HomeMy WebLinkAbout1988-01-28 Finance Committee Minutes FINANCE COMMITTEE MEETING 1/28/88 ABSENT: GREENE, LYNCH.
MEETING CALLED TO ORDER 7 :40
FIRST ORDER OF BUSINESS WERE SEVERAL RESERVE FUND TRANSFER
REQUESTS PRESENTED BY TREASURER BETH KLEPIS ACTING FOR THE
TOWN MANAGER.
A TRANSFER TO THE COLLECTORS EXPENSE ACCOUNT IN THE AMOUNT
OF 6000.00 WAS REQUESTED TO BRING OILENQUENT TAXES TO TAY.
TITLE BEFORE JUNE 30 1988.
FINCOM APPLAUDED THE INTENT OF THE REQUEST (INCREASE FREE
CASH, DECREASE UNCOLLECTED TAXES ON FINANCIAL STATEMENTS
ETC), BUT FELT THAT SINCE THE AMOUNT OF $6,000.00 WAS JUST
AN ESTIMATE THAT $4000.00 WOULD BE SUFFICIENT FOR NOW.
APPROVED TRANSFER OF $ 4,000.00 TO COLLECTORS EXP ACCT. BY
A VOTE OF -2-1 . .
A SECOND RES. FUND TRANSFER OF 52325.00 TO COVER EXPENSES
OF POLICE AUCTION OF ABANDONED MOTOR VEHICLES WAS DISCUSSED
AND FINCOM FELT THAT THERE WAS PRESENTLY ENOUGH MONEY IN THE
POLICE BUDGET TO COVER THIS ITEM.
TRANSFER OF 2325.00 WAS NOT APPROVED BY VOTE 7-0-0.
MRS. KLEPIS THEN REQUESTED APPROVAL FOR TRADE IN OF OLD
LIBRARY MULTIPLEXER VALUED AT $495.00. APPROVED 7-0-0.
THE CHAIRMAN THEN LISTED POSSIBLE RESERVE FUND REQUESTS IN
THE FUTURE; CLERICAL UNION SETTLEMENT - $4-4000.00 : SCHOOLS
Aw SPECIAL NEEDS-5100x700.00 TRAFFIC STUDY-51IJ000.00: FIRE DEPT
OVERTIME $25000.00.
THE AUDITED FINANCIAL STATEMENTS FOR Y,/E 6/30/87 WERE
THEN PASSED OUT (FROM AUDIT COMMITTEE) AND A COPY OF THE
MEMO TO THE SELECTMEN ACCEPTING THE STATEMENTS WAS READ.
THE SCHEDULE OF MEETINGS FOR NEXT 2 MONTHS WAS
DISTRIBUTED (TO A CHORUS OF MOANS AND GROANS).
DISCUSSED THERAFTER WERE THE FOLLOWING ITEMS
BINDING ARBITRATION FOR POLICE HAS BEEN SIGNED INTO LAW.
NORTHEAST REG. VOCATIONAL SCHOOL IS SEEKING A NEW BOND
ISSUE OF $a97y000.00 & ITS IMPLICRTU3NS FOR READING.
THE CHAIRMAN ALSO ASKED FOR A VOLUNTEER TO ATTEND V'OKE
SCHOOL COMM. MEETINGS, BUT RECEIVED NO RESPONSE.
THE ASSESSORS WILL HAVE TO BUDGET THIS YEAR FOR THE
REVAL TO BE COMPLETED IN 1990.
THE EDUCATION PACKAGE RECENTLY PASSED SHOULD HAVE NO
MAJOR EFFECT ON READING (EGt IT RAISES MIN SALARY TO
20,POO.00 BUT SCHOOL COMM STATES OUR MIN IS 21,009.00).
A COPY OF THE NEW TOWN PERSONNELL POLICY MAN AL WAS
DISPLAYED.
VARIOUS EMPLOYMENT OPENING`: IN TOWN GOVT WERE LISTED.
A MEMO FROM THE TOWN MGR. STATING THAT NO MEETINGS CAN
BE HELD WHEN TOWN MEETING IS IN SESSION.
R COPY OF THE NEW PENSION LAW PASSED AT STATE LEVEL IS
/
`l AVAILABLE ( THIS LAW COULD BENEFIT READING BY 90900.00
IN 1990)
THE CHAIRMAN THEN REQUESTED THE MEMBER-: TO PONDER HOW THE
COMMITTE WILL HANDLE REPAIRS TO TOWN HALL TO BE REQUESTED BY
THE T.M. VIS-A-VIS THE EXPECTED M.S.B.C. REQUEST TO FUND A
TOWN! HALL CONNECTOR. NO DEFINITE PLAN EMERGED. WE WILL WAIT
TO HEAR FROM THE TOWN MANAGER.
THE NEW BUDGET FORMAT WAS DISCUSSED AND THE FINCOM DECIDED
TO CONCUR WITH THE BUDGET FORMAT COMMITTEE IN THE FOLLOWING
RESPECTS 1. THE FINAL 3 COLUMNS OF THE BUDGET WILL BE
"TOWN MANAGER". "FINCOM RECOMM" . "OTHER".
IN THE CASE OF DIFFERENCES BETWEEN THE T.M. AND FINCOM
THE LINE ITEM WILL BE STARRED IN! THE OTHER COLUMN AND
AN ADDENDUM TO THE BUDGET OR A FOOTNOTE WILL EXPLAIN!
FINCOM REASONING.
IN CASE OF A MAJOR RIFT WITHIN FINCOM THE SAME METHOD
WILL BE USED FOR MAJORITY/MINORITY REPORTS.
THE COMMITTEE DECIDED THAT WE WILL WRITE THE REPORTS ON
DIFFERENCES WITH THE TOWN! MANAGER ON THE NIGHT WE VOTE THAT
LINE ITEM.
MAJORITY/ MIN]RITY REPORTS WILL BE WRITTEN BY THE 2 GROUPS
AND BROUGHT BACK. TO NEXT MEETING FOR INCLUSION IN THE
WAR:PENT.
FINANCE COMMITTE ALSO VOTED TO MAINTAIN 2 OF ITS PREVIOUS
FISCAL POLICIES.
1. MAINTAIN FREE CASH AT A MINIMUM LEVEL OF .5.': OF THE
OPERATING BUDGET. BY A VOTE OF 7-0-0.
2. THE PRINCIPAL FROM SALE OF REAL ESTATE SHOULD NOT BE USED
TO FUND THE OPERATING BUDGET. BY A VOTE OF 7-0-0.
ALSO DISCUSSED WERE THE MERITS OF GUIDLINES FOR BONDED
INDEBTEDNESS. ADDITIONAL RESEARCH IS REQUIRED.
GUIDLINES FOR SCHOOL BUDGET AS A PERCENTAGE OF THE TOTAL
TOWN BUDGET. THE FOLLOWING ARE THE X OF SCHOOL TO TOTAL PER
PREVIOUS TOWN WARRENTS. 195E-44.SX/ 1967-45.4.':/ 1956-43.5%
1985-43. 2%,' 1904-44.6.:/ 1982-43.2X.
1989 AT PRESENT IS 43.6: OF PROPOSED BUDGET(SCHOOL DOES NOT
INCLUDE PAY INCREASES. ASSUME 500000.00 PAY INCR AND THE %
BECOMES 45.2%) . THIS WILL ALSO REQUIRE FURTHER RESEARCH.
THE RUBBISH DISPOSAL PROBLEM WAS DISCUSSED.
RESCO MUST.BY LAW, UPGRADE IS POLLUTION CONTROLS. THIS WILL
COST 30 MILLION AND READINGS SHARE WILL BE 35BP00.0OPER YEAR
STARTING IN OUR FISCAL YEAR 1990. HOWEVER R:ESCO WILL BE SHUT
DOWN FOR A GOOD PORTION OF NEXT YEAR 8: READING WILL HAVE TO
ARRANGE ALTERNATE TRASH DISPOSAL FOR THAT PERIOD. NO COST
HAS YET BEEN ASSIGNED TO THAT PROBLEM.
THE FIRST CUT OF THE 1989 BUDGET PER THE T014N MANAGER
IF401CRTED A DEFECIT OF $26:112: THE WORKSHEET WAS
DISTRIBUTED.
THE FOLLOWING ITEMS WERE REQUESTED OF THE CHAIRMAN
FN EXPLANATION FROM THE TOWN ACCTNT OF ENCUMSERANCES, WHY
HE ENCUMBERS, HOW HE ACCOUNTS FOR, AGE OF ENCUMBERANCES ETC.
EXPLANATION OF WHY SCHOOL COMM. CAN OVER-SPEND IT.S REMODEL.
FOR DECLINING ENROLLMENT(WAS ITEM PART OF BUDGET OR A
SEPERATE ARTICLE).
OBTAIN A COPY OF THE THE TOWNS PERSONNELL POLICIES.
CHECK WITH TOWN MANAGER AS TO WRAT IS ON THE CAPITAL
IMPROVEMENTS PLAN.
CHECK WITH ASSESSORS ON R,'EST TAX CLASSIFICATION-ITS
BENEFITS AND FAULTS. POSSIBLY ARRANGE TO HAVE AN ASSESSOR
VISIT THE FINCOM.
THE MEETING WAS ADJOURNED AT 10150.
Dori Allan,
INTERIM SEC.
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