HomeMy WebLinkAbout1996-10-09 Finance Committee Minutes Finance Committee Meeting
October 9, 1996
The Finance Committee met at 7:30 p.m. in the Selectman's Meeting Room at Town Hall.
Present were Chairman Steve Blewitt, Vice Chairman Jim Keigley, FinCom members Nate White,
Carol Grimm, Rocco Nenarella, Tom Green Jr., Catherine Martin, Richard McDonald and
Secretary Maureen Vierra. Also present were Richard Foley, Beth Klepeis and Bob Hillard.
Approval of Minutes
On a motion by Keigley seconded by Nenarella the Finance Committee voted to approve the
minutes of August 21, 1996 as amended by a vote of 7/0/1.
On a motion by Keigley seconded by Grimm the Finance Committee voted to approve the minutes
of September 24, 1996 by a vote of 7/0/1.
Liaison Reoorts-
Steve Blewitt welcomed the Finance Committee's newest member Richard McDonald.
Jim Keigley attended the School Committee meeting of September 30, 1996. They are starting to
work on their FY98 budget. They are also planning to compile all of their school's capital needs.
The Capital Improvement Committee toured the High School and found several areas that need
work/improvement. They plan to tour Barrows and Killam on October 11th.
Richard McDonald volunteered to attend the meeting of the Business Park Advisory Committee.
Aclion and Discussion Items:
Beth Klepeis and Richard Foley gave a presentation to the Finance Committee on the
performance of the Town's Retirement Funds and Investments. In addition,the members received
a copy of the Town's investment policy.
Beth Klepeis reviewed the contents of Article 5 (Chapter 71, Veterans buy-back program for
retirement) and informed FinCom that the Retirement Board had voted to accept the provisions of
Chapter 71.
A motion was made by White and seconded by Green not to recommend the subject matter of
Article 5. This motion did not pass by a vote of 2/6/0.
On a motion by Keigley seconded by Grimm the Finance Committee voted to recommend the
subject matter of Article 5 by a vote of 7/1/0.
On a motion by Grimm seconded by Martin the Finance Committee voted to recommend the
subject matter of Article 9 by a vote of 8/0/0.
E On a motion by Grimm seconded by Martin the Finance committee voted to approve the subject
matter of Article 7 to rescind debt in the amount of$465.00 for Joshua Eaton and Birch Meadow
and$7,650.00 for the High School by a vote of 8/0/0.
On a motion by Green seconded by Grimm the Finance Committee voted to adjourn at 10:10 p.m
by a vote of 8/0/0.
The next meeting of the Finance Committee is scheduled for October 23, 1996 to be held at the
Reading Public Library,
Respectfully submitted,
Steve Blewitt
Chairman