HomeMy WebLinkAbout2003-11-20 Finance Committee MinutesRECEIVED
FINANCE COADUTTEE MEETING TOW Eb CLERK
NOVEMBER 20, 2003 READING, MASS.
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The meeting convened at 7:30 p.m. in the Arnold Berger Conference Room, Town Hall, 16 Lowel Street,
Reading, Massachusetts. Present were Chairman Jim Francis, Vice Chairman Dick McDonald,
Finance Committee members, Andrew Grimes, Robert LeLacheur, Catherine Martin, Marsie West,
Paul Bolger. Also present were Peter Hechenbleikner, Town Manager.
Approval of Minutes
On motion by LeLacheur seconded by McDonald the Finance Committee voted to aMrove the
Minutes of October 16, 2003 as amended. The motion was approved by a vote of 5-0-0.
On motion by McDonald seconded by LeLacheur, the Finance Committee voted to approve the
Minutes of November 10, 2003 as amended. The motion was approved by a vote of 5-0-0.
Liaison Reports
The school committee will be meeting in mid December. Catherine Martin said there should be a reworking
on how the budget is presented this year.
Bond Rating Moody's and Standard and Poors
Town Manager Peter Heckenbleikner told the Commission that they had a meeting last Thursday with
Moody's and they also had a tour of the landfill.
Peter told the Commission there will not be a rating until the bonds are sold. Moody's was impressed with
how Reading works together, how the difference boards work well with each other.
The only negative that Moody's had was with fund balance deficit for the last six years, they would like to
see a year where it's not done before giving a rate.
Jim Francis told the Commission he had been at the meeting and was very impressed with the luncheon and
with everyone who spoke at the meeting.
Peter told the Commission that there was a meeting on Tuesday with Standard and Poors.
Reserve Fund Transfer
The Commission discussed a transfer of funds for the printing of the questionnaire. The commission went
over the questions and changed question #3 to take out achieve, maintain is fine. On motion by Martin
seconded by McDonald the Commission moved to approve a transfer of $425.00 to account #01-052-
5380-057. The motion was approved by a vote of 6-0-0.
Appointment to Audit Committee
Catherine Martin has resigned from the Audit Committee. Chairman Jim Francis opened the nominations.
Catherine Martin nominated James Francis to the Audit Committee. Andrew Grimes closed the
nominations, Dick McDonald seconded. Voted 6-0-0. James Francis was appointed to the Audit
Commnittee 6-0-0.
Receipt/Review of Audit
Finance Committee Meeting - November 20, 2003 - Page 2
Peter will get Audit to Commission. Topic for discussion, deposits to school activities accounts need to be
quicker, tracking of incoming money, i.e. building permits etc. Discussion will be continued at the next
meeting.
Report on MWRA water buy-in
Peter told the Commission that the Town voted to buy-in to MWRA at the Town Meeting. Peter explained
the mode of operation on how water is drawn from MWRA. There is a long process to go through before
approval. Buying into this will provide water substitute and water back up plan. Maisie West questioned
the cost differences, Peter explained that it is hard to say with today's costs.
Peter explained that the issue is not to give the Town the ability to withdraw from Ipswich River and
MWRA.
The Commission continued to discuss the pros and cons on the buy-in.
Peter told the Commission that there were more negotiations to be done and more information from
MWRA to be given to the Town.
Status Report of FY 2005 Budilet
"Municipal budgets - Peter will have them next week to do comparison.
"School budgets - trying to move forward
"Re-evaluation year, additional costs, landfill properly addressed.
FinCom Initiatives
Questionnaire - discussed
Resource Utilization - some ideas of RMLD
Facilities
Hospital Trust
RMLD
Town Services
Town Land
Feedback from questionnaire - will have more information then.
It was discussed that maybe the High School kids could get involved with the questionnaire, sorting them
out when they are received.
Schedule
MMA meeting scheduled for January 10 & 17th. Peter told the Commission that part of the money was
put in the budget to have the FinCom members attend the MMA. Peter asked if anyone wished to attend
the please email either himself or Paula.
Finance Committee Meeting - November 20, 2003 - Page 3
It was discussed that the next FinCom meeting will be on January 21", unless there is a need to meet before
then.
On motion by McDonald seconded by Bolger the Commission moved to adjourn the meeting. The
motion was approved 7-0-0.
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Secretary