2004-11-04-AC-min - Laserfiche WebLink

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November 4, 2004 G. Burnell commented that with all the personnel changes, this year in particular the two finance committees need to play an even more active role than in prior years so there's some agreement on the budget before Town Meeting. PH responded that it would be helpful to have some "pull" as well as "push" - that is, for the BoS and SC to indicate that they'd like that kind of assistance from the finance committees. Questions raised about whether we know what the budget gap looks like at this point. DB said Linda Vine is expecting to have revenue estimates, some big budget number plug-ins (debt, reserves, health care) by end of the week. AC decided that AL and DB should meet with Linda Vine early next week to offer help and to suggest level-staffing baseline, and to discuss how coordination might take place on budget preparation, including communication with schools. 5. Future meetings: Summit on the 17th of November, 6-8pm. Will post to meet then, and after, and will keep our posting for the 18th. Won't schedule anything for next week. 6. Reports on other meetings - didn't go into detail because of late hour. Revenue Office meeting: DK - one sentence impression - they are spread too thin in terms of personnel, and their ability to do cash reconciliation. AL commented they had 7 full-time equivalents before failed override, 4.5 FTEs now. 7. CEC concerns: G. Burnell commented that we're going into a summit and things are kind of fractured. Want to know if CEC and AC are on the same page. His two major concerns: 5% cash capital policy and bond rating. Does AC have problems with supporting/reinforcing those priorities? Re 5% cash capital policy, PH remarked that he doesn't have a problem with the policy, but the question is whether it can be maintained this year (FY06). G. Burnell noted that this isn't new; in many years there has been pressure to put aside capital to support operating budget. Says the 5% is very important, not because it's 5% necessarily, but so capital concerns have a stake in the ground. AL, others responded that we understand the concern. PH questioned the policy recently of borrowing to support the cash capital policy. G. Burnell noted that we've retired more debt than we've taken on (short-term debt) but that this is something to watch. Re bond rating, G. Burnell thinks we're on the slippery edge. Hopes someone is thinking about this. AL reported that David Eisenthal (town's bond consultant) met with AC and committee is aware of the issues. 8. Other business: Discussed transition of the Finance Director/ Comptroller. Agreed to direct information requests first to Linda Vine now that she will be the acting town manager for the duration of the interim period. The meeting was adjourned at 10:30 pm. Deborah Brown, Acting Secretary (w/ revisions from the Committee) Approved December 16, 2004