03/21/2019 FINANCE COMMITTEE Minutes

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Finance Committee Minutes March 21, 2019 OLD BUSINESS Continued Review& Approval of May 2019 Annual Town Meeting Warrant: (continued) Motion made by Mr. Pettengill to table the discussion on the budget, for the FY2020 Public Hearing. Motion seconded by Mrs. Furbush. VOTE: Unanimous. 5-0. Roll Call Vote: Roil Call Vote: Mr. Richardson,yes Mr. Pettengill,yes Mr. Avis,yes Mr. McKelvey,yes Mrs. Furbush,yes Opposed, none Public Hearing—Fiscal Year 2020 Operating Budget submitted by Town Manager: The Finance Committee opened the Public Hearing on the Fiscal Year 2020 Operating Budget of the Town of Mashpee. In accordance with posting procedures,the Public Hearing notice was read aloud into the record. Town Manager Rodney C. Collins was in attendance to review his recommended FY 2020 Operating Budget with the Finance Committee and interested public. Town Manager Rodney C. Collins indicated it has been affirmed the Town of Mashpee has maintained its AAA rating from Standard&Poor's. This is reflective of strong management practices and strong budgetary performance. The rating is reflective of an extremely strong property tax base and the maintenance of healthy reserves. Mashpee's budget flexibility is also very strong for maintaining unrestricted reserves of at least 10% of the total annual budget. Contributing factors to the highest bond rating include contributions to the OPEB trust, and Barnstable County Retirement System. The stable outlook provides the opinion that it is likely the Town of Mashpee would maintain strong reserves with the support of strong management. The local economic strength and location of Mashpee on the Cape is believed to further strengthen the rating. The Finance Director and her Financial Team was applauded by the Town Manager for efforts to maintain a stable AAA rating with available funds in fiscal year 2019 resulting in 24% of operating expenditures.