HomeMy WebLinkAbout2005-06-27 Financial Policy Committee (Selectmen's Ad Hoc) - Charge, 2005 Selectmen's Ad Hoc Financial Policy Committee
Members 7
Appointed By: Board of Selectmen
Length of Term. Recommendations should be made by Dec 2005
Appointments Made.
Meeting Times
Description. This Committee will recommend to the Board of Selectmen fiscal policies that
seek to ensure structurally balanced budgets and adequate reserves while accommodating the
possibility of operating overrides among other means to ensure the consistent delivery of
balanced services Specifically this Committee will address
• A Reserve Policy by examining existing reserve funds (stabilization, overlay, enterprise)
and recommending appropriate funding levels, circumstances under which funds can be
drawn upon, timelines for replenishment, and suggestions for additional reserve funds if
warranted.
• A Free Cash Policy that defines appropriate targets and timelines for accumulating free
cash as well as the circumstances under which free cash can be appropriated.
• A Debt Management Policy by defining appropriate levels (ratios) of debt (both exempt
and within levy), the appropriate use of BAN's in funding capital projects, and if not
otherwise addressed
• A `Cash' Capital Policy that defines the small capital projects loosely referred to as 'cash
capital', currently funded within the tax levy, and recommends a funding mechanism for
these expenses
Criteria for Membership. knowledge and interest in fiscal policies
Ref.. Charge adopted by the Board of Selectmen at its meeting on June 27, 2005
Voted Special Municipal Employees by BOS on August 1, 2005 Reaffirmed on 1/18/06
Dissolved January 8, 2007
Suggested Membership
Paul Lapointe, Robert Rieth, Peter Enrich, Michael Kennealy, Alan Fields, Bill Dailey,
Paul Asquith
Liaisons School Committee, Capital Expenditures, Appropriations, Selectmen
Staff: Town Manager