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