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W? tl • ,. (� <br /> f <br /> of pm;4pe <br /> P. O. 9 0 X 1108 <br /> LE�� MASHPEE, MA 02649 <br /> FINANCE COMMITTEE <br /> FINANCE COMMITTEE MINUTES <br /> Town Hall <br /> August 6, 1990 <br /> Present: John Ferriday, Tony Gallo, Deirdre Greelish, Carl Heller, Vern Polka, <br /> and Jim -Vaccaro. <br /> The Finance Committee Meeting commenced at 7 p.m. . The first order of <br /> business was approval of the Finance Committee minutes of June 19, 1990. <br /> Chairman Vaccaro noted a correction to page 3, paragraph 5, the 100% should <br /> be 0%. Carl motioned the minutes be approved as amended, John Ferriday <br /> seconded and there was a unanimous vote of approval. <br /> fIember Ferriday informed the Finance Committee that he had received <br /> a response to his inquiry to the State Ethics Commission regarding a possible <br /> conflict .of interest. The Commission stated that as a member of the Finance <br /> Committee in accordance with G.L.c. 263A he was not in conflict and could <br /> participate in matters which involve the conservation commission, inasmuch <br /> as his wife has no personal financial interest in those matters: <br /> Deirdre Greelish informed the Committee that she also. had received a <br /> response to her inquiry to the State Ethics Commission. The Commission <br /> informed her that nothing in G.L.c. 268A, the conflict of interest law, <br /> prohibits an individual from serving in an unpaid capacity on two municipal. <br /> committees. Deirdre expressed her concern about town bylaws regarding <br /> Finance Cormittee members. Vern noted that she would check into the town <br /> bylaws to see if Finance Committee members were able to serve on, other town <br /> boards. <br /> Jim distributed to the members a Current Financial Status and Preliminary <br /> Outlook for FY92 factsheet. He noted that the Free Cash balance was $22,000 _ <br /> and the total of the revenue available for appropriation was $464,464. Anne <br /> Shaw the Treasurer/Tax Collector will have to borrow $5 million to get the <br /> town through the delay in tax collection and getting the tax bills out. <br /> The estimated interest deficit is $51,000. Jim stressed the FY91 revenue <br /> included $225,000 from overlay reserve which was a one time source and would <br /> not be available for FY92 and $375,000 from available funds which will not be <br /> available for FY(92, Ile also informed the members that the overlay deficit <br /> is currently estimated at a72,000 but he feels that it will get higher. In <br /> view of this information it is obvious that the town will not even be able to <br /> level fund budgets next year. The .1�253,536 deficit does not include the FY91 <br /> 'aLaouth tuition deficit estimated to be between $100,000 and .5250,000. <br />