1999-03-23 Annual Town Meeting Minutes

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ANNUAL TOWN MEETING Reading Memorial High School April 12, 1999 The meeting was called to order by the Moderator, Alan E. Foulds, at 7:40 p.m., there being a quorum present. The Invocation was given by Frederick Van Magness, Jr., Precinct 8, followed by the Pledge of Allegiance to the Flag. New Town Meeting members were sworn in. The Warrant was partially read by the Town Clerk, Cheryl A. Johnson, when on motion by W. Bruce MacDonald, Chairman of the Board of Selectmen, it was voted to dispense with further reading of the Warrant except for the Officer's Return, which was read by the Town Clerk. ARTICLE 2 - W. Bruce MacDonald, Chaimnan of the Board of Selectmen, gave the following State of the Town Report: Fellow Citizens, Town Meeting Members---- As we draw near the end of the millennium, we are sometimes tempted to view the world around us, in this case, our Town, in apocryphal terrns. It would be an easy thing in this atmosphere to say that we are heading toward catastrophe, whether fiscal or societal, or spiritual. It would also be an easy thing to say that we are at the dawn of a new era of prosperity, ease, productivity, and happiness. Both these views would of course be wrong. The truth lies well in between these extremes. So, as we draw toward the millennium, I would say we are doing well as a Town, managing our affairs with integrity, doing our level best to create for ourselves the conditions of a decent life, within our means, and reflecting our values and our hopes. Let me go over a few of the more important indicators of how we are doing. FINANCE r The state of the Town's finances in 1998 (FY 1999) was excellent, though there are clouds on the horizon. The good news: - Cash reserves were close to 5% - The Town's bond rating is AA1 - We used no additional free cash last fall for the budget - Labor contracts have been settled for all Town employees and for the major school union However: There is a continued reliance on increases in State Aid to fiend the Town budget, and the lack of an increase in FY 2000 has created major budget problems for the coming year. In FY 1998 state aid accounted for 18.5% of the budget; in FY 1999 that percentage jumped to 22.4%; in FY 2000 the State aid is projected at 20.7%. Each % point of the municipal budget is $500,000. In order to sustain the level of services for this community into the 21St century, additional revenues will be required. They may eventually come form the tax revenues generated from the development of the Reading Business Park, but that will not happen even in FY 2001. Meanwhile, some relief may come from changes in