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Home My WebLink About2014-06-25 Finance Committee Minutes/�JriFHtgp Town of Reading Meeting Minutes s „seoxvpP��o' Board - committee - Commission - Council: Finance Committee Date: 2014 -06 -25 Building: Reading Town Hall Address: 16 Lowell Street Purpose: General Business Attendees: Members - Present: Time: 7:30 PM RECEIVED TOWN CLERK BEADING, MASS. 1814 JUL 3I PDOt Location: Conference Room Chairman Mark Dockser, Vice Chair Paula Perry, and FINCOM members Peter Lydecker, Paul McNeice, Craig Merry, David Greenfield, Barry Berman, and Karen Herrick. Members - Not Present: Others Present: Town Manager Bob LeLacheur, newly appointed FINCOM members Anne Johnson Landry and Marc Moll, and Administrative Secretary Caitlin Saunders. Minute. Rnseectfuliv submitted BY: Topics of Discussion: Mr. Dockser called the meeting to order at 7:30 pm. McNeice — yes, Mr. Dockser called FINCOM back into open session at 8:15 pm. Mr. Dockser then introduced FINCOM's newly appointment members Anne Johnson Landry and Marc Moll, both with financial backgrounds and excited to join the committee. FINCOM then discussed 4 reserve fund transfer requests totaling $45,000. The largest one being $35,000 to the fire department salary budget because of 2 long term injured firefighters going through the retirement process. The second request is for $7,000 of debt service that was not anticipated for short term caused by the Library going thru debt exclusion and the West Street project being pushed back. The next transfer is for $1,500 for Vocational School tuition and another $1,500 for tax title. Mr. Greenfield made a motion to accept the four transfer requests totaling $45.000 which was second by Mr. Dockser and approved with an 8 -0 -0 vote. Mr. LeLacheur then noted there is also one Reserve Fund request already from the FY15 capital. DPW needs $9,500 from FINCOM for a new paver /spreader. Page I I Mr Greenfield made a motion to accent the $9.500 transfer, second by Mr. Dockser and aooroved with a vote of 8 -0 -0. Mr. Dockser asked FINCOM what they would like to do differently this year as far as providing recommendations at upcoming financial forums. The group agreed the first forum should lay the groundwork for the next few along with establishing priorities and making sure all committees are on the same page. Mr. LeLacheur mentioned that the new union contracts kick In on July la and the Town is also out to bid for Health Insurance right now. He stated the Town's maln goal with Health Insurance is to keep the premiums down and they have asked to look at maybe considering a 2 year contract as oppose to a one year. Mr. LeLacheur stated there is so much uncertainty in Health Insurance that a pro to a 2 year contract would be knowing exactly what percent we will have in the second year, however the downfall to a 2 year contract would be possibly losing out on a lower rate. It was asked if the Town has ever looked Into the State's insurance and Mr. LeLacheur said yes it has been looked at multiple times and has been historically worse. Mr. LeLacheur Informed FINCOM that recently the Board of Selectmen and the Department Heads held a retreat. He noted at the retreat they made 4 working groups to help Reading plan for the future. The first working group is called 'Community Partners' and that group will reach out to the community to establish a relationship so that the Town and community can work better together. The second group is titled 'Services & Performance Measurement' and that group will create a list of services the town offers and determine how to measure the quality of service. The third group is 'Communication', which the members of this group will be figuring out the best ways to communicate with and get feedback from the community. The last working group labeled 'Strategic Planning' will focus on specific projects and issues the Town is facing that need extra attention. FINCOM then decided to reorganize their Liaison Assignments and adjusted as follows Mr. Dockser - Board of Selectman and Audit Committee Ms. Perry - Schools and Community Services Ms. Herrick - Library and Library Building Committee Ms. Landry - Schools Mr. Lydecker - School Space Project and Finance /Accounting Mr. McNeice - Audit Committee and Schools Mr. Merry - RMLD and Public Safety Mr. Moll - Library and School Space Project Ms Perry made a motion to approve the minutes from the May 28th meeting al written second by Greenfield and approved with an 8 -0 -0 vote. Mr. LeLacheur and FINCOM thanked Mr. Greenfield and Mr. Berman on their last meeting for their time and commitment to the committee. Mr. McNeice made a motion to adfourn at 9.30 pm second by Ms Herrick and approved with an 8 -0 -0 v Respectfully submitted, Secretary ((V /plv1Yli,\IltvAl'� lVV /l Page 12