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HomeMy WebLinkAbout1988-09-08 Finance Committee Minutes FINANCE COMMITTEE READING , MA . 9/8/88 Members Present: Vice Chairman Brian McMenamin Charles Catalfamo Paul Devlin Elizabeth Greene Deane Haskell Robert Mucci R. Taft Porter Others Present: Peter Hechenbleikner, Town Manager Mr. Edwards, Director, Community Development Mr. Howard, C P D C Beth Klepeis, Finance Director/Town of Reading William Connors, Finance Office/Town of Reading This meeting of the Reading Finance Committee was called to order at 7:35 P.M. on Thursday, September 8, 1988. Vice Chairman Brian McMenamin presided at the School Department Offices on Gould Street. I. ACTION ITEMS A. Request for Transfer from Reserve Funds Town Manager Hechenbleikner handed out information regarding a Traffic Accommodation Study for the proposed residential development on Bear Hill site in Reading. Community Planning and Development Commission requested a transfer from the Reserve Fund, in the amount of $5,000.00. Mr. Howard explained how this proposal was suggested. He spoke about the prospective project to help the FinCom better understand the complete proposal . Mr. Howard explained that residential development between 50 - 250 in number at this site may be possible. The object of this study is to help the Town of Reading focus on how many units could be constructed and to minimize the impact on the neighborhood. There was further explanation of development of Bear Hill residential district zoning. Elements of traffic and topography were discussed, as was the extent of blasting and shape and access of site. Also commented on at this time was the fact that the fiscal year is now only two months old. Reserve fund use seems premature. Town Manager Hechenbleikner interjected that the traffic accommodation study is necessary, with expertise from the outside. He indicated that traffic is one of the unknowns of this proposal . Mr. Hechenbleikner explained the appropriations' status. The rationale for this Reserve Fund transfer request is to meet the timetable set up because the Commission is involved in the zoning process. 2/FinCom/Reading Chairman McMenamin voiced his reservation about using monies earmarked for other projects. Various alteration of funds in the Budget were discussed at length. Mr. McMenamin then asked the Town Manager if any other funds may be avail- able. Hechenbleikner indicated there are no resources anywhere. It was made clear that the FinCom is the only group that can touch Reserve Fund capital . It was suggested that the monies budgeted for the Town-wide traffic study should be used for the accommodation study, and then "replaced" at the Fall Town Meeting. Chairman McMenamin asked about future uses of reserve fund transfers. Mr. Hechenbleikner answered that there would be that possibility, but there were no known transfers at this time. The Chairman suggested this be on the Warrant for Fall Town Meeting. The Warrant should also request general con- sulting fees. Motion: Elizabeth Greene made a motion to transfer $5,000 from Reserve Fund. Robert Mucci seconded. Vote: 1 - 5 - 1. Motion denied. 6 B. Payment for Audit from Peat Marwick The FinCom Chairman requested signatures of the Committee for the payment of billing received for the audit of the Town by Peat Marwick. C. Minutes Approved Chairman McMenamin shared minutes of the last FinCom meeting. D. Finance Department Business Next on the agenda was introduction of Beth Klepeis, Finance Director, and Mr. William Connors of that Department. Presentation was made of the need to upgrade the computer at Town Hall. After explanation of the need to upgrade Committeeman Mucci suggested to the Committee that this upgrade was a very rational thing to do at this time and the presentation was favorable. FinCom favored the system upgrade and there was no opposition to this suggestion. II. FUTURE PLANS A. C P D C Sub-Committee Mr. Taft of the Finance Committee will chair the sub-committee to the Community Planning and Development Commission and will work with Director Edwards and Richard Howard. 3/FinCom/Reading B. Dates for FinCom Meetings No date has been set as yet for the next meeting. III. ADJOURNMENT Mr. Catalfamo motioned to adjourn at 9:25 P.M. This motion was then seconded by Robert Mucci. The meeting was adjourned at that time. Respe tf ul ly ;ubmi tted, ..Z� ;lc^.ecu e Finn Se retary 4