09/07/1993 FINANCE COMMITTEE Minutes

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MASHPEE FINANCE COMMITTEE MEETING MINUTES SEPTEMBER 7, 1993 MEETING COMMENCED AT 6:30PM Members Present: Dan Goggin, Chairman; Deirdre Greelish; Denise Sullivan; Tony Gallo and Marcia King. Roger Dunivan and John Ferriday were unable to attend. Please note for the record that the Minutes of August 17, 1993 and August 23 , 1993 have not yet been approved. Please also note for the record that Marcia King's business telephone number is (617)973-0711. Her fax number is (6171973- 0761. Please add these to your most recent member's address list. Members of the Finance Committee met prior to their joint meeting with the Board of Selectmen. Diane Rommelmeyer was also present to discuss any questions the Committee had. Ms. Rommelmeyer gave each member a copy of the FY94 Analysis of Available Revenues for their review. Ms. Rommelmeyer mentioned that there was a good sum of money in free cash. The town received a lot of tax title j collections because of residents .refinancing their homes. The town also did not recertify free cash at the end of FY92 and FY93. Ms. Rommelmeyer also mentioned that the revenue was higher due to the Educational Reform Bill. Mr. Goggin inquired as to whether these funds from the Reform Bill had to be applied to the School? Ms. Rommelmeyer answered no, and that they can be placed into the General Fund. She also mentioned that the Cherry Sheet Estimates had gone up, but not substantially. Ms. Rommelmeyer explained that there was a big change in the Estimated New Growth. She stated that the town could have $292 ,432.62 worth of expenses and still balance their budget without touching free cash. She also stated that Stabilization as of July 1993 had a balance of $278 , 333 approximately. The Pension Trust Fund has $165,895 approximately. The Ambulance Receipts Account has $10,063 not including August and September's receipts. She felt there would be no problem having enough funds for the ambulance by the October Town Meeting. Mr. Goggin mentioned that towns can appropriate- 10% of the previous year's levy into Stabilization. Diane Rommelmeyer also felt that it was very important for the town to raise Stabilization. Mr. Goggin thought that 10% would be a good goal for the Finance Committee. The Finance Committee decided that they would put the balance of Free Cash into Stabilization. Mr. Goggin felt that it would be slightly under one million. TOWN WARRANT Attached please find a copy of Draft #3 dated 9/3/93 of the Town Warrant for the October Town Meeting._ Please use this as a reference.