6/22/2017 FINANCE COMMITTEE Minutes

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4 Finance Committee Minutes June 22, 2017 MEETING SCHEDULE Tentatively,the next meeting of the Finance Committee is Thursday, August 3, 2017 at 7:00 p.m. The alternate meeting date is Thursday, August 10, 2017. Agenda topics; Unfunded Liability as it relates to the Town Pension Fund, and the Impact on the approved FY 18 Budget as it relates to the Long-term Fiscal Analysis of the Town of Mashpee, and the projected development in FY21. LIAISON REPORTS Schools: With the reorganization of the School Committee,the alternate liaison to the Finance Committee is Nicole Bartlett, nba tlettO,,,jup5plc.2.org. School Committee liaison George Schmidt gave an update on recent matters associated to the Mashpee Public Schools. As noted,the Teachers Union contract has been resolved with a settlement over the next three years as follows; 2%, 2.25%and 2.25% respectively. It is anticipated that excess funding would be returned to the Town's General Fund. However, the budget is tight and the exact figure has not been determined to date. In forecasting the budget process for next fiscal year,there is no contingency funding apparent. It was noted that School Choice funds are expected to be fully encumbered and utilized for operating expenditures and other school necessities. With regards to employment, an Assistant School Superintendent was recently hired and is expected to transition into the position by September 1, 2017. A new SPED teacher will begin work on July 1". School related positions also incorporate an Assistant Principal at the Coombs School and a new High School Headmaster for grades 10, 11 and 12. The Quashnet School window and door replacement project which includes the roof is on schedule. The project is anticipated to go to bid in early October with work to commence in late April through the summer months and into the fall of 2018. Regarding the Cape Cod Technical School construction project, final costs have not been realized. To move the project forward, a total favorable vote of the participating member towns t" is required. The district-wide special election will be held on October 24 .