1999-03-18 School Committee Minutes

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READING SCHOOL COMMITTEE Reading, Massachusetts Budget Council March 18,1999 Chair D'Antona called the School Committee to order at 7:35 p.m. in the Multi Purpose Room at the Parker Middle School. Present were School Committee members Cavicchi, Dahl, D'Antona, Stohlman and Twomey. Also present was Superintendent Harutunian. Chair McDonald called the Board of Selectmen to order at 7:35 p.m. Chair Keigley called the Finance Committee to order at 7:35 p.m. FY00 Revenue Projections Town Manager Hechenbleikner reviewed the FY00 Revenue Projections. He noted the changes in interest earnings, cemetery perpetual care, sale of real estate funds, earning distributions — electric. Finance Committee Presentation Chair Keigley thanked the Finance Committee members for their dedication and hard work on the budget. Chair Keigley distributed the Finance Committee's recommendations for balancing the FY00 budget. The recommendations included cutting the following capital items: $215,000 Demo of old police station $30,000 DPW Garage $225,000 Fire Pumper Engine The cuts from the capital fund still leaves a shortfall of $51,000 which the Finance Committee recommended be split equally between the Town and Schools each taking an additional $25,500 reduction. Chair Keigley stated that the FY00 budget could be balanced by the using the recommendations of the Finance Committee but that Carol Grimm would be making a presentation to the Budget Council this evening regarding concerns about future budgets. Carol Grimm distributed a free cash analysis showing the Finance Committee's estimated projection of free cash and the Town Manager's estimated projections of free cash. She noted that the Town Manager's estimate was higher the Finance Committee's and even using the higher number the Finance Committee's goal of 5% reserves would not be met.