2021-07-13-AC-min - Laserfiche WebLink

Browse Search

07/13/2021 AC Minutes Ms. Kosnoff noted that there are four types of potential end-of-year financial adjustments that can be made: moving funds from the Salary Reserve account, end-of-year line item transfers, adjusting previously approved parameters for using a revolving fund, and transferring funds out of the Reserve Fund for an unexpected, extraordinary expense. Using a handout that was available on-line, she reviewed the purposes and amounts associated with requests for two salary adjustment transfers from the Salary Reserve account,two end-of-year line item transfers, and one revolving fund authorization increase, as follows: • Salary Reserve Transfer: $371,865 to be transferred to the Public Works Department, Personal Services; this is recommended to address contract settlements. • Line-Item Transfer: $112,530 to be transferred from snow removal expenses to snow removal personal services; this is a result of less use of contracted services and more use of town employee overtime than was budgeted. • Revolving Fund Increase: An $80,000 increase in the approved expenditure limit for the Compost Operations Revolving Fund; the need resulted from expenses associated with more compost facility activity than anticipated, plus the Town of Arlington terminating its contract to use Lexington's compost facility. • Salary Reserve Transfer: $132,322 to be transferred to Fire Suppression overtime; this reflects increased expenses that frequently had Covid19 related elements. Only activities eligible to be paid out of the Salary Reserve account are included. • Line-Item Transfer: $58,000 being transferred from the Fire—Personal Services line item to the Fire—Expenses line item. Items included did not qualify for being taken out of the Salary Reserve account. Ms. Kosnoff added that no Reserve Fund transfer was being requested. During the discussion, Ms. Kosnoff explained the mechanisms that are used for booking these adjustments and some of the logic used in the decision-making process. Consistent with this Committee's responsibilities, a motion was made and seconded to support the two line-item transfers and the revolving fund increase, as discussed. The motion was approved by a roll call vote. VOTE: 8-0 Ms. Kosnoff reported that she would forward the forms for Mr. Parker to sign, reflecting this Committee's approval. Minutes of Prior Meetings A motion was made and seconded to approve the draft minutes for the May 13, 2021, AC meeting, as amended. The motion was approved by a roll call vote. VOTE: 8-0. It was noted that minutes for AC meetings held during Financial Summits are covered by the SB Minutes. Future Meetings Mr. Parker noted that a fall special town meeting means AC meetings in the fall. An August meeting may also be advisable. Mr. Parker agreed to solicit dates via email. There was discussion about this Committee switching its reports to the Town's Wdesk cloud-based integration software. Ms. Kosnoff will look into providing some assistance with transitioning this Committee's most recent fall special town meeting report and providing a demonstration of how it works. 2