2/20/2020 FINANCE COMMITTEE Minutes

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17 Finance Committee Minutes February 20, 2020 APPOINTMENTS & HEARINGS Review and Action on Fiscal Year 2021 Budget: (continued) School - $22,778,314: HELD Motion made by Mr. Pettengill to HOLD the School budget. Motion seconded by Mr. McCahill. VOTE: Unanimous. 6-0. Roll Call Vote: Mr. Richardson,yes Mr. Pettengill,yes Mr. McKelvey,yes Mr. McCahill,yes Mrs. Furbush,yes Mr. Miller,yes Opposed, none The Finance Committee is scheduled to meet with the School Superintendent on Thursday, March 5, 2020 to review the School budget. Analysis of Budget and Content of Finance Committee Report: The Finance Committee conducted a review and analysis of charts and graphs proposed for the Finance Committee Report. The figures include budget actuals from FY2018 and FY2019, the current FY2020 budget and the proposed FY2021 budget. It was disclosed the numbers are demonstrated as an example and require validation from the Town Manager and Finance Director. Preliminary figures reveal the Town of Mashpee spending flow from FY2018 to FY2021 for both the Town and School has increased from $53,371,075 to $61,027,685. The Compound Annual Growth Rate on average is 5.1%. In calculating the tax levy, the tax rate projection for FY2021 is $9.02%. This figure does not include CPA and Water District taxes. For comprehension purposes, it was agreed that graphics would be an important aspect of the Finance Committee Report to visually illustrate the various disbursements of the Town of Mashpee. Finance Committee member John Miller was charged with reviewing the proposed changes with the Town Manager and Administrative Secretary and report his findings to the committee. Changes to the report would include the addition of approximately 6 colored charts/graphics, black and white renderings and an appendix. Cost projections and the number of required copies would be determined to conform to budgetary constraints.