1999-10-28 School Committee Minutes - Financial Forum

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Reading School Committee Reading, Massachusetts Financial Forum October 28, 1999 CALL TO ORDER At 7:40 p.m. Chair Grimm called the Finance Committee to order, Chair Dahl called the School Committee to order, Chair Hoyt called the Board of Selectmen to order. Present were School Committee Members Cavicchi, Dahl, D'Antona, Keigley and Williams. Also present were Members of the Board of Selectmen, Finance Committee, Library Board of Trustees, Superintendent Harutunian, Town Manager Hechenbleikner, Town Accountant Richard Foley, Town Treasurer Beth Klepeis. Opinion from Counsel Regarding Budget Chair Grimm advised that the Finance Committee will review the entire School budget as recommended by the School Committee. Review of Status of Corporex Town Manager Hechenbleikner advised that the Corporex lease was signed last spring. There is a November 1St deadline for Corporex to develop and review plans to make sure the project is feasible. The Town Manager advised that a copy of the Corporex letter dated October 15th is included in the packet that was distributed to the forum. The Town Manager stated that Corporex believes the plan they proposed and the Board has approved is not feasible. The Town Manager described the original proposed plan. Selectmen Hines advised that they had met with Corporex to discuss the situation. He stated that the Board has asked staff to look at and confirm the numbers. Mr. Hines stated that the $30 million is not the Town's cost to close the landfill. The cost to close the landfill is approximately $4 million. Mr. Hines stated that his personal belief is that the Financial Forum should not figure in proceeds until we are sure the money is there. The Town Manager reviewed the chart for the Summary of the Impact, Reading Business Park on Town Finances. He stated that over the next ten years $6,128,000 will need to be found if the project does not go through in order to balance the capital plan. Carol Grimm asked why we would only go over ten years instead of twenty years. Beth Klepeis stated that the bond rating is shaky right now. One of the strong points to keep the bond rating is to sell for ten years rather than any more.