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Home My WebLink About2024-06-26 Finance Committee Packet Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Finance Committee Date: 2024-06-26Time: 7:00PM Building: Reading Town Hall Location: Conference Room Address: 16 Lowell StreetAgenda: Revised Purpose:General Business Meeting Called By:Jacquelyn LaVerde on behalf of Ed Ross Notices and agendas are to be posted 48 hours in advance of the meetings excluding operation and make necessary arrangements to be sure your posting is made in an adequate amount of time. A listing of topics that the chair reasonably anticipates will be discussed at the meeting must be on the agenda. All Meeting Postings must be submitted in typed format; handwritten notices will notbe accepted. Topics of Discussion: This meeting will be held in the Conference Room of Town Hall and remotely via Zoom: Join Zoom Meeting https://us06web.zoom.us/j/89143886170 Meeting ID: 891 4388 6170 One tap mobile +16465189805,,89143886170# US (New York) +16465588656,,89143886170# US (New York) Dial by your location Find your local number: https://us06web.zoom.us/u/kiy9Wj6ab AGENDA: Liaison Reports FINCOM Reserve Transfers Discuss FY25 Meeting Schedule FutureMeeting Dates andAgenda Items *Revised 6/25/2024 to add Liaison Reports, FY25 Meeting Schedule, and to clarify Future Meeting Dates and Agenda Items. Originally posted at 3:55 pm, Jun 24, 2024. This Agenda has been prepared in advance and represents a listing of topics that the chair reasonably anticipates will be discussed at the meeting. However the agenda does not necessarily include all matters which may be taken up at this meeting. Page | 1 Finance Committee: Request for FY24 Reserve Fund Transfer To: FINCOM From: Matt Kraunelis, Town Manager Date: June 24, 2024 It is respectfully requested that a transfer in the amount of $70,000 be made from the Reserve Fund to the accounts shown below which is an unforeseen or extraordinary expense: 14205540-540460 Hwy Patch $20,000 (fixing potholes) 14205540-540460 Hwy Parts & Maint. $25,000 (repairs trucks/vehicles) 99909596-596000 Interfund Transfer $25,000 (Water Debt Service) DPW has a $20k deficit in highway patching due to fixing potholes. The highway parts and maintenance line is also over by $25k; this line is used to repair the Town's cars and trucks. Overall, DPW expenses are not in a deficit; these funds are being requested to ensure enough funding is available to pay any remaining FY24 DPW expenses. I am also requesting a $25k transfer to the water fund. I made a mistake on the FY24 water debt schedule related to the Auburn Street Tank; I had the debt service starting in FY25, as the BAN on these funds was due in Aug 2023. We borrowed the funds in June 2023 because other projects required funding by the fiscal year-end. I forgot to update the water debt schedule to show the debt payments starting in FY24 instead of FY25. The water fund is voted bottom line and has excess funding in several areas that will likely cover the debt serviced error on the Auburn Water Tank; these funds are requested to provide some buffer. Any funding that is not needed will close to free cash. Current FINCOM Reserve Fund balance: $200,000 Resulting balance if all items approved: $130,000 Town Manager Recommendation: Approve Disapprove Town Manager Signature: ________________________________ Date: June 26, 2024 By a vote of the FINCOM at a meeting held on June 26, 2024 the transfer(s) for the above purpose(s) in the amount of $70,000 was: Approved Denied by a vote of: ____________. Finance Committee _________________ Chair TOWN OF READING FINANCE COMMITTEE DRAFT MEETING SCHEDULE - FY25 ЋЉЋЍ LocationTime July 17thFINCOM: Regular MeetingTown Hall7:00 PM August 21stFINCOM: Regular MeetingTown Hall7:00 PM Setpember 18thFinancial Forum ITBD7:00 PM Vote on Recommendations/Guidance for FY24 Budget October 9thTown Hall7:00 PM Vote on Warrant Articles for November Subsequent Town Meeting October 30thFinancial Forum IITBD7:00 PM November 6thFINCOM: Regular Meeting (if needed)Town Hall7:00 PM November 12thSubsequent Town Meeting IRMHS PAC7:30 PM November 14thSubsequent Town Meeting IIRMHS PAC7:30 PM November 18thSubsequent Town Meeting IIIRMHS PAC7:30 PM November 21stSubsequent Town Meeting IVRMHS PAC7:30 PM December 4thTown FY24 Budget Meeting with Select BoardTown Hall7:00 PM December 10thTown FY24 Budget Meeting with Select BoardTown Hall7:00 PM TBDSchool FY24 Budget Meeting with School CommitteeRMHS Library ЋЉЋЎ TBDSchool FY24 Budget Night 1RMHS Library TBDSchool FY24 Budget Night 2RMHS Library TBDSchool Public Hearing: FY24 BudgetRMHS Library TBDSchool FY24 Budget Final VoteRMHS Library February 26thFINCOM: School BudgetTown Hall7:00 PM March 5thFINCOM: Town BudgetsTown Hall7:00 PM March 12thFINCOM: Town Budgets (continued), Vote Budgets & TM ArticlesTown Hall7:00 PM March 19thFINCOM: Vote Budgets & TM Articles (if needed)Town Hall7:00 PM April 8thTown ElectionRMHS Field House April 28thAnnual Town Meeting IRMHS PAC7:30 PM May 1stAnnual Town Meeting IIRMHS PAC7:30 PM May 5thAnnual Town Meeting IIIRMHS PAC7:30 PM May 8thAnnual Town Meeting IVRMHS PAC7:30 PM June 25thFINCOM: Year-End Meeting (if needed)Town Hall7:00 PM