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07/08/2020 AC Minutes businesses could negatively affect rents and thus the assessed value of commercial, industrial, and personal property, which in turn would result in a higher tax rate for residents in future fiscal years. • The end-of-year free cash balance has not yet been determined A motion was made and seconded to recommend approval to the SB of the three transfers from the Salary Transfer Account, as described above, and the line item adjustment as described above. There was a roll call vote. The motion passed. VOTE: 8-0 A motion was made and seconded to approve the two transfers from the Reserve Fund, as described above. There was a roll call vote. The motion passed. VOTE: 8-0 Ms. Kosnoff and Mr. Parker worked out plans for getting Mr. Parker's signature on the documents authorizing the transfers, as needed. Minutes It was determined that the draft June 3, 2020 minutes had not been distributed for comments. Ms. Arnold agreed to forward them. A motion was made and seconded to approve this Committee's May 7, 2020 minutes. There was a roll call vote. The motion passed. VOTE: 8-0 Future Meetings Ms. Kosnoff noted that there may be two special town meetings in the fall. Mr. Parker agreed to conduct a Doodle Poll to find a date for the next meeting. The meeting adjourned at 8:01 p.m. Respectfully submitted, Sara Arnold Approved: August 20, 2020 Exhibits • Agenda, posted by Mr. Parker, Chair • Remote Meeting Prologue • FY2020 End of Year Fund Transfer Documents 3