FINCOM 03-19-2009

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Town of Canton Finance Committee
Meeting Minutes
Thursday, March 19, 2009
Opening:
The regular meeting of the Canton FINCOM was called to order at 7:12 p.m. on March 19, 2009 in the Salah
Meeting Room of Town Hall by Dave Emhardt, Finance Committee Chairman.
Members Present:
Dave Emhardt, John Friel, Pat Johnson, Adam Mazonson, Jim Sims and Diane Wolff.
Guests Present:
Jim Murgia, Finance Director
Ellen Jones, Secretary, FINCOM
A. Approval of Agenda
The agenda was reviewed by the FINCOM Chairman.
Announcements
There were no new announcements.
B. Approval of Minutes
There were no minutes submitted for approval.
C. Old Business/Open Issues
None.
D. New Business
A handout was provided by the Finance Director which included a Summary of Revenue and Expenditures,
Operating Budget by Voting Category, Municipal Departments' Operating Budgets and Enterprise Funds' Operating
Budgets for Fiscal 2010. Jim Murgia reviewed for the FINCOM the following items:
Revenue and Expenditures -Proposed FYl O
• Proposed FY10 general fund revenue is $66,957,930.
• Proposed FY10 general fund expenditures for the school department is $28,665,359, for municipal
departments is $15,088,071 and fixed costs is $22,288,097. Total proposed operating expenses for FY 10 is
$66,041,527.
• Cash capital expenditures proposed for FY10 total $395,000, state and county charges $922,969. The
Finance Director's spreadsheet did not reflect the FINCOM's vote on March 16 to transfer under Article 45
$100,000 from free cash to the stabilization fund for FY10. The Finance Director suggested to FINCOM to
reconsider their vote to reflect the transfer for FY09 instead of FY10. Mr. Murgia would check with Town
Counsel to see if this would be legal. The language in Article 45 implies FY10. Total proposed
expenditures for FY10 is $67,359,496.
• The total operating deficit proposed for FY10 is $401,566. The release of $500,000 from the overlay
surplus would cover this deficit. The remaining $98,434 balance could 1) fall into free cash 2) increase a
budget or 3) reduce a revenue number for FY 10.
• Some suggestions from FINCOM members for the $98,434 balance included increasing the Veteran's
Dept. budget, increasing the Council on Aging budget, or reducing projected revenue for FY10 such as
state aid.
• The Blue Hills fixed cost budget for FY10 increased by approximately $6,000 based on the assessment
provided by Blue Hills at the March 9, 2009 FINCOM meeting.
Canton FINCOM Minutes 03/19/09 Page 1 of 3 4/13/2009