Topsfield Town Government
Finance Committee
Members:
- Mark Lyons, Chairman
- Heidi Bond
- Paul Dierze
- Kathryn Hartmann
- Stephen Lais
- Holger Luther
- Trudi Perry
Phone No. 978-887-1500
Description:
The Finance Committee consists of seven members appointed by the Town Moderator. They hold office for three-year overlapping terms and may be reappointed for successive terms.
The primary responsibility of the Finance Committee is the preparation of the annual Town budget for presentation at Town Meeting. The Finance Committee works closely with the Assessor's Office to determine projected revenues of the Town from local and State sources, including the"cherry sheet"that records State aid amounts for the Town and the schools. On the basis of that information, the Finance Committee develops budgetary guidelines for all Town Departments to be used in the preparation of departmental budgets. Each Department has a FinCom liaison who consults with the Department on the budgetary process. Departmental budgets are sent to the Finance Committee for review and approval or renegotiation. When accepted by the FinCom, the departmental budget is included in the overall Town budget. The FinCom presents the Town Operating budget to Town Meeting for approval.
The total budget includes items other than Departmental budgets, including debt service, the Town's share of regional school budgets, including Masconomet, North Shore Vocational School and Essex Agricultural School, and allocations for other funds, including:
- Overlay reserve fund - an appropriation not exceeding five percent of the tax levy, used by the assessors in excess of appropriations and other charges to cover abatement grants, statutory exemptions and to avoid fractions when the tax rate is set. At the end of the fiscal year, any unused overlay funds revert to the General Fund.
- Reserve Fund - an appropriation not exceeding five percent of the tax levy of the preceding year. The Reserve fund is used for extraordinary or unforeseen expenditures. Transfers from this fund are controlled exclusively by the Finance Committee
- Stabilization Fund - a special account, invested until used, which provides funds for any use approved by a two thirds vote of the Town Meeting.
The Finance Committee does not prepare Department budgets or negotiate with the various unions representing Town employees. School committees are responsible for teacher contracts and the Selectmen are responsible for all other union negotiations. Non-union wages and salaries are set forth in the Personnel Bylaw which is updated in a warrant article at each annual Town Meeting based on the recommendations of the Personnel Board.
The Finance Committee is also responsible for reviewing all warrant articles for Annual or Special Town Meetings. The FinCom's recommendations relative to all warrant articles appear in the printed warrants for Annual or Special Town Meetings.
Regular Meetings
Monday nights, 7:00 P.M., Proctor School Teacher's Room.