09/10/1991 FINANCE COMMITTEE Minutes

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Finance Committee Minutes September 10, 1991 Page 2 . resignation of four people and the hiring of individuals on the first step . The Chief was concerned that this surplus would be construed as over-budgeting. Tony noted that the Fire Department also has an article on the October warrant for rehabilitation of the pumper truck at a cost of $50,000 - $60, 000 . Jim noted that as per the vote of the August 6th meeting he had written a letter to the Library Trustees and to the Friends of the Mashpee Library commending them on their fund raising initiative . Mrs . Baron called Jim and invited members to a meeting on September 22nd, at which time awards will be presented to their volunteers . Jim noted that the Mashpee Historical Commission also ran a baseball fundraiser-. The Commission raised over a $1 ,000 and this money will be used to purchase a display case for artifacts . Jim suggested that the Finance Committee do the same thing that was done with the Library and send a letter commending them on their initiative . Deirdre motioned that a letter be sent on behalf of the Committee and Tony seconded the motion. The members unanimously agreed. The Town Accountant noted that the town has some 20 donation accounts and she has some severe problems with them, in reference to the town getting involved with fund raisers . She noted that there are some complex laws regarding this issue . The Committee turned their attention to Hurricane Bob expenses . At this point the cost to the town appears to be between $400, 00 -- $500 , 000 , 75% of this is reimbursable from the Federal Government . The town is optimistic they will get the 75% reimbursement , however, on the state-side things are not as optimistic. The state may reimburse 12. 5% which would leave $50 ,000 $60, 000 in expenses for the town to assume . Jim noted that there is an overlay deficit of approximately $220 , 000. This has to be resolved, if the budget is not balanced at the October town meeting the tax rate can not be set . Assuming that this is recommended at the town meeting this will leave about $13 ,000 to work with. Jim further noted that the $220 ,000 overlay deficit was as of June 30th, however, there is going to be more during this year. Abatements are still being processed. This could be $220 , 000 - $240 , 000 more plus the $50, 000 - $60 ,000 required by Hurricane Bob could represent a problem of $300,000. Unless . the climate improves and local receipts increase there- is not going to be much free cash. There are not a lot of options . Jim noted that if adjustments are to be made to the FY92 budgets the longer the Committee waits the more dramatic the