1998-01-21 Finance Committee Minutes

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C- Finance Committee Meeting January 21, 1998 The Finance Committee met in the Conference Room at Town Hall, 16 Lowell Street, Reading, Massachusetts at 7:30 p.m. Presents were Chair Jim Keigley, Vice Chair Carol Grimm, Finance Committee members Gerry MacDonald, Nathan White, Catherine Martin, Richard McDonald, Lawrence Penta, Paul Kurker, James Francis, and Town Manager Peter Hechenbleikner. On a motion by Nathan White seconded by Catherine Martin the Finance Committee voted to approve the minutes of December 10, 1997, by a vote of 6-0-0. Chairman's Comments Jim Keigley reported the School Committee is still working on trying to trim their budget. Liaison Reports: Carol Grimm - The School Building. Committee will be meeting-with the School Committee on February 4, 1998, to discuss the $9 million Coolidge renovation project. The Enrollment Committee will be making- their presentation to the School Committee February 5, 1998, on the Elementary School projects. The Capital Plan is out of budget by.. $5 million over the next ten years. With some modifications it can be reduced to $4 million over budget. Part of this deficit is caused by the. $5.6 million needed to close.the_landfill. Gerry MacDonald - The Police staffing expects a draft on the study about January 23, 1998. Nathan White - The Town is trying-to establish the purchase price of the Longwood Poultry Farm. Reserve Fund Transfer: On a motion by Nathan White seconded by Richard McDonald the Finance Committee voted to approve the reserve fund transfer of $2,400.00 to account 01-312 DPW Waste Collection and Disposal, for removal of concrete at the Compost Center, by a vote of 8-1-0. Peter Hechenbleikner reviewed the FY 1998 Quarterly Budget Report. Two concerns were the Fire Department and the Unemployment Compensation, but generally things are in good shape. He also presented FY 1999 FY 2003 Revenue Projections, a Preliminary Draft of FY 1999 Budget, and a Draft of Ten Year Capital Improvement Program. Peter expects to have the budget by February_:15,.1998.