HomeMy WebLinkAbout1987-11-07 Finance Committee Minutes Finance Committee Meeting
11/9/87
Absent: R. Lynch
Meeting Called oto Order at 7: 35.
Minutes were distributed along with latest Fincom 10 Year
Budget Forcast:.
Peter Hechenbliekner thendistributed the Town Accountants
5 year Budget. Forcasts
The major differences between the two forcasts are as follows:
" Fin Com Town Acctnt
Eat Wages Increase : 68 6.58
Bonding -New Projects . 3 Million 4.5 Million
Interest on R/Est. ::: . 88 6.48
Nike Site Sales . 4 Million 0 '
At 8: 00 the Municipal Space Committee arrived with a new
Tinancial Plan fur ,Art.. 21 (Town Hall Renovation) . This was
basically a 2.5'' Millionexpenditure in 1988089 .and 1.5
Million spread overa future period.
Motion to reconsider Art 21 (2/3 vote required) Defeated 5-3-0
A second motionto.-reconsider was also defeated 5-3-0
Discussion on ammending�the Capital Outlay Plan to reflect
the Fall Warrent the occured. Questions arose as to just
whose plan it was (FinCom, Town Manager ets) 7, To What
amounts the plan should be changed, If any changes were required
etc. Discussion was`,suspended and FinCom went on to consider
several articles not yet considered. .
Art. 6 - Classification Plan (Needed if article 5 Fails)
Approved 7-1-0
Art. 7 Compensation Plan (needed if Art 5 Fails) Since no
dollar amount has yet been determined this article was left
Action Pending
Sepaial Warrant;Art':A— Allows the Town to Sell portion of
the "dump" to someone other than Homart. -
Appr8ved-8-0-0
Sepcial Art. 11 To.-Fund Wage study which was recently
completed but sinceno dallar amount has been determined
this was left Action Pending.
Discussion the turned to the Budget Calendar for Spring
Town Meeting which had been passed out by Peter. Several
members expressed concern at the short time available for
Fincom to review the budget (2/23/87 to 3/11/87) .
040 The Capital Outlay plan"was then reopened for discussion.
After several motions and amendments the end result was
to approve 2 changes in the plan. Add $5,000. for Fire
Station Improvements in .F/Y 88 6 change the totals
accordingly.
Finance Comm HGetipq, 11/9/87 (Cont)
The Chairman then presented the recently received Unfunded
Pension Liability Study 6 his presentation to Town Meeting
of the same item. As also presented a draft of his commnets to
Town Meeting on the Warrant Items Voted by Fincom.
Brian McMenamin prasanted a report on the Budget Format
Committee and the 'progress they are making.
Liz Green presented: .-a•Liason report on the Reading Mun
Light Dept and -the'.progress of negotiations with Wilmington.
Bob Mucci presented a zeport on the recent meetings of the
Library Trustees (dote Roof repairs soon needed) .
Meeting adjourned1:05
. Don Allen
:Chief Flunkey