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FINANCE COMMITTEE MEETING FEB. 9, 1988 <br /> RBSENT1 MUCCI, HARRISON <br /> THE MEETING WAS CALLED TO ORDER AT 7,45 <br /> TED MCINTYRE FROM DPW WAS PRESENT TO REQUEST A RESERVE FUND <br /> TRANSFER -TO SNOW AND ICE OF $80,000.00 .THAT ACCOUNT <br /> REFLECTS A NEGATIVE BALANCE OF $46,000. IF ALL BILLS WERE <br /> PAID AS OF TODAY. <br /> MOTION MADE TO TRANS $50,000. FROM RES FUND TO SNOW & ICE. <br /> R DISCUSSION ENSUED WHICH REVEALED THAT ' IF ALL THE PROPOSED <br /> RESERVE FUND TRANSFERS REQUESTED WERE ALLOWED BY FINCOM THE <br /> RESERVE FUND WOULD HAVA A BALANCE OF $34,000. <br /> PRESENT BALANCE 304000 <br /> REQUEST-SNO &: ICE 80000- <br /> SPECIAL NEEDS 90000- <br /> POLICE/FIRE O.T. 25000- <br /> CLERICAL PAY RAISE 50000- <br /> TRAFFIC STUDY 10000- <br /> ELECTI13NS 5000- <br /> OTHER SMALL ITEMS 10000- <br /> REMRIF41NO BALANCE $34,000. <br /> THE FACT THAT SF40W & ICE CAN BE PAID THIS YEAR & CHARGED <br /> AGAINST NEXT YEARS TAX FATE WAS ALSO NOTED> <br /> MOTION! TO AMMEND TRANSFER TO 70,000. PASSED BY 5-1-1 <br /> MAIN MOTION TO TRANSFER $70000. TO SNOW & ICE PASSED 5-1-1. <br /> THE CHAIRMAN THEN PASSED OUT THE FOLLOWING ITEMS+ <br /> THE TOWN MANAGERS FIRST CUT BUDGET EXPENDITURES SCHEDULE <br /> AN ABBREVIATED DRAFT #3 OF READING SCHOOL BUDGET <br /> 2 MEMOS RE: NEW EMPLOYEE RETIREMENT LAW RECENTLY PASSED <br /> ONE FROM SEN. BRENNAN & ONE FROM COMM OF MASS RETIREMENT <br /> ADMINISTRATION> <br /> R SUMMARY OF LOCAL AID , HOW ITS COMPUTED ETC. <br /> A MEMO WARNING OF POSSIBLE NEED FOR RES FUND TRANS. TO <br /> ELECTIONS. <br /> THE CHAIRMAN THEN PRESENTED THE MOST RECENT ESTIMATED BUDGET <br /> FIGURES FOR ' 1989. ALONG WITH A DEPARTMENTAL WORKSHEET. AT <br /> THIS TIME THE DEFECIT LOOKS TO BE APPROXIMATLY $1,025,000. <br /> HE RECOMMENDED FUNDING THIS DEFECIT IN SEVERAL WAYS. ALREADY <br /> INCLUDED IH THE FIGURES WAS THE USE OF $800,000 FREE CASH <br /> COMPUTED AS FOLLOWS : <br /> PRESENT BALANCE OF FREE CASH $1,770,000 <br /> LOTTERY FUNDS DUE SOON 70,000 <br /> FREE CASH EXPECTED FROM Y!E 630/88 450,000 <br /> AVAILABLE FREE CASH 2,290 000 <br /> Retain Per Fincom Policy .5% of oPerate <br /> budget (less Sew & Wit,Prov for abater ) <br /> 30mill at .5% 11500,000. <br /> ----------- -- --------------------------------- ---------------- <br />