2003-02-26 School Committee Minutes - Financial Forum

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Financial Forum February 26, 2003 Parker Middle School CALL TO ORDER Finance Committee Chair Catherine Martin called the meeting to order at 7:30 p.m. at the Parker Middle School multi - purpose room. Present were Finance Committee Members Charles Robinson, James Francis, Karen Epstein, Dick McDonald, Robert LeLacheur, Andrew Grimes, Randy Mason and Harold Torman. Board of Selectmen Members present were Chair Camille Anthony, Gail Woods, Matthew Cummings and Richard Shubert. School Committee members School Committee members present were Chair William Griset, Susan Cavicchi, Pete Dahl, Carl McFadden, John Russo, and Timothy Twomey. MISSION FOR THIS FINANCIAL FORUM Town Manager, Peter Hechenbleikner stated that the reason for the meeting was to discuss and come to a consensus on the forms and amount of Debt Exclusion(s), Capital Exclusion(s), and/or Proposition 2' /Z overrides(s) for the FY2004 budget. He gave an overview of the FY2004 state budget, highlighting Chapter 70, the Lottery and Transitional Mitigation. Transitional Mitigation is new aid in FY2004 to help offset some of the transitional impacts of rationalizing the Local Aid formulas. Transitional Mitigation will be phased out in FY2005 when full- funding for a new Housing Incentive Program is established. Richard Foley, Town Accountant, gave an explanation of the Projected State Aid for 2004. He went on to give an overview of the Town of Reading Projected Revenues for 2004 compared to the same revenues in 2003, noting a significant decrease ($1,402,211) in Intergovernmental Revenues. Peter Hechenbleikner made reference to the Local Aid Distribution for Reading on Page 14 and 15 of the handout. He gave an overview of Richard McDonald's model for distribution of the FY2004 shortfall. School Superintendent Harutunian stated that the School Department is in the midst of the cut process. He gave an update on the School Building Assistance. The Governor is asking the legislature to give him unilateral control of SBA. Peter Hechenbleikner reviewed the available options under Proposition 2 ' /z. He explained the wording of the ballot questions. Mrs. Anthony asked Beth Klepeis how much a general override would cost each taxpayer. Mrs. Klepeis stated that for every million dollars in the override the cost to the average taxpayer would be $125.00. The average house having a value of $355,000. Peter Hechenbleikner gave an overview of the Levy Limit Override Approach. There was discussion about the "Pyramid" approach. He explained that the voters would vote yes or no on each question in the pyramid and the question with the majority of yes votes wins.