HomeMy WebLinkAbout1936-10-28 Finance Committee Minutes x.
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MEETING OCTOBER 280 1936.
The meeting was called to order by the Chairman at 7.50 o'clock P.M
�+ The records of the meetings of Sept. 30th and Oct. 14th were read
and Oppreved. The report of the Committee appointed Sept. 30th to study
f Chap. 318 of the Acts of 1936 (Contributory Retirement System) was sub-
mitted by the Chairman, Mr, Sturges.
On motion of Mr. Connelly it was voted that the report be accepted,
and adopted and made a part of the records of this meeting; also that a
copy of the report be sent bo the Reading Chronicle for publication.
A letter vow received from the Board of Selectmen requested the
transfer of $10000,00 from the Reserve Fund to the W.P.A. Material Aceou
This money was to finance the town' s sham of a project approved by the
t Federal Government for the further development of Forest Glen Cemetery,
On motion of Mr. Sturges it was voted that the Town Accountant be author
and instructed to transfer $10000,00 from Reserve Fund to the W.P.A.
material Account,
Members present:Chm. Roberts, Sturges, Davis, Wellman, Ellison, Trevor,
Connelly, Goldsmith, Folsom,
Adjourned 8.35 P.M.
Clerk,
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October 28, 1936.
Finance Committee
Town of Reading
Massachusetts
Gentlemen;
The Sub-committee appointed to investigate
and report on the Contributory Retirement System have
investigated as thoroughly as possible in the short
time allotted and are unanimously of the opinion that
without more detailed figures, it would be impossible
to arrive at any figure sufficiently accurate to ,justify
recommending the acceptance of this act.
We have in Reading a situation not applicable
to most of the other cities and towns, on account of
the Municipal Light Board with a payroll of $80,000.00
per year, where undoubtedly a substantial number of
employees have been employed for a number of years and
would be eligible for membership and might be a heavy
liability to the Town on account of previous years'
service. We feel that we could not recommend the
acceptance of this Act until all the employees eligible
have been contacted with, have the cost set on an
gctuarial basis, based on employees who have signified
their intention to ,loin, and by so doing, arrive at an
approximate yearly cost to the Town .
Very truly yours,