HomeMy WebLinkAbout1995-09-27 Finance Committee Minutes TO',ly CLFr',i;
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Finance Committee Meeting
September 27, 1995 Oct 27 9 07 U '95
The Finance Committee met at 7:30 p.m. in the Conference Room
at Town Hall. Present were Chairman Steve Blewitt, Vice
Chairman Jim Keigley, FinCom members Gerry MacDonald, Nate
White, Carol Grimm, Rocco Nenarella, Tom Green Jr . ,Town
Manager Peter Hechenbleikner and Secretary Maureen Vierra .
Also present were Matt Cummings, Tom Stohlman, Randy Gonchar,
Beth Klepeis, Richard Foley, Harry Harutunian, Dennis
Richards, Robin D'Antona, Susan Cavicchi , Rob Spadafora Jr . ,
and Ken Maguire.
Approval of Minutes:
On a motion by Blewitt seconded by MacDonald the Finance
Committee voted to approve the minutes of August 30, 1995 as
amended by a vote of 6/0/0.
Liaison Reports:
The CIAP held a meeting and voted George Thompson as Chairman
and Jim Keigley as Vice Chairman. They plan to tour the
Police Station on Thursday, September 28, 1995 and will meet
at Town Hall immediately following the tour.
Action and Discussion Items:
On a motion by Blewitt seconded by MacDonald the Finance
Committee voted to approve the second progress payment to
Peat Marwick for Auditing services in the amount of
$12, 330.00 by a vote of 6/0/0.
Rocco Nenarella will meet with Richard Foley to develop a
monthly report which will compare budgeted expenditures
against actual expenditures by department . In addition, the
Finance Committee liaison will receive details of expenditure
variances .
Harry Harutunian, Dennis Richards and several members of the
School Committee were present to answer questions in regard
to the recapitulation of the FY95 School Budget. They are
anticipating a shortfall of $489, 329.00 in the FY96 budget
for Special needs. They re-allocated $214,000.00 from
Administration, Regular Day, Athletics and Custodial /
Maintenance budgets and will use that money to offset a
portion of the anticipated shortfall of the Special Needs
Account. They will seek any additional funds needed from Town
Meeting in the spring.
The Finance Committee amended the draft copy of the FinCom
Policy on Establishment and Maintenance of Reserves by
establishing the goal of 1% listed in bullet 3 for the annual
operating budget. "In addition to advancing the Capital
Program to revise the financing plan for the Capital Program"
was added to the fourth bullet.
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The Finance Committee voted to adopt the amended FinCom
Policy on Establishment and Maintenance of Reserves by a vote
of 6/1/0.
On a motion by MacDonald seconded by Keigley the Finance
Committee voted to adjourn at 10 : 15 by a vote of 7/0/0. The
Finance Committee will meet with the School Committee and BOS
on October 15, 1995 . The next Finance Committee meeting is
scheduled for October 11 , 1995 at 7 :30 p.m.
Respectfully Submitted,
Steve Blewitt
Chairman
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