HomeMy WebLinkAbout1993-09-22 Finance Committee MinutesFinance Committee Meeting
September 22, 1993
The meeting convened at 7:30 p.m. in the conference room, at
16 Lowell Street, Reading, MA.
The following members were present: Chairman, Richard Coco,
Vice-Chairman, Fred Van Magness, Jim Keigley, Gerry MacDonald,
Nate White, Bill Murphy and Steve Blewitt. Also in attendance
were Maria Silvaggi from the Chronicle and Bill Brown.
On motion by Fred Van Magness seco ec~ d b'y Richard Coco the Capital
Improvement Advisory Sub-Committee voted to approve the August
25, 1993 Minutes. The motion was approved with a vote of 2-0-0.
On motion by Fred Van Magness seconded by Steve Blewitt the
committee voted to approve the August 25, 1993 Finance Committee
Minutes with corrections. The motion was approved with a vote
of 7-0-0.
Reading resident Bill Brown addressed the committee in regards
to the landfill site. He suggested that maybe the town should
be somewhat flexible in their decision with the selling conditions
of the property. He stated that recent studies have shown a
20-25o vacancy rate for leasing office space as opposed to a
5% vacancy rate for leasing retail space.
On September 23, 1993 there will be a training session in the
library at 7:30 p.m. to discuss town government.
Richard Coco stated that the retreat on September 17th and 18th
between all the boards in Reading was a success. Richard Coco
stated that the enthusiasm was great in looking ahead to working
together as a town.
The Capital Imporvement Sub-Committee started 1 year ago by
Jim Keigley, George Thompson and Bill Murphy. They have now
completed the mission statement, with just the library to inspect.
The Finance Committee would like a report from the Capital
Improvement Sub-Committee, with copies sent to the Board of
Selectmen, School Committee and Reading Municipal Light Department
by December 1, 1993.
Fred Van Magness questioned the need for more support or replacement
on the committee.
Bill Murphy stated that he is not certain he can commit to a
date until the forms start to be returned.
L-W•-
Bill Murphy also stated that one change is education reform,
all capital improvements are below line, and need to make it
look like an operating expense.
Finance Committee Meeting
September 22, 1993
Page #2
On motion by Fred Van Magness seconded by Gerry MacDonald the
committee voted to approve that the Capital Improvement Advisory
Sub-Committee requirement date to report to the finance committee,
be changed from 10/1/93 to 10/15/93. The motion was approved
with a vote of 7-0-0.
Bill Murphy recommended 1 more change, that we have a hard
5 year plan and a moving, 10 year plan.
There was discussion pertaining to the development of a.chart, for
tracking the budget. The committee would like to see the decrease
and increase on all line items with a quartetly percentage
chart.
Richard Coco stated that he would like to make a presentation
to Town Meeting, 25% in November and 75% in April.
The state will start to stipulate to towns what they should
spend for school purposes per pupil. The number will be known
in advance next year. Due to the overrride, we are where we
should be..
The Finance Committee Meeting adjorned at 8:55 p.m.
Respectfully submitted,
1.
Lisa Zanni
Secretary