HomeMy WebLinkAbout1988-06-30 Finance Committee Minutes Finance Committee Minutes
6/30/88
Called to order: 7:35 p.m.
Present: Allen, Catalfamo, McMeniman, Harrison, Greene, Burdett
The chairman shared correspondence from the Library Trustees relative to
upcoming need for repairs to the Library roof. It has been four years
since the Library was renovated and it was originally planned to do the
roof repairs three years ago. The town manager said that roof repairs
had been budgeted for $35,000 but that the lowest bid received was
$80,000. This figure is more consistent with other informal estimates
offered by committee members.
The Town manager said that he would likely plan to request an additional
$55,000 at a Special Town meeting in the fall.
The Chairman advised the committee that the Town Accountant, Mr. Foley,
had sent a letter to all department heads stating that they would have
to notify him of their intent to encumber funds by 6/30/88 and they
would have to submit documentation by 7/31/88.
The Town Manger and the Fire Chief came with a request for a Reserve
Fund transfer of $4000. This was due to an accounting error by the
Chief in calculating the correct overtime figures for a Reserve Fund
transfer requested the previous week.
A motion was made and approved to transfer $4,000 from the Reserve
account to the Fire Department salary account by a vote of 9-1-0.
The Town Manager gave an update on the potential casualty insurance
costs - said that he was reviewing the $2M, $5M and $10M umbrella
packages. Fred S. James Inc. will continue to be our carrier. In
addition, the Town Manager confirmed that increases in costs are in the
5% range which Fin Com budget recommendations had reflected.
The meeting was then adjourned to conduct the reorganization meeting
which was handled by Mr. Hech erbleikner. Mr. Allen was renominated as
Fin Com Chairman by a vote oP5-0-1. Mr. McMeniman was nominated and
voted as Vice Chairman by a vote of 5-0-1.
Mr. Allen then shared his list of issues for FY189:
1. real estate classification
2. the state pension issue
3 . Reading Elec Light
o Wilmington issue
o Town Hall issue
o the annual $1,250M contribution
o bonding maintenance expenses
4. the deficit
5. labor negotiations
6. sale of real estate
7. th^ committee liaison system
8. outside conferences and meetings
9. subcommittees for different assignments
10. the rotation of minute taking
11. program revenues
Adjourned: 8:30 P.M.
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