HomeMy WebLinkAbout1996-01-17 Finance Committee Minutes RECEIVED
FUN, CLERK
REi Dike. MASS.
Finance committee Meeting
January 17, 199fo Fee 5 12 ai Ptf '96
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, Jerry Vitale, Rocco Nenafella, Tom Green
Jr. , Catherine Martin, Town Manager Peter Hechenbleikner,
Secretary Maureen Vierra, Town Accountant Richard Foley, and
Selectman George Hines .
Approval of Minutes:
On a motion by Grimm seconded by White the Finance Committee
voted to approve the minutes of December 13, 1995 by a vote
of 8/0/0.
Action and Discussion Items:
Town Accountant Richard Foley presented the Quarterly Budget
Status Report to the Finance Committee. Peter Hechenbleikner
offered explanations on variances that were 5% over the
projected budgeted amount. Positive variances were not
examined. Some accounts which may require additional funds
are:
Account Possible Shortage Amount
042 - Personnel 2,000 .00 - 3,000.00
066 - Zoning Board of Appeals 200.00 - 300.00
080 - Building Maintenance Internal transfer possible
121 - Fire 30,000.00
321 - DPW Snow and Ice Currently overspent by
$177,000.00
On a motion by Grimm seconded by Martin the Finance Committee
voted to approve the payment of the final invoice from KPMG
Peat Marwick in the amount of $12 , 340.00 by a vote of 9/0/0.
On a motion by MacDonald seconded by White the Finance
Committee voted to approve the transfer of $50,000.00 to the
account 01-321 Snow and Ice Control by a vote of 9/0/0.
Pursuant to Chapter 44 Section 31 D of the Massachusetts
General Laws, a motion was made by Grimm and seconded by
MacDonald, that any snow and ice removal expenditures in
excess of appropriation amount be deferred to the FY97 tax
rate. This motion was approved by a vote of 9/0/0 .
On a motion by Green seconded by Keigley the Finance
kw Committee voted to approve the following as the Mission
Statement for the Finance Committee by a vote of 9/0/0 .
f 2
Mission Statement - Town of Reading Finance Committee
The mission of the Finance Committee of the Town of Reading
is to advise Town Meeting on every warrant article which has
financial implications for the Town and act upon requests for
transfers from the reserve fund. To carry out this mission
the Finance Committee will :
1 . Adopt a framework of goals and fiscal policies upon which
the Finance Committee will make recommendations to Town
Meeting.
2 . Review policies of Officers, other Boards, Committees,
and Commissions as a basis for the Finance Committee
making its recommendations to Town Meeting.
3. Participate in establishing the budget process and be
proactive in monitoring the Town ' s current year revenues
and expenditures, as well as projected revenues and
expenditures, as a means for advising Town Meeting of any
potential significant shortfall or overage in the current
year or future years.
4. Make reports to Town Meeting that clearly justify the
Finance Committee' s recommendations and present any
significant dissenting opinions.
When authorized by the Reading Home Rule Charter, and when
deemed advisable, the Finance Committee shall investigate the
books, accounts, records and management of any official body
of the Town or any department or office of the Town.
Liaison Reports:
Jerry Vitale, Catherine Martin, Carol Grimm, Tom Green, and
Steve Blewitt each met with the departments, to which they
were assigned, to discuss preliminary budgets and to obtain a
list of anticipated increases to their FY97 budgets. FinCom
will review the budgets in more detail after they have
received the Town Manager ' s recommendations.
The next meeting of the Finance Committee is scheduled for
January 31 , 1996 at 7: 00 p.m. and a review of Debt Service,
Employee Services, and Accounting budgets is planned.
On a motion by Keigley seconded by MacDonald the Finance
Committee voted to adjourn at 10: 30 p.m.
Rewt-ma
ly sSteve Ble
Chairman