HomeMy WebLinkAbout1998-01-21 Finance Committee MinutesC-
Finance Committee Meeting
January 21, 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 Gerry MacDonald, Nathan White, Catherine Martin,
Richard McDonald, Lawrence Penta, Paul Kurker, James Francis, and Town Manager
Peter Hechenbleikner.
On a motion by Nathan White seconded by Catherine Martin the Finance Committee
voted to approve the minutes of December 10, 1997, by a vote of 6-0-0.
Chairman's Comments Jim Keigley reported the School Committee is still working on
trying to trim their budget.
Liaison Reports:
Carol Grimm - The School Building. Committee will be meeting-with the School
Committee on February 4, 1998, to discuss the $9 million Coolidge renovation project.
The Enrollment Committee will be making- their presentation to the School Committee
February 5, 1998, on the Elementary School projects.
The Capital Plan is out of budget by.. $5 million over the next ten years. With some
modifications it can be reduced to $4 million over budget. Part of this deficit is caused by
the. $5.6 million needed to close.the_landfill.
Gerry MacDonald - The Police staffing expects a draft on the study about January 23,
1998.
Nathan White - The Town is trying-to establish the purchase price of the Longwood
Poultry Farm.
Reserve Fund Transfer:
On a motion by Nathan White seconded by Richard McDonald the Finance Committee
voted to approve the reserve fund transfer of $2,400.00 to account 01-312 DPW Waste
Collection and Disposal, for removal of concrete at the Compost Center, by a vote of
8-1-0.
Peter Hechenbleikner reviewed the FY 1998 Quarterly Budget Report. Two concerns
were the Fire Department and the Unemployment Compensation, but generally things are
in good shape. He also presented FY 1999 FY 2003 Revenue Projections, a Preliminary
Draft of FY 1999 Budget, and a Draft of Ten Year Capital Improvement Program. Peter
expects to have the budget by February_:15,.1998.
FY 1999 Budget Meeting Schedule:
January 28, 1998
February_ 5, 1998
February 11, 1998
February 18, 1998
February 25, 1998
March 4, 1998
March 11, 1998
March 16, 1998
March 18, 1998
March 23, 1998
Budget Council Meeting
FinCom Meeting
FinCom Meeting
FinCom Meeting
FinCom Meeting
FinCom Meeting
FinCom Meeting
FinCom Meeting
Budget Council Meeting
FinCom Meeting
On motion by Gerry MacDonald seconded by Catherine Martin the Finance Committee
voted to adjourn at 8:45 p.m. by a vote of 9-0-0.
Respectfully submitted,
Recording. Secretary
' i