Finance and Audit Committee Meeting - April 18, 2023

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Minutes of the Finance & Audit Committee

Tuesday, April 18, 2023 @ 10:00 AM

Advisory Board F&A Committee (Virtual Attendance): Colette Aufranc (Chair) of Wellesley, Linda Marshall of Holliston, and Joe Nolan of Wayland
Also participating: Jim Nee (Administrator), John Glynn (CFO), and Paula Doucette (Financial Assistant)
1. Call to order @ 10:03 AM by Ms. Aufranc
2. Public comment: No public comments or participation.
3. Review and approval of prior minutes: A motion was made by Ms. Marshall of Holliston: To approve minutes from the Financial & Audit Committee Meeting of February 6, 2023. Second, Mr. Nolan of Wayland.
4. Discussion of proposed operating budget for FYE 6/30/2024:
Ms. Aufranc noted the main goal of this meeting is to discuss the proposed operating budget for FYE 2023. Committee packets included a draft budget, supporting schedules, and “out years.”
CFO John Glynn outlined the projected activity for the upcoming fiscal year. Fixed Route 70,000 hours, ADA 49,000 hours, and Catch Connect 25,000 hours totaling a projective expense of $7,400,000. All other expenses are based on projecting FY23 year-end numbers. Anticipating $600,000 in revenue for fares, fuel tax rebates, FSU rentals, Shuttles $327,000, and parking revenue of $227,000 for total transportation revenue of $1,159,279. To be funded with Transportation Revenue, $1,159,279, 5307 Proceeds $1,600,000, American Rescue Plan Initial Proceeds $1,557,187, and Travel Training Initiative $80,000. Total Project Net Cost of Service $9,080,024. To be covered with the anticipated State Contract Assistance based on the Governors’ budget of $3,592,904 and maximizing the local assessment will still be in an operating deficit – using American Rescue Plan money to zero out the deficit.
The Committee noted the conservative basis of income estimates. The Committee discussed the basis for budgeted variable expenses and the drawdown of remaining CARES Act funding.
5. Update from CFO on status of Audit and preparation of financial statements for the year ended 6/30/2022: Independent Auditors Bruce D. Norling, CPA, P.C., will submit financial statements for the year ending 6/30/2022 in May 2023.
6. Urgent items not anticipated prior to 48 hours of posting: No items were presented.
7. Adjourn @ 10:43 AM

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