HomeMy WebLinkAbout1994-02-14 Finance Committee Minutes Finance Committee Meeting
February 14, 1994 0(--O -0
The meeting convened at 7:30 P.M. in the Conference Room at Town
Hall, Reading, MA. Present were Chairman Richard Coco, Vice
Chairman Fred VanMagness, Fincom members Jim Keigley, Carol
Grimm, Gerald MacDonald, Nathan White, Stephen Blewitt. Members
Bill Murphy and Elizabeth Greene arrived late. Also present were
Town Manager Peter I. Hechenbleikner, Public Works Director Ted
McIntire, and Maria Silvaggi from the Chronicle.
on motion by VanMagness seconded by MacDonald the minutes of
January 12, 1994 were approved as corrected by a vote of 6-0-1
with Blewitt abstaining.
The Town Manager and the Public Works Director presented a
reserve fund transfer requesting the amount of $75,000 for snow
and ice control. The Town Manager explained that it would be his
intent, if FinCom agrees, to defer any remaining snow and ice
costs to the FY95 tax levy. However, the Town Manager indicated
that he would propose to rescind that action by having Town Meet-
ing vote in April to transfer monies from free cash to the snow
and ice account.
On motion by VanMagness seconded by MacDonald the Finance Com-
mittee voted to transfer $75, 000 from the reserve fund to the
snow and ice account as requested. The motion was approved by a
vote 6-2-0.
On motion by VanMagness seconded by Murphy the Finance Committee
voted to defer the remaining FY94 snow and ice expenses to the
FY95 tax rate in accordance to the recommendation to the Town
Manager. The motion was approved by a vote of 7-1-0.
The Town Manager presented the Capital Improvement Program for
FY95 through the year 2004. He pointed out a summary sheet that
was added at the recommendation of Steve Blewitt from the Finance
Committee. The Town Manager will be working on a five year
projection of revenues and expenses during the coming months.
The Town Manager distributed the FY95 budget to the Finance Com-
mittee members. He noted that the budget was out of balance by
$200,000, and that together the Town Manager and the Finance com-
mittee would need to review revenues and address this shortfall.
The Town Manager reviewed the budget message, the 8 page summary,
the status of encumbrances, the status of revolving funds, new
program priorities, and general guidelines for the budget. The
Finance Committee was concerned that the School Department had
not used the same agreed to methodology for establishing new
priorities over and above the foundation budget. The Town
Manager explained that the amount that he proposed for the School
kov Budget was the foundation budget, not the budget level requested
by the School Committee.
Finance Committee Meeting - February 14, 1994 - page 2
The Finance Committee requested School Department budget informa-
tion as follows: 1) expenditures to date for the School Depart-
ment broken down by major category, and 2) a summary "macro"
data sheet showing a comparison of the School budget from 1994 to
1995.
The Finance Committee also reminded the Town Manager that he owes
them the quarterly analysis of the budget to date.
On motion by Keigley seconded by Murphy, FinCom voted to adjourn
at 9:00 p.m. by a vote of 9-0-0.
Re,Abectf
1 ubmitted,
Secretary
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