees who may transition. It is also important to realize balances may also be in pacted by positions not be immediately filled. The Finance Committee in their financial review requested information regarding the turn-backs from each department from last fis cal year.