OFFICE OF THE SELECTBOARD

Finance Committee

TOWN OF HALIFAX, VERMONT

MINUTES OF THE SPECIAL MEETING AGENDA

APRIL 21, 2023

 CALL TO ORDER

• McAllister called the meeting to order at 12:00 pm

CHANGES AND ADDITIONS TO THE AGENDA

• Christofferson suggested discussion of Q4 Budget Cycle preparations be made earlier in the meeting.

APPROVAL PREVIOUS MEETING MINUTES

• There are no previous meeting minutes as this was the first meeting of the Finance Committee

NEW BUSINESS

1. The description of the Finance Committee was reviewed. Christofferson suggested that the charge of the Finance Committee be amended to reflect a specific role in preparation of the annual Town Budget. She proposed the Finance Committee liase with the Treasurer and Highway department teams as the primary constituencies in the Town Budget discussions in order to provide further transparency regarding line-item details and to ensure that all parties are working with the same information and “as of “ dates, and offered to work with the Treasurer and Highway Department to develop a budgeting and forecasting spreadsheet to help inform the Selectboard during its budget review process.  She will prepare a proposed revise charge for discussion at the next meeting.
2. The date, timing and place of regular meetings of the Finance Committee was established as the third Friday after the end of each fiscal quarter at noon at the Town Office, for the primary purpose of reviewing the Treasurer’s Quarterly Financial Statements and such other matters as may be appropriate. The meeting dates for the next four quarters are as follows:

3. McAllister provided information regarding the Selectboard discussions with the Auditor (Batchelder Associates P.C.) with respect to the FY 2022 Audited Financial Statements
   • The roles and responsibilities of the town Auditors was discussed.
   • McAllister will check with the Selectboard Chair as to the status of the elected/ appointed Town Auditors and ask them to join a future meeting of the Finance Committee to discuss their role and expectations and implement closer collaboration with the Selectboard.
4. A review of the 3Q23 Financial Statements was initiated.

OLD BUSINESS

A Special Meeting of the Finance Committee was proposed for April 26, 2023 (Wednesday) to continue review of the 3Q23 Financial Statements.

OTHER BUSINESS

HEARING OF VISITORS

ADJOURNMENT

McAllister adjourned the meeting at 1:54 pm

Town of Halifax

Finance Committee Description

Motion passed by the Selectboard 4 April 2023

Amendment as of April 21, 2023 for Selectboard consideration

Background:

At the Selectboard meeting on March 21^st a short discussion was held on the appropriate financial policies the town should follow and the lack of consolidated financial policies. The idea of creating a committee to help the Selectboard address issues related to the town’s finances including interactions with the Treasurer and auditors. Based on the following guidance from VLCT a motion has been prepared below.

VLCT recommendation:

We recommend the selectboard pass a resolution to create a committee at a duly warned meeting (which would be moved, seconded, discussed, and voted upon). It should contain the details of a title, total membership (# of appointed members), any details the board wants in terms of positions and non-officials if any, the committee charge or purpose, duration if it will be limited, etc. The more details that can be set out and captured in the minutes, the better. The selectboard can refer back to it and consider changing the details at any time at a future meeting by majority vote. The committee will be subject to the open meeting law, the public records act, etc. I hope this helps.

Motion: Creation of a Halifax Selectboard Finance Committee

Title – the title of the committee shall be the Selectboard Finance Committee

Membership – The committee shall consist of at least two members nominated by the Selectboard, with at least one of the committee members being a sitting member of the Selectboard.

Duration – The committee shall be active for a period from the date of its first meeting to the first Selectboard meeting after Town Meeting. It may be extended every year for an additional one-year term by the Selectboard.

Charge – The Finance Committee shall be responsible for the following:

• Assess the Town’s financial policies and recommend changes or additions to the Selectboard
• Review the Town’s quarterly financial statements, received from the treasurer, and make a report to the board on the committee’s assessment of the quarterly financial statements
• Engage with the Treasurer on all matters relating to the town’s financial policies including, but not limited to:
  • Accounting policies and procedures
  • Financial reporting matters
  • Audit findings and recommendations
  • Preparation and dissemination of audit reports

Engage and liase with the Treasurer and the Highway Department [Manager] regarding preparations for the 1^st draft of the Town Budget for Selectboard c