HomeMy WebLinkAbout2008-09-17 RMLD Operating and Capital Budget Pension Legal Services Committee MinutesReading Municipal Light Department (RMLD) Board of
Overatina and Capital Budget. Pension. Legal Serviet
September 17, 2008
General Manager's Conference Room
Start Time: 7:30 p.m.
End Time: 7:45 p.m.
Attendees:
Committee Members: Ms. Kearns and Mr. Pacino
RMLD Board: Mr. Hahn
Staff: Mr. Fournier
Purpose: Fiscal Year 08 Year End Cash Transfer
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Mr. Fournier stated that the purpose of the meeting was the year-end cash transfers for fiscal year
2008 so that the figures could be included in the audited financials statements in the year that it
occurred. Mr. Fournier said that RMLD made 7.2% of its allowable 8.0% return. This would
mean a transfer of $436,536.00 from the Rate Stabilization Fund to the Operating Fund. This
would leave a balance of $6.1 million, which is in the parameters set by the Board. Last year's
transfer was $1,146,823.00.
In addition, a transfer of $2,112,401.00 from the Operating Fund to the Construction Fund should
also be made. This is needed to fund fiscal year 2009 capital projects.
Discussion followed. Mr. Pacino said the transfers should be made. Ms. Kearns agreed.
Mr. Hahn questioned why the Sick Leave Cash Balance was so high. Mr. Fournier explained that
the balance represented the amount owed to the RMLD employees as of June 30, 2008.
Ms. Kearns made a motion to transfer $436,536.00 from the Rate Stabilization Fund to the
Operating Fund. Mr. Pacino seconded the motion.
Motion passed 2:0:0.
Ms. Kearns made a motion to transfer $2,112,401.00 from the Operating Fund to the Construction
Fund. Mr. Pacino seconded the motion.
Motion passed 2:0:0.
Meeting adjourned at 7:45 p.m