HomeMy Public PortalAboutFY2019 Finance CommitteeFINANCE COMMITTEE
The Finance Committee consists of nine members appointed by the Town Moderator. Each member
serves a three year term, with each term being staggered so three members are appointed on an annual
basis. The Finance Committee meets throughout the year, usually on a weekly basis during Special Town
Meeting and Annual Town Meetings budget review process. The Committee reviews all the operating
budgets as well as the spring and fall Town Meeting warrant articles.
The Finance Committee is independent of the elected and appointed administrators of the Town. The
Finance Committee’s responsibility is to review all business to be presented at Town Meeting as well as
giving recommendations and guidance to the voting taxpayers for their actions at Town Meeting.
Committee members also attend other town board’s meetings as liaisons and reports back to the Finance
Committee at a subsequent meeting. Members spend significant personal time reviewing and evaluating
departmental budgets in preparation for their meetings.
The Finance Committee’s annual operating budget includes the following:
Wages: The Finance Committee are volunteers and do not receive a salary and/or stipend. The wages
line item pertains to Administrative staff support to post meetings, record and transcribe minutes of the
meetings, follows up on Committee member requests, and provides hard copy print outs as needed.
Expenditures: This line item pertains to any supplies the Administrative staff support may need to
perform duties associated with postings, record keeping, printing, etc.
Reserve Fund: The reserve fund is regulated by Massachusetts General Law Chapter 40, Section 6 to
provide for the extraordinary and unforeseen expenditures that may arise during the fiscal year. Any
unused balance is closed out at the end of the fiscal year and becomes part of the free cash calculation /
certification process.
GENERAL FUND
DEPT HEAD
TOWN
ADMINISTRATOR SELECTBOARD
FINANCE
COMMITTEE
EXPENDED APPROPRIATED REQUESTED RECOMMENDED RECOMMENDED RECOMMENDED
GENERAL EXPENSES;
Wages $ - $ 1,000 $4,700 $4,700 $ 4,700 $ 4,700 370.0% $ 3,700
Expenditures $ 4,633 $ 4,700 $1,000 $0 $ - $ 1,000 -100.0% $ (4,700)
Vote 7-0-0
RESERVE FUND:
Reserve Fund $ 73,200 $ 100,000 $100,000 $100,000 $100,000 0.0% $ -
Hold
GRAND TOTAL $77,833 $105,700 $105,700 $104,700 $104,700 $5,700 -0.9% $ (1,000)
Vote 4-0-0 Vote TBD
FY2019
% CHANGE
YR / YR
$ CHANGE
YR / YR
FY2017 FY2018
FINANCE COMMITTEE
Finance Committee 4/3/2018