FINANCE COMMITTEE
MINUTES –
TOWN
HALL –
Members present: Pietal, Heitin, Fixler, Goldberg, Goodman, Hearne, Hitter, Miller, Feldman, Rose,
Reviewed Fixed and Uncontrollables Budget – Ben Puritz and Joe Roach
1. Health Insurance
a. Administered according to state laws
b. Negotiated with 17 different bargaining units
c. COST = Claims + Administration + Stop Loss Insurance
d. 85% of employees in either HMO Blue or Blue Care Elect
i. Town pays 80% - Employees pay 20% (HMO Blue)
ii. Town pays 60% - Employees pay 40% (Blue Care Elect)
e. Cost for last 3 years – up 65%, last year – up 25%, projection for FY’05 – up 10%
2. Discussion Points
a. Part-time employees who work 20 hours or more receive full insurance benefits
i. Mr. Goodman – how many?
b. Blue Cross/Blue Shield Meeting
i. No premium provider-based plan ONLY self-insured plans offered
c. We are currently around $500,000 in arrears for health payments in FY’04
d. We should have a $1,200,000 balance or 2 months payments in a reserve fund
i. Mr. Goldberg – when setting each fiscal year’s premium, we should “true-up”, i.e., settle any deficit from the previous year
ii. Ms. Tuck – the settlement should reflect the 80/20% split between town and employees
e. Mr. Goodman asked Mr. Uyttebroek– How do you arrive at the premium?
i. “It’s art more than science”, Mr. Uyttebroek
f. Mr. Sydney – What about a wellness program?
3. Workman’s Compensation
a. A credit of $25,000 is expected for FY’04 budget
4. Auto and Liability Budgets
a. Flat for FY’05
5. Debt
a. Reduction of $770,000 in FY’05 due to retirements of outstanding debt
b. Inside vs. outside debt
6. Vocational Tuition
Reviewed Revenue Projections – Ben Puritz and Joe Roach
1. FY ’05 Tax Increase within the 2.5% tax Levy Limit is expected to be an increase of 3.5%
2. Current FY ’05 budgeting assumes an across the board increase of 5% to all sectors
3. Free Cash is currently at $1,052,000
4. Additional “outside” funds available to be apportioned by the Priorities Committee include:
a. $300,000 – from Assessors’ Overlay Account
b. $290,000 - from Governor’s Aid
c. $150,000 – from Free Cash
d. TOTAL Available = $740,000
5. Suggested uses for funds to be appropriated include:
a.
$50,000 – Vocational
b. $33,00 – to fund Assessors’ town revaluation activities
c. $77,000 – to fund Ambulance Service
d. $55,000 – to fund Compensation Parity Adjustment for Fire Department
e. $550, 000 – to fund Special Education deficit from School Budget
f. TOTAL Suggested = $765,000
Finance Committee Business
1. Approved Minutes of Meeting
2. Upcoming Committee Meetings
1.
2.
3.