Meeting of the Lincoln Finance Committee
February 26, 2009
Present: P. Braun, S. Haber, M. Hartman, J. Koenig, E. Shorb, L. Sander, R. Steinbrook (chair)
Absent:
Minutes submitted by: R. Steinbrook
The committee met with Edward Bouquillon, superintendent-director of Minuteman School of Applied Arts & Sciences, for a discussion of the FY '10 budget. Also in attendance were Jim Lafferty, Principal, and Kemon Taschioglou, Lincoln's representative to the school.
Lincoln's Minuteman assessment for FY '10 is estimated at $52,592. Minuteman is also seeking permission from the 16 member towns to establish a stabilization fund; no funding is being requested at this time. The total budget is $17.4 million, which represents a 2.91% increase from FY '09.
The committee met with Bill Stason, a member of the Pierce House Planning Committee. The chair and Mary Hartman have met with Tim Higgins, Town Administrator, and Colleen Wilkins, Town Finance Director, to express concern about the financial situation of the Pierce House and related matters. These discussions are ongoing. Because of a reduction in the fair market value of the Pierce House Non-Expendable and Expendable Trust Funds and reduced event revenue, the ending balance of the Pierce House Expendable Trust Fund may be negative as of the close of FY '09. Such a shortfall could require a transfer from Free Cash of $10,000 to $15,000. Strategies to increase revenues and/or decrease expenses are being evaluated.
The Finance Committee will work with the Town to develop a plan to improve the financial situation of the Pierce House and to prevent a similar situation from developing in FY '10. It was also noted that the Board of Selectman are seeking candidates for appointment to the Pierce House Committee.
The committee discussed the warrant article that would create a stabilization fund related to the Lincoln-Sudbury Regional High School. There were questions and concerns about the wording of the warrant article and the funding of the proposed stabilization fund. John Koenig will follow-up with the Town.
The committee discussed affordable housing and the activities of the Affordable Housing Trust.
The minutes of the meeting of February 5, 2009 were approved.
The committee next meets on Thursday March 12, 2009.
The meeting was adjourned at 10:00 pm.
|