HomeMy WebLinkAbout1990-09-04 Finance Committee MinutesMINUTES OF THE READING FINANCE COMMITTEE MEETING
September 4, 1990
The meeting was called to order at 7:30 p.m. by Committee Chair-
man Willard Burditt in the Selectmen's Meeting Room, Reading Town
Hall, 16 Lowell Street, Reading, MA.
Members present were: Chairman Willard Burditt, Nicholas Agneta,
Richard Coco, Gerald MacDonald, George McWilliams, Fred VanMag-
ness, and Nathan White.
Members absent were: Donald Allen and Elizabeth Greene.
A. It was immediately voted to move to Executive Session to
meet with the Board of Selectmen, the School Committee et al
to consider labor negotiations=and insurance matters.
B. At 9:30 p.m. the Executive Session was terminated and the
Finance Committee resumed its scheduled regular meeting.
Vice Chairman Elizabeth Greene was present in addition to
the seven members listed above. _
C. It was voted 8-0-0 to approve payment of a second $12,000
progress payment invoice to Peat, Marwick Main and Company
for final 1990 audit.
D. It was voted 7-0-1 to approve a $215 invoice for annual dues
to the Association of Town Finance Committees.
E. Elizabeth Klepeis, Finance Department Director, met with the
Committee to explain changes to be made in health insurance
coverage for Town employees and retirees. The major change
is the decision to "self insure" with administration by John
Hancock Insurance Company and to establish a Trust Fund and
Trust Fund Reserve for handling funding and disbursement re:
health insurance costs.
It was voted 6-0-2 to recommend action proposed in Article 5
of the Warrant for the Special Town Meeting scheduled for
September 13, 1990. Specifically it was voted to recommend
transfer of $500,000 from line item 118 of Article 10 of the
Warrant for the April 9, 1990 Annual Town Meeting to the
Health Insurance Trust Fund Reserve.
Elizabeth Greene abstained from the discussion and vote.
She stated that her abstention was based on the fact that
her husband would be involved with employee negotiations
with the Town re: employee share.of insurance premiums, even
though he does not subscribe to Reading Town Employee Group
Health Life Insurance.
F. There was a general discussion re: scheduled September 13,
1990 Special Town Meeting Warrant Article 4 relative to in-
surance payments, but no action was taken.
Finance Committee Minutes - 9/4/90 - page 2
g. The meeting was adjourned at 11:15 p.m.
Respectfully submitted.:
Nathan C. White
Secretary Pro TeAm~
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