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Financial Forecast Meeting Minutes 11-18-2023 City of Beverly Public Meeting Minutes Ct F Y 0 IF I� ED Board or Commission: Financial Forecast Committee UPI Date: November 28, 2023 1013 D C - 6 A f Location: Beverly Public Library, Barnett Gallery Members Absent: Jean Sherburne, Karen Fogarty Recorder: Gerard D. Perry In Attendance City Council Appointees: Chair Kathleen Feldman, Scott Houseman (phone) School Committee Appointees: Dr. Jeffrey Silva, Lorinda Visnick, Giuliana DiGenova Mayoral Appointees: Paul Manzo By Ordinance: Bryant Ayles Ex Officio: Gerard Perry Others Present: Hannah Bowen, Dr. Suzanne Charochak, Erin Brown Feldman called the meeting to order at 6:32p.m. I. Introductions & Opening Comments by the Chairperson All committee members and guests introduced themselves and their affiliations. Feldman made opening comments about the Committee's work. She stated that all meetings would commence at 6:30p.m., and that it was her intention to finish by 8:30p.m. The Committee would be meeting over the next two Tuesday nights. She indicated that it was her wish to prepare a similar report to prior years, and getting it approved prior to the end of the calendar year, consistent with the City Ordinances. Feldman informed the Committee members that any additional narrative from Committee members for this report had to be submitted by 12-7-23, 9:OOa.m. to Mr. Perry to meet the Committee's deadlines. She informed the Committee Mr. Perry would keep the minutes of the first meeting, with an understanding it would be a shorter version than normal. She finally indicated her intention to vote approval of the financials on 12-5-23, and vote approval of the final report on 12-12-23. II. Review of Municipal Expenditures Mr. Ayles began briefing the Committee on the proposed municipal expenditures, as previously submitted to Committee members on a spreadsheet. He explained that he was extrapolating a 3% wage increase each year. Expenses were increased 1 .5%, capital outlay increased by 2.5%, and property/casualty insurance increases 3.5% annually. There was a general discussion regarding sanitation, which is contractually obligated. There was a lengthy discussion about health care, with an understanding a 4% increase moving forward. The City is self-insured. The debt schedule was explained at length, with consideration regarding short- and long-term debt projects. Retirement and OPEB was addressed, with the understanding the City was on a path to fully fund the retirement liability by 2032. Workers Compensation and state assessments were explained by Mr. Ayles, and he provided some historical data on state aid. The reserve for unforeseen was explained, with level funding suggested. A lengthy discussion ensued regarding roads and sidewalks. Dr. Silva suggested that more money was necessary in this category, as the Beverly roads were not in good condition. Dr. Silva made a motion, seconded by Mr. Ayles, to increase the recommended amount of funding for roads and sidewalks to $3.5M, out to FY28. A roll call vote was called: Feldman Yes Ayles No Visnick No DiGenova No Houseman No Manzo No Silva Yes Motion in favor was 2 votes, motion against was 5 votes. The motion failed. Mr. Manzo briefed the Committee on the Vocational School expenditures. A general discussion ensued regarding student population and other matters associated with vocational education in Beverly. It was agreed that Mr. Ayles would amend the spreadsheet to incorporate approximately 220 vocational students in future years. At the end of the meeting, Dr. Charochak agreed she would forward school financial information to Mr. Ayles by Friday, 12-1-23. Mr. Ayles would incorporate that data into the spreadsheet, amend certain information based upon the Committee discussions, and forward the new amended spreadsheet to Committee members for discussion on 12-5-23. 111. Adjourn Motion made by Ms. Visnick, seconded by Mr. Manzo to adjourn. Motion approved 7-0. Meeting adjourned at 8:26p.m.