Recap Finance Committee Meeting

RECAP FINANCE COMMITTEE MEEETING – JANUARY 12^TH 

Last night, the Finance Committee met to review the town and school’s financial situation.  According to the Town Manager, there are no problems and payments are on time for the year. 

Under the School Financials, Mr. Green asked to discuss the School’s Capital Reserve Fund and what this fund could be used for.  Mr. Green has several projects he would like approval to use these funds on.  They are:  (1) Upgrading wireless network at Lisbon Community School; (2) Upgrading district radio equipment; (3) Installing fuel pump security system; (4) paying finance legal fees.  This discussion lasted close to an hour with little decided.  Mr. Michael Bowie stated that he thought there needs to be a policy statement to support what these funds can be used for and each project should have its own line number.  Mrs. Norma Wells agreed in part with Mr. Bowie but thought the school could use these funds for these projects with the exception of paying finance legal fees.  The majority of the committee agreed with both Mrs. Wells and Mr. Bowie that paying legal fees should not be part of the Capital Reserve Fund. 

In the end, Mr. Green was to look up the state statue on Capital Reserve Funds to ensure the School Department is using these funds properly.  The entire committee agreed that Mr. Green’s plan was good and would save the taxpayers tax dollars.  They just wanted to ensure the School was using the Capital Reserve Fund properly.

 

Larry Fillmore