01/26/2023 FINANCE COMMITTEE Minutes

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Finance Committee Minutes January 26, 2023 NEW BUSINESS 1. Town Manager Updates. Town Manager, Rodney Collins stated that with regard to Veteran's Services,the Town is required to fund the Program by the State and if it were not funded,the Town would be penalized in terms of State funding.This is required of all Cities and Towns in the Commonwealth. Mr. Collins went on to review the draft of the Town Manager's Recommended FY2024 Budget Summary. He stated that the Town increase is approximately 3.1%,the School increase is approximately 4.1%. The total increase is about 3.4%. The total reductions came in at just under 1 million dollars. Mr. Collins stated that the highlights to the budget are full time employees being added to the Library with a reduction in part time staff which makes it appear as though it will not affect the bottom line of the budget. However, it will increase when full time benefits are added. There will be 4 full time positions added if it is approved at Town Meeting. He stated that, ultimately, this is a decision that the Voters will have to make. Mr. Collins went on to state that his core issue is with sustaining operations in the Town. Specifically with the wastewater project, which will likely increase operations by 1.5 million dollars as a result of contracted services. He state that, based on his projections,there will probably be an override in FY2025. He said if an override is not approved there will be no way to make up the difference to expenses and will ultimately result in cutting personnel in order to maintain operations. ADDITIONAL TOPICS None at this time. NEXT MEETING February 2, 2023 6:30pm Popponesset Meeting Room ADJOURNMENT A motion was made by Mrs. Furbush to adjourn. Motion seconded by Mr. McKelvey. Motion was passed by unanimous consent. Meeting adjourned at 7:30pm. Respectfully submitted, e' Susan Donovan Board Secretary 2