Windham Solid Waste Management District (WSWMD)
Brattleboro, Vermont
Finance Committee Meeting
Via ZOOM and In-Person
Minutes of March 9, 2023
Committee Members Present: Committee Chair-Merrill Mundell, Wilmington; Michelle Cherrier, Dummerston; Kevin Hughes, Westminster
Additional Board Members Present: None
Committee Members Absent: Patrick Moreland, Brattleboro; James Damato, Readsboro Alternate
WSWMD Staff Present: Robert Spencer, Executive Director; John Fay, Programs Manager; Vicki Hayes. Finance & Office Manager; Anita Grant, Administrative & Operations Assistant/District Clerk
Others Present: None
Merrill called the meeting to order at 6:12PM
- Changes and/or Additions to the Agenda: It was noted that Agenda item #5 needed to be changed to “Consider Capitalization Policy” rather than “Capital Asset Policy”.
- Approval of Minutes- January 2023:
Kevin made the motion to accept the minutes as written, Michelle seconded, and the motion was carried.
- Approval of Check Registers- January & February 2023:
- Michelle asked about check # 29642 to Mettler-Toledo for load cells for the truck scale. Bob explained that the scale is our “cash register” and even though the scale cables had been recently upgraded, the load cells were older technology that is being discontinued. The two were purchased to have spares in stock, and the scales could hopefully be good for another 10 years.
- Check #29685 to Kevin Mowery (WSWMD electrician) was also discussed, as Michelle asked for clarification on the motion light replaced at the scale. Bob indicated that the entire fixture had to be replaced and was a part of the security system.
Kevin made the motion to recommend the Board of Supervisors approve the check registers for both January & February 2023, Michelle seconded, and the motion was carried.
- Approval of Financial Statements- January & February 2023:
- Since it was a two-month financial statement, Bob reviewed the February statement. He reported that revenue was above budget estimate at 75% of the budget, but that the district is running a $28,000 deficit. This was in part due to the low commodity rates for cardboard (still at $48/ton), and the fact that tipping fees are still in the slow season.
- Bob indicated that once compost sales resume this spring, plus the final quarter of REC payments from Greenbacker will hopefully significantly reduce or eliminate the deficit.
- He noted that the monthly rate for single-stream recycling would be going up $10/ton to $202/ton in March.
Merrill made the motion to recommend the Board of Supervisors approve the financials for January & February 2023, Kevin seconded, and the motion carried.
- Consider Capitalization Policy:
- Vicki explained that a recommendation was made by our auditor Tyler Kimberly from Mudget Jennett & Krogh-Wisner, that the district create a Capitalization Policy. A Capitalization Policy would determine the lowest dollar amount for a district purchase that should be added to the Capital Asset list for bookkeeping purposes (capitalization & depreciation).
- Vicki made the recommendation for the minimum amount to be listed at $500 but after much discussion, it was determined that would be changed to $1,000. Since it’s just an accounting term, only used for bookkeeping purposes (fixed assets), and the district does not depreciate equipment (as it takes the full expense at the time of purchase), she indicated the actual dollar amount was not an issue.
Merrill made a motion to recommend to the Board of Supervisors to approve the Capitalization Policy, with an amended minimum of $1,000 for capital assets to be recorded. Michelle seconded, and the motion was carried.
- Executive Session (if needed): None
- Other Business: None
- Next Meeting: Thursday, April 13, 2023, @6 PM
- Adjournment: 6:44 PM
Minutes prepared by:
Anita Grant
Administrative & Operations Assistant/District Clerk