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Finance Committee
December 14th, 2009
Meeting Minutes

Attendees: Joe Maurer, Chair, Joe Hudson, Committee, Bernice Schreiber, Fiscal Officer, George Skipper, Council, John Bourisseau, Council, Wendy Gillund, Council

Meeting Called to Order at 7:00PM

Review of Accounts Payable

Discussion of various items on the list with satisfactory answers to all questions.
Payables Approved by the Finance Committee for submission to Council.

Review of November Financial Statements

The Financial Statement review indicates that revenues are generally in excess of budgeted amounts. Revenues are below last years actual revenues primarily due to lower RITA receipts and reduced interest income. Actual expenses for the first eleven months were less than budgeted amounts. Barring any unforeseen circumstances we are anticipating a surplus in the range of $150,000.

Other Discussion Items

The audit report was released recently with an unqualified (clean opinion). There were some comments and recommendations that have already been addressed.

There was discussion of the contracts of the law department, building inspector and engineer. Finance recommends all for approval.

There was discussion of the Ordinance establishing compensation for the Employees. Finance recommends adoption at Council.

There was discussion of the Ordinance transferring funds from the General Fund to the Ancillary Funds. Finance recommends adoption.

There was discussion of the Ordinance amending the Budget for Fiscal Year 2009. Once again finance recommends its adoption.

With some relatively minor changes to the original budget submitted by the mayor at the October meeting the budget was approved by the finance Committee. Finance recommends passage at the council meeting. This will result in adopting the Appropriations Ordinance 2009-58 for 2010.

Meeting adjourned at 8:00PM

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