Finance Committee Meeting
Minutes – July 28, 2008
Town Hall, Lower Level Hearing Room – 7:30 P.M.
Members Present: Maria Anderson, Gordon Gladstone, Charles Goodman, Jonathan
Hitter, Josh Kiernan, Joel Lessard, Ira Miller, Laura Nelson
(Hamilton)
Absent: Brian Fitzgerald, Donald Gilligan, Edward Philips
1. The first item on the agenda was to authorize payment of dues to the Association of Town Finance Committees.
2. A MOTION was made by Jon Hitter and SECONDED by Josh Kiernan to approve expenditure of $231 for the dues to the Association of Town Finance Committees.
3. VOTED: 8-0-0. For: Anderson, Gladstone, Goodman, Hitter, Kiernan, Lessard, Miller, Nelson.
4. The next item on the agenda was discussion on the Finance Committee goals that are:
Monitor revenue expectations of new projects: Sharon Hills, Sharon Commons, Wilber. (2) Encourage Town Health Insurance coverage reflect typical resident coverage. (3) Monitor FY 2009 Energy Budgets. (4) Review Town-wide Maintenance Department Proposal. (5) Review Mitigation Funds received for Avalon in Sharon. (6) Request Selectman representative attend Finance Committee meetings. (7) Review policies of town owned vehicles (employee use, type purchased). (8) Publish Annual Town Report with full details (all positions, salaries, employees). (9) Prepare Town Department budgets with separate line items for salaries. (10) Formally support Capital Outlay debt buy-down strategy. (11) Minimize FY 2010 Override request. (12) Continue “It’s Your Money” articles in Sharon Advocate. (13) Adopt Finance Committee Mission Statement.
5. Suggestions were made to post the goals on the website and send a letter to the departments involved with the goals.
6. Laura Nelson volunteered to write the next column of “It’s Your Money” regarding the committee’s goals and also report on goal #5, review of mitigation funds received for Avalon Bay.
7. The next item on the agenda was a report by Paul Linehan, Chair, Capital Outlay Committee, and Bill Fowler, Finance Director, regarding debt pay-down strategy instituted Sam Solomon from debt borrowing to direct pay. One way was to have an override and go on cash basis all at once. Capital Outlay has been gradually implementing the .5% debt on an annual basis. Percentage of capital borrowing is 6.5% reduced from 7%. By 2021 to be off debt and on 100% cash model. It was estimated this would be a savings of $500,000 to $800,000 per annum on interest.
8. There was considerable discussion on this issue of gradually shifting to a cash basis.
9. There was a report and/or an RFP done on town wide maintenance department by Jack Sulik, formerly of the DPW. That report was to be located for a future meeting.
10. There would be a statement from the Finance Committee whether they were supportive of this buy-down strategy at a future meeting.
11. Information is being generated by the end of August regarding town owned vehicles.
12. There was discussion on voting salaries as a separate item, unified method of budget, incorporate in Town Annual Report the complete listing of salaries, and health insurance funding.
13. There were suggestions that instead of debt buy down to call it: Cash Acquisition Program, Interest Reduction, or Capital Budget within their budget. There was also a suggestion that a group, including Finance Director, Finance Committee, Capital Outlay, and Selectmen, sit down and plan.
14. The next item on the agenda was potential articles for the Warrant: Inclusionary Zoning; $310,000 from Avalon Bay for Stabilization Fund; Capital Outlay for Horizons for Youth and DPW; appropriation for Charter Commission; dissolve Sharon Friends School Trust; Camp Gannett conservation; CPA items; Selectmen discussing a 40R for Post Office Square and Sharon Commons; changes to Brickstone Development Agreement. To be discussed for November.
15. OTHER BUSINESS
16. Ira Miller stated that our next meeting, August 11, was an update on the Energy Committee. Also, try to get Mike Bossion of Horizons for Youth Committee in for an update. The joint committee public meeting to discuss Brickstone was postponed to the first Thursday in September.
17. Laura Nelson reported on the Conservation Commission meeting with developers of Sharon Commons. They had realized that the mall and buildings were not visible from Route 95. They want to remove additional trees. Some of potential tenants are balking that mall and signage not visible from highway. To remove trees in conjunction with Conservation Commission in one area and leave canopy to provide view through trunks.
18. Chuck Goodman reported on the Audit Committee meeting of last Monday. Draft report and management letter is out. Completed report hasn’t been delivered yet. Same firm going to do work for ’08 that did work for ’07. Some discussion putting audit work out to bid for following year. Discussion to have auditor appear before that committee. May appear before our committee when final report. The Brickstone agreement doesn’t have exhibit attached. There were no meetings between the Selectmen of Sharon and Selectmen of Stoughton in May ’07 about Brickstone. May have been about water, but not development.
19. Laura Nelson made correction on minutes of July 14. Item 14. Change sentence “All Town buildings have been switched to natural gas” by adding: “except for one building at Horizons for Youth, which is oil.”
20. A MOTION was made by Laura Nelson and SECONDED by Joel Lessard to approve the minutes of July 14, as amended.
21. VOTED: 6-0-2. For: Anderson, Goodman, Kiernan, Lessard, Miller, Nelson. Abstain: Gordon, Hitter.
22. The next meeting will be August 11, 2008.
23. It was MOVED and SECONDED to adjourn.
24. VOTED: 8-0-0.
25. The meeting was adjourned at 9:40 p.m.