MEETING POSTED

NO QUORUM

Finance Committee Meeting

Minutes – August 6, 2012

Town Hall, Lower Level Hearing Room, 7:30 P.M.

Members Present:  Arnold Cohen, Charles Goodman, Alexander Korin, Ira Miller, Laura Nelson

                               (Hamilton)

                Absent:   William Brack, Brian Fitzgerald, Gordon Gladstone, Jacqueline Modiste, Edward

                                Philips

1. The first item on the agenda was a discussion of the list of comparable towns.

2. There was some discussion regarding which towns to use and what the parameters should be.  Laura Nelson would look into it and run a report that could be discussed at the next meeting.

3. Ira Miller reported he had received notification that the Board of Selectmen was contemplating a schedule for Special Town Meeting for the fall.  He was waiting to see what items will be on the agenda.

4. The next item on the agenda was a discussion of the Finance Committee website.

5. There was some discussion regarding the Finance Committee website.  Some reactions from various people that it was almost a duplicate to the town website and the town seal (that has been removed) could make people think they were on the town website.  It was including a lot of things not in the Finance Committee purview.  Important item for the website would be budgets.  A suggestion was made to have a sub-committee to develop what the committee wants to do.  Anyone on this committee who wants to be part of this sub-committee to help determine the direction of the website, contact Ira Miller, Chair.

6. The next item on the agenda was the town’s health insurance.

7. Bill Fowler, Finance Director, reported on the Cook and Company, the health insurance advisory firm, Cash Flow Summary Review.

8. There was considerable discussion regarding the good years with the insurance trust fund so that there was to be draw down of the balance of the trust fund to $1.7M.  With the new plan, there will need to be six to nine months to determine savings in the future.  Bill Fowler will do an update in January for the Priorities Committee.

9. The next item on the agenda was an update on Norfolk County Retirement.

10. Bill Fowler reported that there was no annual meeting in two years because of a new Director and a new Actuary.  They’re responsible for investment management and payment of retirement fund; $41,206,587, based on their analysis.  They need to collect for funding goals for FY’12.  Everybody that is a member of Norfolk County Retirement System, which includes the Town of Sharon and Sharon Housing Authority, must contribute.  The town is responsible for a net $2.591M.

11. There was some discussion on the Retirement Fund and the amount owed by the town.

12. A unified budget format was mentioned and Bill Fowler suggested a meeting with Ira Miller and Chuck Goodman would be best to work this out.

13. Laura Nelson left the meeting at 9:30 p.m.

14. The next meeting will be on August 20, 2012.

15. The meeting was adjourned at 10 p.m.