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02/15/2024 FINANCE COMMITTEE Minutes
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02/15/2024 FINANCE COMMITTEE Minutes
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Mashpee_Meeting Documents
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FINANCE COMMITTEE
Meeting Document Type
Minutes
Meeting Date
02/15/2024
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Finance Committee <br />Minutes <br />February 15, 2024 <br /> <br /> <br />renovation/replacement design/engineering is coming from a change borrowing authorization purpose, <br />$1,600,000 for the DPW facility design/engineering is coming from free cash and Capital Stabilization, $350,000 <br />to reconstruct MMHS parking lot is coming from extended appropriation (existing funds), $70,000 for Heritage <br />Park improvements is coming from CPA funds and $130,000 for DNR boat/equipment storage is coming from re- <br />appropriation of DNR building funds. <br />Police Department, $443,000 Capital Stabilization. <br />School, $75,000 Capital Stabilization. <br /> <br />It was explained that $4.2M will be coming from funding sources and the remaining $3.3M is going to be coming <br />from reauthorization of existing funds or extending an appropriation and will not be new funding. <br /> <br />Mr. Collins stated that the Finance Director recommended that a Policy be adopted by the Board and is <br />subsequently was, to put 15% of Free Cash into Capital Stabilization for the purpose of having a CIP program <br />that can cover specific essential pieces of equipment and assets. He said it is a wise, prudent move. He said that <br />they were probably unprepared to take on the cost with Capital and with the Policy in place we don’t get into <br />those situations. <br /> <br />Chair Pettengill asked if there are any future Capital projects pending. Mr. Collins said he would be sure to get a <br />CIP 5 year projection distributed to the Committee. Mr. Pettengill also requested a summary of Free Cash, <br />Capital Stabilization Fund and the Turn Backs for the last fiscal year. <br /> <br />Chair Pettengill asked if the 15% of Free Cash that goes into Capital Stabilization is of the overall balance of each <br />year or is it of newly certified funds. Ms. Thayer responded that it is of the newly certified funds. <br /> <br />Chair Pettengill inquired about Warrant Articles that may be available for the Committee to review. Mr. Collins <br />said that, as of now, there is only one Petition Article and the others are nothing that are out of the ordinary <br />except for a few that he mentioned during this meeting. They pertain to Wastewater and Sewer. He stated that <br />they are planning on having a Joint Meeting with the Select Board and the Sewer Commission on Wednesday, <br />th <br />March 6 at 6:30pm. There will be additional information forthcoming. <br /> <br />Chair Pettengill asked Mr. Collins if Cape Cod Tech would be presenting their budget to us this year and Mr. <br />Collins said they will. He stated that he is not in a position to challenge what they submit himself and they will <br />have to get together with the other Towns that are part of that partnership. Mr. Collins said that he will reach <br />out to Mr. Sanborn. <br /> <br />ADDITIONAL TOPICS <br />Mr. McKelvey gave an update on the Charter Review Committee stating that they are currently working on a <br />survey that will be going out to the public and the preliminary preamble to the Town Charter is coming along. <br /> <br />NEXT MEETING <br />Thursday, February 22, 2024 <br />6:30pm <br />Waquoit Meeting Room <br /> <br />ADJOURNMENT <br />3 <br /> <br /> <br />
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