HomeMy WebLinkAbout1995-10-25 Finance Committee Minutes REJ=i'JE0
D,,K
Finance Committee Meeting Rt""�::G. Id.dS S.
October 25, 1995
OEc W 8 53 GN '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 Nate White, Carol Grimm,
Rocco Nenarella, Tom Green Jr. , Town Manager Peter
Hechenbleikner and Secretary Maureen Vierra. Also present
was Doug Wood-SoRichard Foley, and Randy Gonchar.
Approval o£ Minn :l
On a motion by Blewitt seconded by Keigley the Finance
Committee voted to approve the minutes of October 11 , 1995 as
amended by a vote of 6/0/0.
Liaison Reports:
Nate White reported on the School Committee meeting.
Superintendent Harry Harutunian reviewed the budget format
with the School Committee members . Dr. Harutunian is
projecting they will need $1 , 375,000.00 of the preliminary
estimated increase of the FY97 Town revenues of
$1 ,635 ,000.00. The additional 7. 55% increase from the FY96
budget was detailed as follows: $500,000.00 for special
education, $450,000.00 for salary adjustment (contractual
required) , $275,000.00 for new teachers and $150,000.00 for
program changes.
The Capital Improvement Sub Committee is currently reviewing the
FY96 capital plan. They are planning to tour the water
treatment plant on Saturday, November 18 , 1995 from Sam to 12
noon.
The Police Station Building Committee is still looking into
the Oakland Road site for a new station. They need the
School Committee to vote that the land is surplus and seek
out financing options.
Action and Discussion Items:
Richard Foley explained how he arrived at the Town 's revenue
and expense projections . He is projecting an increase in
revenue in the amount of $1 , 634, 859.00. He also reviewed the
format of the quarterly financial status report requested by
FinCom. Budget variances that exceed 5% and are more than
$6 ,000 .00 will be accompanied by a written analysis as to why
the variance occurred.
Peter Hechenbleikner sent out capital improvement request
forms to all departments . He is putting together a 10 year
capital improvement plan and hopes to complete it by mid
November. A copy will be given to the Finance Committee when
it is finished.
2
On a motion by Grimm seconded by Green the Finance Committee
voted to recommend Article 6, establishing a revolving fund
under chapter 44 section 53E' under Massachusetts general
law, by a vote of 6/0/0.
On a motion by Keigley seconded by Grimm the Finance
Committee voted to accept the subject matter of Article 12 by
a vote of 6/0/0.
The Finance Committee reviewed the original CIAS mission
statement, operating guidelines and goals. Steve Blewitt,
Jim Keigley, and Rocco Nenarella are working on a mission
statement for the Finance Committee. Beth Klepis is working
on updating the Town' s investment policy.
On a motion by Grimm seconded by Green the Finance Committee
voted to adjourn at 10:05 p.m. by a vote of 6/0/0. The
Finance Committee will meet with the Board of Selectmen and
the School Committee on November 1 , 1995 at 8:30 p.m. at the
High School.
Respect feu y Submitted,
Steve �Blewi 1.�
Chairman