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Or H <br /> o-v <br /> �`. 4_ Town of Reading <br /> I' Meeting Minutes <br /> vEr <br /> \.B3y,1NCORF�P . <br /> Board - Committee - Commission - Council: <br /> Finance Committee <br /> Date: 2015-01-21 Time: 7:30 PM <br /> Building: Pleasant Street Senior Center Location: Great Room <br /> Address: 49 Pleasant Street <br /> Purpose: Financial Forum <br /> Attendees: Members - Present: <br /> Chris Caruso, Chuck Robinson, Gary Nihan, Jeanne Borawski, Elaine Webb & <br /> Linda Snow Dockser <br /> Members - Not Present: <br /> Others Present: <br /> Superintendent John Doherty, Director of Finance Martha Sybert, Town <br /> Manager Bob LeLachuer, Assistant Town Manager Jean Delios, Police Chief <br /> Jim Cormier, Deputy Chief Mark Segalla, Fire Chief Greg Burns, Chairman <br /> Mark Dockser, Vice Chair Paula Perry, Members Peter Lydecker, Paul <br /> McNeice, Anne Landry, Craig Merry, Karen Herrick, and Marc Moll, <br /> Community Development Director Jessie Wilson, Recreation Director John <br /> Feudo, Jeff Zager and Joe Huggins from DPW, Jane Kinsella from <br /> Administrative Services, and Administrative Assistant Caitlin Saunders. <br /> Minutes Respectfully Submitted By: John Doherty, Superintendent <br /> Topics of Discussion: <br /> Chairman Mark Dockser called the meeting to order. <br /> Chair Caruso called the School Committee to order. <br /> Mr. Dockser first wanted to go over how the budget process works in terms of the Finance <br /> Committee. He stated FINCOM reviews budgets and reports to Town Meeting. FINCOM sets <br /> budget guidance. <br /> Reading is doing a good job with their reserve funds, we are at the top of peer communities <br /> and we also received a Triple A Bond rating, which is the best you can receive. <br /> Mr. LeLacheur stated costs are going up faster than revenue and we cannot sustain them <br /> much longer. FY16 will require meaningful cuts and FY17 will be even worse. <br /> FINCOM has a 5% minimum for reserves but may be time to rethink that number. <br /> Mr. LeLacheur discussed Prop 2 1/2 which limits increases in property tax to a maximum of <br /> 2.5% per year on existing stock. It essentially forces local government to set priorities and <br /> rely heavily on state aid. Historically there's an override every 10 years, we are currently at <br /> 12 years without one. New growth brings more people to town but also puts a strain on <br /> current services. <br /> Page 1 <br />