HomeMy WebLinkAbout2008-04-28 Finance Committee Minutes~o`y oFR~ao, Finance Committee Meeting
April 28, 2008
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TO CLERK ,
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The meeting convened at 7:15 p.m. in the Performing Arts Center of the Reading
Memorial High School, 60 Oakland Road, Reading, Massachusetts. Present were
FINCOM Chairman Andrew Grimes and members George Hines, David
Greenfield, Hal Torman, Barry Berman and Matt Wilson. Also present were,
Assistant Town Manager/Finance Director Bob LeLacheur and DPW Director Ted
McIntire.
Andrew Grimes called the meeting to order at 7:15 PM.
Bob LeLacheur asked FINCOM to vote on the use of water and sewer reserves in the
FY09 budget. Previously, the use of $600,000 in total was discussed - and this was the
example distributed in the Warrant to Annual Town Meeting..FINCOM was not
previously asked to vote the budgets including the use of reserves with the idea that a
Special Town Meeting in June would be the time to do so.
Subsequently the Board of Selectmen expressed an interest in asking the Annual Town
Meeting to vote the use of reserves. Their reasons included: (1) some water usage
between the April and June Town meetings would be subject to the new rates, which
would be set by the FY09 budgets and use of reserves; (2) the use of reserves no longer
depended upon the outcome of the bidding process for the water treatment plant
demolition and chlorination project. Debt is expected - and budgeted, up to an additional
$700,000 - to fund these projects.
David Greenfield asked for clarification regarding the use of reserves and the expected
use of debt in the FY09 budget.
Hal Torman moved to vote Article 11W (Water Enterprise Fund) to use $350,000 in
reserves: and Article 11X (Sewer Enterprise Fund) to use $250.000 in reserves for
by a 5-0-1 vote (Hines abstaining).
On motion by Andrew Grimes seconded by George Hines the meeting was
adjourned at 7:30 PM on a vote of 6-0.
Respectfully submitted,
Secretary