2005-01-19-AC-min - Laserfiche WebLink

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January 19, 2005 Budget Collaboration – January 19, 2005 Mr. Pagett agrees that the funds should be added to the Stabilization Fund. Mr. Griffith suggested a zero contribution to the stabilization fund in FY06. He feels that considering the current circumstances the Boards shouldn’t be looking long-term when making financial decisions; they should be addressing current needs. Currently the School Department Budget is in need of an increase. Stabilization Fund Mrs. McKenna began this discussion by saying that making no contribution to the Stabilization Fund would be a red flag to Moody’s that the Town was not following their recommendations. Free Cash Mr. Ryan said projections for local receipts are more favorable for FY06 than in previous years. He will be investigating what is causing that surplus. Mr. Hamburger said that approximately $400,000 of Free Cash could be used and a significant amount of funds would still remain in Free Cash. Mr. Griffith said he sees three options, take cuts to reduce the deficit, use some Free Cash, or have an override this year. Reductions in Services Mrs. McKenna asked Ms. Vine and Mr. Hurley, Interim Superintendent, to identify the impact of a reduction in services and the possibility of making these reductions. Mr. Hurley stated that the School Committee has an obligation to meet the needs of the School Department. Currently the budget does not meet growth challenges, especially at the high school. Once again Mrs. McKenna asked that both the school and municipal sides address every possibility of reducing costs. FY 2006 Override Mr. Hamburger, Appropriation Committee, said that citizen sentiment is that an override is not a good idea. He also commented that to have an override as successful as the last, the organization of the next override would had to have begun already. Mr. Pagett suggested that serious community discussions regarding annual overrides be conducted. - 3 -