FINAL SC Mtg Minutesw att 2017-06-13.pdf

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6. ASSISTANT SUPERINTENDENT'S REPORT,Kevin Mahoney a. FY 17 Budget Update 1.Review of Financial Reports,as of 4.30.17 Mr. Mahoney reported that the Financial Reports were reviewed by the Finance Subcommittee, and that the Revolving Funds are all in order. He referenced the FY 17 Expenditure Report,and noted that there is a projected available balance of an unexpended$922,000,due to the delay in the bonding, and staffing variances. He also noted that the FY 17 budget is on target,but he was overly optimistic in the FY 18 budget. He explained a strategy that he reviewed with the Department of Revenue and the auditors to make an adjustment that would not have an adverse effect,which would adjust the amount in the current year tuition line item, and transfer funds by function code to balance the FY 17 budget. The following related votes were then taken: ACTION 2017#38 Moved(Leone)and seconded(Antia) To amend the current year tuition amount in FY17 Budget, as presented VOTE: 12 Members in room at time of vote (not Acton,Carlisle, Stow,Weston) Weighted Vote present: 80.07% Weight needed: >40.04% Names of towns opposing or abstaining: 10 in favor;2 abstentions (Sudbury and Wayland) Final percentage results of vote: 70.44% Final status of the vote: Passed ACTION 2017#39 Moved(Leone)and seconded(O'Connor) To approve Budget Transfers, as presented VOTE: 12 Members in room at time of vote (not Acton,Carlisle, Stow,Weston) Weighted Vote present: 80.07% Weight needed: >40.04% Names of towns opposing or abstaining: 10 in favor;2 abstentions (Sudbury and Wayland) Final percentage results of vote: 70.44% Final status of the vote: Passed b.Feasibility Study Bond Anticipation Note(BAN)Renewal Mr.Mahoney explained that a$120,000 Bond Anticipation Note is due on June 23,2017. He explained that he anticipates $60,000 will be renewed and a payment of$60,000 will be made to reduce the outstanding principal balance. He explained the bid results for the BAN renewal,and the terms of the note, as well as the total cost of borrowing. The following vote was then taken: