HomeMy WebLinkAbout2011-11-14 Finance Committee Minutes - Draft R �=CEIVED
TOYM CLERKa—
Finance Committee Meeting READ 1 N G, MA.
November 14, 2011
Performing Arts Center, Reading Memorial HighWhM 10 PM 4: 41
DRAFT Minutes
The meeting convened at 7:05 p.m. at the Performing Arts Center at the RMHS in
advance of the 2011 Subsequent Town Meeting. Present were Finance Committee Chair
Marsie West, Vice Chair David Greenfield, and members John Arena, Barry Berman,
Mark Dockser, Marie Ferrari, Paula Perry and Hal Torman (one position is open). Also
present was Assistant Town Manager/Finance Director Bob LeLacheur.
Mr. LeLacheur explained that no building permit had been awarded to Oaktree and
therefore the proposed$281,000 transfer from the 40R Stabilization Fund to allow
$231,000 in additional road repairs and $50,000 in additional pedestrian improvements
would all be stricken from Article 5.
Mr. LeLacheur also presented a revised financial methodology for the Howard Street
water main project. Article 8 will now only authorize additional debt for the two projects
for Haverhill& Howard streets. Both projects are eligible for interest-free loans from the
MWRA. Previously Article 8 as presented to FINCOM provided funding for the Howard
Street project. Article 5 will now contain that funding instead. The total increase of
$414,500 in capital costs for these projects will be paid for by a$228,500 reduction in
FY12 water debt service plus a$250,000 use of water reserves. Note there is also a
$64,000 water capital request for a hydraulic study.
A motion by Mr. Greenfield seconded by Mr. Dockser to recommend Article 5 as
revised was approved by a vote of 8-0-0.
A motion by Mr. Torman seconded by Ms. Ferrari to recommend Article 8 as
revised was approved by a vote of 8-0-0.
Mr. LeLacheur updated Article 6, the payment of prior yew's bills, to include a recent
union grievance settlement of$1,704.05 for DPW/Highway wages paid for out of grade
work. This brings the new total for Article 6 to $15,976.12
A motion by Mr. Greenfield seconded by Mr. Arena to recommend Article 6 as
revised was approved by a vote of 8-0-0.
On a motion by Mr. Torman seconded by Ms. Perry. FINCOM voted 8-0-0 to
adjourn at 7:30 pm.
Respectfully submitted,
Recording Secretary