FINAL OS SC Mtg Minutes 2018-05-15.pdf

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8. ASSISTANT SUPERINTENDENT'S REPORT,Kevin Mahoney a. 3rd Quarter Financial Statements Mr.Mahoney referenced the documents in the packet related to the 3'Q. Financial Statements, specifically the FY 18 Expenditure Report by Summary and by Function Code,the Revolving Funds, and Schedule of Cash Balances and Interest Income by Bank Account, as of March 31,2018, as well as the Cash Summary Reconciliation for the period ending February 2018. He highlighted some key points and noted that these documents were reviewed by the Finance Subcommittee at their last meeting. With regard to the Cash Summary Reconciliation,he pointed out that including this was recommended in the recent Audit Report. He also noted that the Auditors will begin their field work for the next audit at the end of May. b. 10 Mill St.Repairs/Upgrades Mr.Mahoney explained the detail included in the packet,pointing out that 10 Mill St.was now a 30 year old building in need of maintenance. Similar attention had been paid to 22 Mill St. a few years ago. He noted that the Finance Subcommittee reviewed this proposal. Ms. Flood, as Chair of the Finance Subcommittee,added that they had seen an earlier, simpler version, and they made a request for more formal estimates. They decided to recommend a cap at$60K, and are pleased that Kevin is the point person to oversee that the work will be done right. Kevin confirmed that he expects this property will remain as a house, so the maintenance work is appropriate, and that nothing done there will impact the building project. He noted also that the work will be done by the students where feasible, and he expects it will begin in the Fall,hopefully with minimal impact on the occupant. The following vote was then taken: ACTION 2018#36 Moved(Gammill) and seconded(Leone) To approve building repairs/upgrades at 10 Mill St., as presented,up to $60K from Facilities Rental Fund 1300000-403 VOTE: 10 members in room at time of vote Weighted Vote present: 100% Weight needed: > 50% Names of towns opposing or abstaining: none Final percentage results of vote: 100% Final status of the vote: Unanimous c. Certified E&D as of July 1,2017 Mr.Mahoney explained that he had shared this information with the Committee at the last meeting, and that the FY 19 Budget was approved without the E&D Certification. The proposed vote would be to formally commit the funds to reduce assessments. The following vote was then taken: ACTION 2018#37 Moved(Flood) and seconded(Sheffler) To authorize $540K from the certified E&D to reduce member town assessments for the FY 19 budget VOTE: 10 members in room at time of vote Weighted Vote present: 100% Weight needed: > 50% Names of towns opposing or abstaining: none Final percentage results of vote: 100% Final status of the vote: Unanimous 6