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Minutes of August 15, 2007
August 16th, 2007
Carroll Budget Committee
Minutes of August 15, 2007
Members present: Lori Hogan, Ben Jellison, Karen Moran, Carmine Fabrizio. Members excused: Tom Gately, Ken Mills, Bonnie Moroney
Members of the public present: There were no members of the public present.
Lori Hogan, Vice-chair, called the meeting to order at 7:10.
Lori motioned to accept the minutes of 7/18/2007 as written, Ben seconded, all in favor.
Review of the Balance Sheet dated 8/13/07 ensued. Total cash on hand approximately $1.9 million. Karen noted that the column headings take precedence over the line items. Specifically, the General column represents the general fund, Special Revenue fund includes the Ambulance and Recycling (although not positive), Enterprise fund is the water department. Total taxes receivable $202,978, Tax Liens receivable $120,437. Lori questioned why the Allowance for Uncollectible in both sections is listed as a debit balance, when should be a credit reducing the receivable. General Fund due from the Water Fund $308,893 is properly offset with the liability in the Water Enterprise fund as owed to the General Fund. Discussion ensued about the “Revenue account”, its appearance as a credit balance on the asset side of the balance sheet. Lori offered to review accounting books she has, Karen offered to review the DRA chart of accounts. Karen stated she had asked Karen Carew about the account and was told it is a control account on the BMSI system with an offset for “expenditure control” on the liability side as a debit balance, and is used to include the “net income” in the balance sheet. Ben asked if BMSI is an antiquated system, as the accounting is unusual, and was told the system is not outdated.
A review of the revenues to date was conducted, but with no “budget” figure to which to compare, was reviewed for reasonableness. Lori asked what the budgeted revenue in total was and Karen told her the MS-7 reflected $928,091, excluding property taxes. Total revenue as of 8/13/07 was $575,342 which is 62% of the projection for the year. Discussion ensued regarding the importance of each department to include in the budget presentation separately any funds anticipated, and that they should never net anticipated revenues and expenses.
Review of the budgeted expenses
• Lori estimated that in general, the remaining % of the expense budget should be approximately 43%.
• Ben questioned the Planning Board and Zoning Board secretary expense line items which are well over budget. Karen indicated that after the last meeting she had asked the town office for an explanation and was told they are recording time spent in the office preparing minutes, etc. as allocated for the specific board. Ben noted that the budget preparers for these boards should be made aware of the change in accounting, so that the proper salary could be estimated for 2008.
• It appears the Planning Board may exceed its budget as there is just under 21% remaining for the year. The credit balance in the Board of Adjustment miscellaneous line item (noted as reversing an accrual for books) is misrepresenting the actual expenses for the year.
• Ben asked for clarification of the Miscellaneous account 4194.10-900 in the General Government Buildings portion. The budget for this account was $600, and $8,945 has been spent. Karen will check with Sue in the town office.
• The Insurance accounts (4196.xx) which relate to town insurance, workers’ comp and the audit have just 18% of budget remaining. Karen will check the payment times, as it may be less frequently than monthly. Lori also suggested that some expense may have been incurred for a certificate of insurance for the temporary police station.
• Discussion ensued regarding the police department, which has 38% remaining, due in large part to higher than anticipated overtime expenses. These expenses will be offset with revenue for “detail” work, and the 2008 budget will reflect the anticipated increase in detail work (expense) but offset with increase in the revenue received for details, which will result in zero tax impact.
• The Highway department reflects 62% remaining in the budget, although the payment for the road resurfacing on Harmony Hill/Fieldstone Lane has not yet been made. Discussion ensued regarding the highest and best use of the resurfacing funds, as the water line replacement had not caused the entire road to need replacement.
• Ben wondered if the roadside mowing account included mowing the cemetery. Karen thought the cemetery maintenance account would be used for that, and possibly for repair of headstones.
• Lori noted that the Parks and Recreation budget has 26% remaining, the bulk of expenses have already taken place.
• Ben noted that the Library section has just 28% budget remaining, and Karen noted that the library expenses are treated differently than some other line items and they are highly regulated.
• Karen noted that some warrant articles have had 50% expended, and was told by Sue K that it is a cash flow savings mechanism.
• Ben wondered why the $3,300 approved to purchase the highway replacement snowplow had not been expended.
• The Comstar Billing is what the town pays an agent to do all of the insurance invoicing related to the ambulance.
• Lori indicated she had heard that some believe the building permit fees are too high. Karen noted that they are intended to cover the cost to the town of literally permitting the construction, and that because they are based on a % of value, some very high end construction fees may in fact exceed the costs they are meant to cover.
• Discussion ensued regarding the $1 in some line items. Karen noted that the dollar does in fact hold the account open in case there is a need for a transfer from a different account during the year. Those accounts with a budget of zero may not be used during the year for any reason.
Discussion ensued regarding the water department. Bills are issued annually, normally in September. Expenses to date are approximately 80% of total budget. Regarding the “deficit” discussed at the Select Board meeting of 8/13/07, it appears that the primary reason for the deficiency is the water bond payments. Karen suggested that we review the water information in general, but wait for the minutes of the 8/13 meeting which should provide specifics. Revenues have been projected based on actuals from prior year (at the direction of the Dept. of Revenue), and have covered the budgeted expenses. Bond payment has not been included in the water budget, either revenue or expense. Lori wondered if the Committee had the authority to establish rates and was told no, that is the Select Board in their capacity as Water Commission. Rates have never been set high enough to cover the bond payment. Lori suggested that any water department repayment to the general fund be spread over a number of years. Ben suggested that the Water Commission/Select Board come to the Budget Committee meeting at which the water budget is discussed, so that the anticipated revenue for 2008 can be properly estimated, if in fact an increase in rates is implemented.
Regarding the Bridge Committee, it was also discussed at the 8/13/07 Select Board meeting that the Fahey Bridge has been bumped up the state list for replacement, but due to wording problems with the 3/07 warrant article, funds are insufficient. Lori noted that the creative financing being contemplated should be reviewed to ensure the anticipated principal and interest payments that may be needed in 2008 are properly appropriated.
New Business was the 2007 Budget and Finance Workshop being sponsored by the LGC at Loon on Thursday 9/27. Lori and Ben expressed interest in attending, Karen was unsure about her schedule; Carmine will not be in state.
At 8:15, there being no further business, Lori motioned to adjourn, Ben seconded, all in favor. The next meeting will be held at 7:00 on Wednesday September 19, 2007.
Respectfully submitted,
Karen Moran, Secretary