HomeMy WebLinkAbout1997-09-17 Finance Committee MinutesFinance Committee Meeting
September 17, 1997
The Finance Committee met in the Conference Room at Town Hall, 16 Lowell Street,
Reading,. Massachusetts at 7:35 p.m. Present were Chairman Jim Keigley, Vice Chairman
Carol Grimm, Finance Committee members Gerry MacDonald, Nathan White, Catherine
Martin, Richard McDonald, Lawrence Penta, Paul Kurker, James Francis, Town Manager
Peter Hechenbleikner, and Beth Kleipeis Foley.
Chairman Jim Kerley introduced James Francis, the newest member of the Finance
Committee, and Joy Mohr, the new secretary.
On a motion by Gerry MacDonald seconded by Nathan White the Finance Committee
voted to approve the minutes of June 25, 1997, by a vote of 9-0-0.
Reserve Fund Transfer:
On -a motion by White seconded by Martin the Finance Committee unanimously approved
the reserve fund transfer in the amount of $6,365.00 to the following accounts:
$3,000 to account 01-481 Cemetery
repairs to veterans memorial
$ 485.00 to account 01-031 Assessors
property appraisal
$2,880.00 to account 01-302 Engineering
gasoline contamination exploration
On a motion by Gerry MacDonald seconded by Richard McDonald the Finance
Committee voted to approve the reserve fund transfer of $2,495.00 to account 01-111
Police Capital, for a portable radar display, by a vote of 5.
On a motion by Gerry MacDonald seconded by Richard McDonald the Finance
Committee voted to approve the second progress billing to KPMG Peat Marwick for
$12,330.00 by a vote of 9-0-0.
Report On Investments:
Town Treasurer Elizabeth W. Kleipeis reviewed the annual Town Investment Report.
Chairman Jim Keigley read a letter from Steve Blewitt regarding a contribution from the
Commonwealth of Massachusetts of $450,000.00 towards the Towns pension liability.
The Retirement Board will be at the October 8, 1997, FinCom meeting to discuss the
balance of the funds needed.
Water and Sewer Advisory Committee:
The Water and Sewer Advisory Committee discussed reasons for the recent rate increase
as:
1. The Town water supply is still recovering from the gas spill on Rt. 93.
2. The cost of producing the water is the same even though we are using less. This drives
the unit cost up.
Peter Hechenbleikner explained that the Reserve Transfer Fund that had been used in FY
1996 to help subsidize the cost increase was not used in FY 1997.
The Water and Sewer Advisory Committee are exploring new water sources. More
frequent billing cycles may also help combat the larger Water and Sewer bills.
Liaison Report's:
Richard McDonald gave an update on the Police Station Building. Committee. That
committee should have a final list of Architects for their Oct. 6, 1997 meeting.
It is requested that all correspondence to the Finance Committee be sent to Chairman Jim
Keigley.
The next Finance Committee meeting is on October 8, 1997 to discuss the FYI Budget
On motion by Gerry MacDonald seconded by Richard McDonald the Finance Committee
voted to adjourn at 10:15 p.m. by a vote of 9-0-0.
2eccRes ct fully submitted,
ing. Secretary