Laserfiche WebLink
Fq� <br /> Town of Reading <br /> Meeting Minutes <br /> Board - Committee - Commission - Council: Rk <br /> 2020 HAe 19 Ar 8: 2! <br /> Finance Committee <br /> Date: 2020-03-04 Time: 7:30 PM <br /> Building: Reading Town Hall Location: Select Board Meeting Room <br /> Address: 16 Lowell Street Session: Open Session <br /> Purpose: Budget Meeting Version: Final <br /> Attendees: Members - Present: <br /> Vice Chair Paula Perry, Dan Dewar, Karen Herrick, Andrew Mclauchlan, <br /> Shawn Brandt, Ed Ross <br /> Members - Not Present: <br /> Chair Eric Burkhart, Marc Moll, Sean Jacobs <br /> Others Present: <br /> Town Manager Bob LeLacheur, Finance Director Sharon Angstrom, Facilities <br /> Director Joe Huggins, Fire Chief Greg Burns, Administrative Services Director <br /> Matt Kraunelis,. Town Treasurer/Assistant Finance Director Endri Kume, <br /> Police Chief David Clark, DPW Director Jane Kinsella, Assistant DPW Director <br /> Chris Cole <br /> Minutes Respectfully Submitted By: Jacquelyn LaVerde <br /> Topics of Discussion: <br /> Ms. Perry called the meeting to order at 7:30pm. <br /> IFY21. Budget Overview: <br /> Town Manager Bob LeLacheur provided a summary of the Town budget for FY21. Revenues <br /> Increased 3.5%. An additional $1.25 million In free cash was used to augment the <br /> operating budget. Accommodated costs increased just under 3%, which includes a 32% <br /> increase in retirement funding, made possible by health insurance premiums coming in at a <br /> reasonable number. The total Increase of the Town and Schools General Fund is 3.2%. <br /> Shared casts increased 4%. <br /> A proposed Benefits Coordinator position is added under the Finance Department to help <br /> keep up with tracking health insurance auditing, as MIIA, Blue Cross, and the state have <br /> shifted a lot of the work onto Town employees, work which is currently handled by Human <br /> Resources. This position will catch discrepancies in Insurance and billing before the Town <br /> becomes liable for a mistake. <br /> Mr. LeLacheur stated that he would be open to spending less than 5% in Capital at the start <br /> of the year if the RMLD dividend is cut. The Capital Plan is balanced, but some community <br /> requests, such as the Killam School or a new Senior Center, are not affordable with just <br /> capital funds and would require borrowing. It is fine to adjust for one-time costs, but to <br /> hire additional people would need to be part of the operating budget. When needed in the <br /> past, Finance Committee has opted to use free rash and find other ways to free up <br /> $250,000-$500,000 In the budget. <br /> Page I I <br />