The committee appointed new leadership positions, which saw Jason Cole taking on the role of Chair, Scott Sullivan being named Vice Chair, and Roland Bourdon being nominated as Clerk. These changes come at a time when the committee is delving into financial deliberations and considering proactive measures for future fiscal health.

One of the more substantial topics addressed was the proposal to form a cost-cutting task force. The idea sparked a variety of opinions on its potential structure and goals, with members suggesting a broad participation base. The task force aims to scrutinize current expenses and explore avenues for financial efficiency. The committee expressed interest in drawing from a cross-section of the community to ensure a comprehensive approach to cost management. Additionally, members discussed the merit of a separate focus on school committee cost-saving, drawing on past successes where expertise-led initiatives resulted in effective expenditure reductions.

Further financial discussions included a review of the fourth-quarter financials, emphasizing general fund revenue, enterprise funds, and a particularly strong collection year. Excise taxes, expenses, and the management of retained earnings were focal points, with the committee noting the need to reassess the goals for enterprise funds. Questions arose regarding overtime expenses and the difficulties encountered in recruiting paramedics. The transfer of retained earnings between enterprise funds was also a topic of debate, highlighting the committee’s oversight of town financial operations.

The committee reflected on the accomplishments of the previous year, specifically the success of the town meeting and the ballot, which saw significant voter turnout. They acknowledged the town staff’s role in managing these events and expressed satisfaction with the committee’s efforts to reduce the override amount. Additionally, the committee recognized the contributions of the past chair and the effective leadership provided during their tenure.

Liaison reports brought attention to the activities of other committees and their relevance to the Finance Committee’s objectives. Notably, the Economic Development Committee’s grant for economic opportunities was discussed, as well as the Health Insurance Trust’s (HIT) ongoing challenges with forecasting future health costs. The committee noted the need to appoint a new representative to the HIT to ensure continued oversight.

The discussions on cost-cutting and financial oversight were coupled with the mention of a regional issue—the Rockport MBTA lawsuit—though it was not a central topic for the committee. The potential impact of such external factors on the town’s financial health was not elaborated.

As the meeting progressed, the committee also considered logistical details such as future meeting schedules, with the next sessions set for June 11th and 25th. The option for members to attend remotely was presented as a means to facilitate participation.

Expressions of gratitude for the service of departing members were offered, and the meeting concluded with a standard motion to adjourn.