HomeMy WebLinkAbout1988-12-20 Finance Committee Minutes FINANCE COMIMITTE MEETING - DECEMBER, 20, I9SF:—RF;j_rl 16 ABSENT :
GR:EENE, C'ATALFA•1O
MEETING CALLED TO ORDER: AT 7 :35
THE PURPOSE OF THE MEETING WAS TO GO OVER: F.:EVENUE &: EXPENSE
FORECASTS FOR FISCAL 1990. THE RE'JIEWOF FINANCIAL CONDITION
IdA' COt'1PLF_TED AS FIJLLOL•iS i. F:E'JiE4iEG FIE4'EhIUE.S B4' SOURCES 2.
REVIEWED THE SALE_ OF F:EAL E'- TFITE FUND AND FREE CASH 5.
REVIEWED ESTIMATED EXPEHDITUR:ES 4. PROPOSED AOGITION:fS TO
RE'JF_NLJE AND AD.II_ISTMENTS TO C,"PENSE'S TO BALANCE 1990 BIJDGET.
EFFECT: OF THE REOVE ON OUR: TEN YEAR: FORECFISTS ;
ATTACHIECI IS A COPi O1= THE 1:990 ESTIMATED BUDGET WITH NO
CHFIFIGE'.Z.
RL..91J ATTVGHEO IS A CORY GF F'F:EI_IMINARY BIJDOET
F:ECOMMEHORTIONS BY FINCOM FOR 1990
ATTACHED I'S THE ESTIMATED '1990 BUDGET IF FIHCOM
F:ECOMMEHDATIOHS Po='E FOLLOWED ARID THE EFFECT ON THE TEN YEAR
FOFECFIST.
Iidl '- 'I- OI-. I -Sli=q.{ L'.. 'FH1 Fa u .L!:LI '::Erv.HI I�nE3110i1i:: WERL
it . . „I EH I I MFli - i:c hIOI FJJ BELT IW :
:HIlOLI WI I LJ•- 'r ILI. OF R i EST TE FI I,{D F'RIIJC' PAL, H f ALL
I;1 THE E IUI.EL7 IH.J HILL BE DI. I .II -EG IN F'.EATEF DEPTH AT
TF11E HEX'T MEETI1,16 ON 1.':7.''29. ADDITIONAL INFO CH JUST HICW LONG
I=i -E OF R.'E FUNDS" WOULD LAST UhIDEF ':+AR IGUS; BUDGE
CONGITL.;HS WNS REQUESTED AND 3 iiULD BE N N1L.1'9C.L.L ON L 'S CIF
THE I:'1INIF.a'IRN - 'ES:N T HRVE' H VE cR', -;OGD NEW -FART
C'ELF_BRAT:::7N? ,
I, F^:q IE WI�HCED TO P.i lC IF, SIhb..:E SALE OF F;.'E FUNDS CAN ONLY
-JSEO FOR. QRP17AL ITEM ' DO THE BUDGET ' EPERATE CAPITAL
MS Rt 10 I 3 I; . Ft.P.THE E IS J .; OF THAT SEuPEGAT 1 ON>? THE
ANSWER I:- THAT ALL E::IIGGE-T': AS PRESENTED TO FIHCOM .4. TOWN
MEETI11I7 DO HAVE C'AF'ITFL SEGO+I=•EGRTED ::A000RDIH5 TO GAAP FOR:
THE MOST PARTi. THE HF_i;T QUESTION IS, ARE THEF.:E ENOUGH
CAF'URIL ITEM:) IN THE BUDGET "ID IISE THE :1550,000 IN GALE. OF
R.'E F'F:Ih{;_:7:F'19L R:EI-!UIREG TO E:FILAhICE THE BUDGET' UhITIL WE ::EF_
ACTUAL BUDGETS WE Iii iNT M41.311. IF PREV ICIU— YEARS CAN BE A
GUIDE THERE WILL 6'E MUF.IE THAN iSS0. 000 IN CAPITAL ITEMS.
IIF:. HASK:ELL .4: MR. HARRISOVI WRIATED TO KNOW IF THE MUNICIPAL
LIGHT DEFT COULD INCREASE IT:- I.iISTF:IBUTION TO THE TOWN. ALSO
ED 171 _, THE I UESLT, .CH OF THE ':ALE OF THE LIGHT_ PERT,
,
ATTACHED IS CA LETTER ':ENT TO MR.. PAGINO: CHAIRMAN GF THE
LIGHT E'OAPD F:F_LFTIVE TO THOSE hIATTER:S.
MF. HR I_I_ RE .-J IESTED FROM THE SCHOOL DEFT. A LI TING' OF ,
FOSITI JI d.:< WHEN
THE STUDENT POPULATION -LIFTS AT ITS MAXIMUM 9 A
LIST 11- CURRENT -POSITIONS ;IND STUDENT P'OPUL.AT UJN.- ALSO
PEQUESTED IS A DESCR:IPTDONd OFNEWPROGF•.APJG ADDEDSINCE THE "
19'=1:-:IIU 111 STUDENT POFUL[I iTION OCCURRED. -SEE ATTACHED LETTER.,
A RATHEF.' rICRII'1phIIOL iS OIS USSTON' THEN{ OCCURRED REGARDING ..
BOOING RC OPPOSED TO SPENDING PEAL ESTATEFUNDS FOR CAPITAL '
ITEMS :HL.-DO FINC MS Ei;ACT FUNCTION •:'IS- FI 'JIS ADIISIHG TOWN
MEETING FIND TOWN OFFICERS WAS DIt:CUSSED WITH SOME '.'EHEMENCF_.
`,E'JELR.FIL OTHER SUBIECT, , WERE ALSO RAISED ( IN FACT E: ,'EP4THIHO .
FR.OP1 fEWl-. ESTATE TA's: CLJOSIFICATION T7 GENERAL, I"BRANCE TO
THE OOML.ITV OF LiFE) .
!'MOTE: THE CHAIR MADE NO FITTE!'9FT TO CONTROL TNT" DEBATE AMONG
THE P'h TLFE.: TU c - IIGHT {.NOWL.E ( ABLE MEMBERS OF THE
f IHCrY Ili ALL 11JNE :T'. I II OF H , HAITI i:_OHS THE CHAIR
WORKED ,G WlARD Tu tiRRA GE 10 POVE IXLV EI {I OM MEMBERS '
PRESENT 1 HOPE '2011 READ THE nf.TICLE I WOVE FOP THE
Lh P011 k EDI-D SIS NET11161Y WAS FOP 90W THIS P JPP'OSE. I
ARMTO 1 GaTFrL `c)SU " AARE WE ALL Al-LO,IGET A
,CF r J CI ONI'u U -hd': 1 1.TS.E I HOPE
T OT i 'I3' h l L! AL .:lel US T . ICILF.STANID
hI;4� 1 il._T II tVJ': fI-r F.�:TI .L! A: hl I;OY1htLTTr=E.- ..
r CE I l a::f_-EN—J, TO IIJI Yi3' YEAR ,' rl..l T1- NO CME BUT --. _..
Ti CE EHA '.R !4 THE AEE USES WHICH HERE FL OPOSEL4 H
•_ITT...E UlTD TLI ED LOST YEAR? .
-ICILdE'•IEP. E•LER:_E REMEMBEF. THAT WHEN THE PUBLIC IS PRESENT
WE : I"hJUI_D E•NEFCISE RESTARUrk PA ;T OF FIHCOMS EFFF_.CTIVNESS
11 ITS NEPuTA iaNl AS A FISCALLY _UNSFRVATI'dE BODY WHICH -
CHILPILY., FIND WITH REA:_,01.1 J FOPETHIDUCHT G E ..SEES THE FINANCIAL.L
FUNCTIONING OF READING. WE ATTEMPT TO MAKE OUR '-
r -CCiI`1P1LI•Iflli'TION I"! A P .ufl SSI'JHAL MANNER AHO AN' THING WHICH
UNDEIF'NINES THAT FERCF."STTON OF THE FINANCE COMMITTEE LJILL
JUFPMI 1- !I& EFFECT I'AESS (TALK ABOUT FR.EPoSH IND
R MEETING hHTC-1 THE SEI_FCTPTEN, TOWN PLANA' ER , SCHOOL COMMITTEE W. .SUET OF S[II I .GI IS SCHEDULED FOR 111AWSK I 'WED TO:
An PIAAI. E TO 1-Ir VE THAT MEETINIG' IN P:OOM 15 BUT IT IS ALREADY
S0i iKEp.. TETE EMPLOYEES LOUNGE I'> AVFIILABLE BUT NOT LARGE
EN000H FO.. 20 TO PEOPLE I HA E FLILED OUT THE SELEIVNENS
OJOPI, ALL THE LIBRARY TJOMS ARE I_I_OVEO C.' P YIMO -
I_U3TOMG •S. IT NFP'-'ARS THAT WE WILL HAVE TO MEET III THE SCHOOL. "
OFFICE.:.: ON r_IJUl_D STREET. AT 7 ;C,3.
I'iFTF_R'. APOLOGIES AL..L. AROUND THE MEETING ADJOURNED AT Im is, "
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