1999-10-07 School Committee Minutes - Financial Forum

Home Browse Search

READING SCHOOL COMMITTEE Reading, Massachusetts Financial Forum Meeting October 7, 1999 CALL TO ORDER At 7:35 p.m. Chair Dahl called the School Committee to order at the Senior Center. Present were School Committee members Cavicchi, Dahl, D'Antona, Twomey and Williams. Also present was Superintendent Harutunian. At 7:35 p.m. Chair Grimm called the Finance Committee to order. At 7:35 p.m. Chair Hoyt called the Board of Selectmen to order. The Library Board of Trustees did not call to order as they did not have a quorum present. Beth Klepeis advised that there was still no budget from the state. She went through the projected revenues and explained how projected revenue estimates are determined. She stated that property tax accounts for approximately 60% of revenue, local revenues from sources other than property tax account for approximately 10% of revenue, state aid accounts for approximately 21% of revenue and operating transfers account for approximately 7% of revenues. Beth informed the group that the state no longer considered Reading over burdened under the education reform formula and that is why aid has dropped. She stated that the state is working on a revised formula Dr. Harutunian noted that Reading's tax burden rating dropped form 36th to 47th in the state. Richard Foley discussed how the FY99 free cash number was determined. He presented graphs on certified free cash for the last 17 fiscal years, statement of revenues, expenditures and changes in fund balance for the last 10 fiscal years and the ratio of unrestricted state aid to total general fund revenues and other financing sources for the last 10 fiscal years. Beth Klepeis presented a chart on outstanding property taxes for the last ten fiscal years. She stated that delinquent taxes have decreased. Chair Grimm stated that delinquent taxes do not appear in the revenue forecast but are put toward free cash when received. Town Manager Hechenbleikner discussed 1999 Subsequent Town Meeting decisions.