HomeMy WebLinkAbout1998-03-16 Finance Committee Minutest!--'
Finance Committee Meeting
March 16, 1998
The Finance Committee met in the Conference Room at Town Hall, 16 Lowell Street,
Reading, Massachusetts at 7:30 p.m. Presents were Chair Jim Keigley, Vice Chair Carol
Grimm, Finance Committee members Catherine Martin, Larry Penta, Nathan White,
Richard McDonald, Paul Kurker, and Town Manager Peter Hechenbleikner.
On a motion by Jim Keigley seconded by Catherine Martin the Finance Committee voted
to recommend axeduction of free cash in the amount of $560,000.00, on the condition
that no more free cash be used during FY 1999, that would reduce free cash below 3%.
The motion was approved by a vote of 5-2-0.
On a motion by Nathan White seconded by Jim Keigley the Finance Committee voted to
accept the following amounts:
N. E. Vocational School
State & County Assessments
Debt
Employee Benefits
Total
The motion was approved by a vote of 6-0-1.
$ 196,562.00
683,781.00
3,168,155.00
5,303,253.00
$9,351,751.00
On a motion by Jim Keigley seconded by Carol Grimm the Finance Committee voted to
eliminate out of the Capital Budget the following items:
K9 DPW Mezzanine $10,000.00
This item was approved by a vote of 6-1-0
K17 Open Space $40,000.00
This item was approved by a vote of 5-1-1
K33 Shade Tree $ 5,100.00
This item was approved by a vote of 4-2-1
K35 School Fence $20,000.00
This item was not approved by a vote of 1-6-0
K38 Temple Street $73,000.00
This item was approved by a vote of 4-3-0.
On a motion by Carol Grimm seconded by Jim Keigley the Finance Committee voted to
not recommend the Burbank Revolving Fund and put the Burbank dollars into revenues.
The motion was not approved by a vote of 3-3-1.
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On a motion by Carol Grimm seconded by Catherine Martin the Finance Committee voted
to have the Burbank Arena Fund go in a revolving fund for Capital that must be reviewed
and approved annually.
The motion was approved by a vote of 7-0-0.
On a motion by Jim Keigley seconded by Dick McDonald the Finance Committee voted to
cut the School Budget from $23,544,00.00 to $22,744,000.00.
The motion was approved by a vote of 5-2-0.
On a motion by Carol Grimm seconded by Jim Keigley the Finance Committee voted to
reduce the Town Budget by $316,761.00 and reduce the amount of free cash by
$52,725.00.
The motion was not approved by a vote of 3-4-0.
On a motion by Carol Grimm seconded by Dick McDonald the Finance Committee voted
to recommend a Town Budget of $11,414,000.00.
The motion was approved by a vote of 4-3-0.
The next FinCom meeting is March 18, 1998, to meet with the Budget Council.
On a motion by Catherine Martin seconded by Jim Keigley the Finance Committee voted
to adjourn at 11:10 by a vote of 7-0-0.
Respectfully submitted, x/~~'
cor ' g Secretary