04/20/2023 FINANCE COMMITTEE Minutes

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Finance Committee Minutes April 20, 2023 Mr. Collins distributed the redline copy of the Request for Proposal that he received back from Town Counsel with a few minor changes to wording. There were also some formatting issues that he wasn’t able to correct on his end and that the document should be reformatted appropriately when it is finalized. It was stated that the current firm, Clifton Larson Allen has been conducting the audit for a number of years and that there are no problems with them of any kind. NEW BUSINESS 1. Discussion ad Approval of Request for Transfer from the Finance Committee Reserve Fund to the Finance Committee Expense Account. A request was made to transfer $2,000 from the Finance Committee Reserve Fund into the Finance Committee Expense Account to cover the shortage of printing and mailing the Finance Committee Report to the Voters. A motion was made by Mrs. Furbush to approve the transfer of $2,000 from the Finance Committee Reserve Fund into the Finance Committee Expense Account. Motion seconded by Lee Smith. VOTE: Passed 6-0-0 Roll Call Vote: Mr. Pettengill, yes Darlene Furbush, yes Jamie Schuh, yes Lee Smith, yes Mr. Weiner, yes Glenn Thompson, yes Opposed, None 2. Town Manager Updates. Mr. Collins provided the figure on Article #1 on the Special Town Meeting Warrant as $5,259. It was originally estimated at $200,000. He went on to state that due to the favorable loss history regarding insurance costs, which they have been monitoring closely, the rate increase will be 1.2% and was originally budgeted at 5%. Additionally, he stated that they will be taking advantage of the prepaid premium option beginning in August and will be saving an additional 2.5% in insurance premiums. This results in the Town paying less in insurance premium than last year. ADDITIONAL TOPICS N/A NEXT MEETING May 11, 2023 6:30pm Waquoit Meeting Room 2