2003-11-20 Finance Committee Minutes

Home Browse Search

RECEIVED FINANCE COADUTTEE MEETING TOW Eb CLERK NOVEMBER 20, 2003 READING, MASS. 1004 JUL - ~ P 4= 4 g The meeting convened at 7:30 p.m. in the Arnold Berger Conference Room, Town Hall, 16 Lowel Street, Reading, Massachusetts. Present were Chairman Jim Francis, Vice Chairman Dick McDonald, Finance Committee members, Andrew Grimes, Robert LeLacheur, Catherine Martin, Marsie West, Paul Bolger. Also present were Peter Hechenbleikner, Town Manager. Approval of Minutes On motion by LeLacheur seconded by McDonald the Finance Committee voted to aMrove the Minutes of October 16, 2003 as amended. The motion was approved by a vote of 5-0-0. On motion by McDonald seconded by LeLacheur, the Finance Committee voted to approve the Minutes of November 10, 2003 as amended. The motion was approved by a vote of 5-0-0. Liaison Reports The school committee will be meeting in mid December. Catherine Martin said there should be a reworking on how the budget is presented this year. Bond Rating Moody's and Standard and Poors Town Manager Peter Heckenbleikner told the Commission that they had a meeting last Thursday with Moody's and they also had a tour of the landfill. Peter told the Commission there will not be a rating until the bonds are sold. Moody's was impressed with how Reading works together, how the difference boards work well with each other. The only negative that Moody's had was with fund balance deficit for the last six years, they would like to see a year where it's not done before giving a rate. Jim Francis told the Commission he had been at the meeting and was very impressed with the luncheon and with everyone who spoke at the meeting. Peter told the Commission that there was a meeting on Tuesday with Standard and Poors. Reserve Fund Transfer The Commission discussed a transfer of funds for the printing of the questionnaire. The commission went over the questions and changed question #3 to take out achieve, maintain is fine. On motion by Martin seconded by McDonald the Commission moved to approve a transfer of $425.00 to account #01-052- 5380-057. The motion was approved by a vote of 6-0-0. Appointment to Audit Committee Catherine Martin has resigned from the Audit Committee. Chairman Jim Francis opened the nominations. Catherine Martin nominated James Francis to the Audit Committee. Andrew Grimes closed the nominations, Dick McDonald seconded. Voted 6-0-0. James Francis was appointed to the Audit Commnittee 6-0-0. Receipt/Review of Audit