Canton, Massachusetts · Saved source text
FINCOM 20190211 Minutes
Saved text from 1 of 4 source pages. Transcription and OCR may contain errors; verify figures and wording against the original.
Source page 1
Meeting of the Canton Finance Committee Minutes Voted on: 2/25/19 Meeting Minutes Vote: 7-0-1 Monday, February 11, 2019 Finance Committee Members Present: Christos Arsondiadis, Rob Barker, Dan Cole, Cynthia Holcombe, Emilio Mauro, Tim McKenna, Barbara Saint Andre and Wai Wong. Finance Committee Members Absent: Cindy Thomas. Guests Present: Jim Murgia, Finance Director Ellen Jones, Finance Committee Secretary Opening: A meeting of the Canton Finance Committee was called to order by Chairman Barker at 7:02 p.m. on Monday, February 11, 2019 in the Salah Meeting Room of Town Hall. A. Approval of Agenda Chairman Barker reviewed the items on the agenda which included discussions of free cash certification, the revenue Forecast for FY20, municipal and school operating budgets and an initial review of Town Meeting warrant articles. Announcements Chairman Barker reminded the Committee to report any planned absences for upcoming meetings to the Finance Committee secretary. C. New Business Free Cash Certification as of July 1, 2018 — Mr. Murgia provided the following information regarding the Town's notification of free cash approval from the Department of Revenue, Division of Local Services: • General Fund free cash was certified at $4,383,423 as of July 1, 2018. • Sewer Enterprise Fund free cash was certified at $2,028,086 as of July 1, 2018. • Water Enterprise Fund free cash was certified at $1,615,054 as of July 1, 2018. • Rink Enterprise Fund free cash was certified at $73,022 as of Jul 1, 2018. • ATM 2019 will be asked to appropriate $500,000 of free cash for the Washington/Randolph Street Intersection. • Free cash will also be used to fund various water and sewer projects. • The Rink free cash of $73,000 will be a source of funds for small expenses in FY20 for the Rink. • The cash reserves at the end of FY18 totaled $15.8 million or 16% of budget. • The total cash reserves is made up of: $4.3 million free cash, $7.7 Stabilization Fund and $3.8 Assessors Overlay Fund. The Board of Assessors decreased the Assessors Overlay by $1.5 million which will be used to fund the rink reconstruction. • The unreserved designated fund balance of $9.8 million less the Assessors Overlay balance of $5.2 million at the end of FY18 leaves a balance of $4,6 million considered as deferred revenue. The $4.6 is adjusted by personal property taxes, real estate taxes and other deficits for a remaining balance of $4.3 million of free cash. The state adjusts any free cash balances if it finds any deficit balances in any funds. FINCOM 20190211 Minutes Page I of 4 2/18/19