HomeMy WebLinkAbout1993-01-06 Finance Committee MinutesMinutes of the Reading Finance Committee Meeting
January 6, 1993
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The meeting convened at 7:30 PM in the Conference Room of Reading Town Hall, 16
Lowell Street, Reading, Massachusetts. Present were Chairman Richard Coco, Vice
Chairman, Fred Van Magness, Liz Greene, Bill Albro, Jim Keigley, Gerry MacDonald,
and Nate White. Others present were Town Manager, Peter Hechenbleikner and
Chairman of the School Committee, Matt Cummings.
Call to Order/Announcements
Chairman Dick Coco opened the meeting and discussed the 1994 Budget. Dick then
introduced Matt Cummings, Chairman of the School Committee..
Matt Cummings took the floor and apologized about not being at the last meeting of
the Finance Committee. Mr. Cummings had a conflict that same evening, having met
with the State Department of Education of Massachusetts.
Chairman Coco announced that Carroll McMillan resigned from the Finance.
Committee. There will be a meeting next Tuesday evening to determine an
( appointment of another Finance. Committee member. Mr. McMillan's formal
resignation was accepted on December 16, 1992.
A review of auditors will take place at 7 PM on January 26th.
Dick Coco announced that the next meeting for Finance Committee would be on
January 27, Wednesday.
Presentation of the 1994 Budget
Peter Hechenbleikner took the floor in presentation of the 1994 Budget to the Finance
Committee.
Peter mentioned the Bond Rating of 4.5%. Peter explained the proposed Budget and
talked at great length of property taxes.
Mr. Hechenbleikner commented that local revenues are directly related with the
economy. State Aid payments were discussed at this time.
Bill Albro had a question on the Actual in the`-1994 Budget and Peter answered.
Fred Van Magness had a question on saving money by streamlining the Budget and
indicated that he felt that lots of the numbers that appeared on the Budget paperwork
need not be so detailed, asked for more consolidation.
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Finance Committee Minutes/January 6, 1993/Page Two
Peter felt that this was necessary as is, and then proceeded to discuss clerical
personnel line items.
Jim Keigley asked for qualification from Mr. Van Magness.
Liz Greene indicated that she felt that the level of information is not too much for the
Finance Committee, but rather quite necessary for this Board to peruse.
Fred still feels that much less paperwork is necessary.
Dick Coco stated that keeping things as they are would be best.
Liz Greene said that the Committee needed to discipline themselves to be focussed.
Peter proceeded with the Budget of 1994.
*Debt Service Budget
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On motion by Van Magness, seconded by MacDonald, the Committee approved
$1 million, 570, 422 thousand, by a unanimous vote of 7-0-0.
*Employee Benefit Contributory Retirement Budget
On a motion by Van Magness, seconded by White, the Committee approved $1
million, 737 thousand, 035 for General Fund, by a unanimous vote of 7-0-0.
*Non-Contributory Pension Budget
On a motion by Van Magness, seconded by Macdonald, the Committee approved
$118,663, by a unanimous vote of 7-0-0.
*Group Health/Life Insurance Budget
On a motion by Van Magness, seconded by MacDonald, the Committee approved
$2Million, 143 thousand, 039, by a unanimous vote of 7-0-0.
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Finance Committee Minutes/January 6, 1993/Page Three
Police/Fire Indemnification
On a motion by Van Magness, seconded by MacDonald, this Budget was unanimously
approved by a vote of 7-0-0.
General Discussion
Chairman Dick Coco asked the Finance Committee for any suggestions any member
may have with regard to Budget format. This was discussed with Town Manager,
Peter Hechenbleikner.
It was announced that April 12 will be the beginning date of Town Meeting in
Reading.
Adjournment
On a motion by Dick Coco, seconded by Gerry MacDonald, this meeting of the
Reading Finance Committee was then adjourned at 9:07 PM, on a unanimous vote of
7-0-0.
ReEsanFinn Ily submitte
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Recording Secretary
Reading Finance Committee
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01/08/93