Meeting of the Lincoln Finance Committee
May 29, 2008
Lincoln Finance Committee
Present: P. Braun, S. Haber, J. Koenig, L. Sander, E. Shorb, R. Steinbrook (chair)
Absent: M. Hartman
Minutes submitted by: R. Steinbrook
The meeting was called to order at 7:30 pm in the selectman's office at Lincoln Town Hall.
The minutes of the meeting of May 1, 2008 were approved.
The committee considered reserve fund transfers. By votes of 6-0, the committee approved:
--A reserve fund transfer of $16,000 to repair the DPW's street sweeper; the central hydraulic pump broke during street sweeping.
--A reserve fund transfer of $28,300 to the DPW--$19,000 for the increased cost in gas and diesel fuel, $5,000 for bituminous concrete for additional pothole repairs, and $4,300 for police details needed for the repairs.
--A reserve fund transfer of $163,770.13 to fund the deficit in the snow and ice expense budget.
Following the transfers, the FY '08 reserve fund balance is $151,798.87
The committee discussed affordable housing and efforts to increase the number of affordable units in Lincoln.
The committee discussed the financial situation of LSRHS and goals for the FY '10 budget cycle.
The committee will next meet on Thursday June 19, 2008. The agenda includes a year-end spending report from the Lincoln Public Schools and a discussion of ways to improve the capital planning process.
The meeting was adjourned at 9:15 pm.
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