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2 <br /> Finance Committee <br /> Minutes <br /> May 27, 2020 <br /> Present: Mike Richardson, Jeffrey Pettengill, Gregory McKelvey, Phil McCahill, <br /> Darlene Furbush, John Miller <br /> Town Manager Rodney C. Collins <br /> Assistant Town Manager Wayne E. Taylor <br /> Meeting Called to Order by Chairman Richardson at 6:00 p.m. <br /> Mashpee Town Hall, Waquoit Meeting Room <br /> This is a virtual/remote meeting with all participants acknowledging attendance. <br /> PUBLIC COMMENT—None at this time. <br /> MINUTES <br /> Wednesday March 25, 2020: Approval deferred to next meeting. <br /> APPOINTMENTS & HEARINGS <br /> Financial Update and Review: Town Manager Rodney C. Collins: <br /> Members of the Finance Committee met with Town Manager Rodney C. Collins to review <br /> financial matters of interest. The Town Manager's Financial Team consisting of the Finance <br /> Director, Director of Assessing and Treasurer/Tax Collector gave an analysis of the financial <br /> conditions of the Town of Mashpee. <br /> The conservative budgeting approach of the Finance Team has allowed for flexibility in <br /> determining revenue estimates. Although there is a concern with the reduction in State Aid the <br /> impacts of a 6% reduction for Mashpee would create a lesser impact than other comparable <br /> communities. <br /> Approximately 83% of the budget derives from property taxes. In reviewing figures it is not <br /> perceived there would be a decrease in FY21 property values, however, based on unknown sales <br /> calendar year 2020 is uncertain due to the impacts of COVID-19. Currently, collections remain <br /> strong. The Town is not expected to fully realize the effects of the pandemic until next year. <br /> With regards to the operating budget, Town Manager Rodney C. Collins indicated that it is too <br /> early to assume or to take any drastic reduction actions, but the Town is not instituting any new <br /> programs or initiatives at this time. <br /> There are reductions being considered for the annual Town Meeting on June 15, 2020. This <br /> includes the $300,000 projected deficit in the Snow& Ice Account to be indefinitely postponed <br /> and a decrease of$100,000 in the OPEB budget as well as other initiatives. Funds if secured <br /> would revert to Funds Available for Appropriation or Free Cash. <br />