HomeMy WebLinkAbout1993-11-03 Finance Committee Minutesd
Finance Committee's Committee Meeting
November 3, 1993
The meeting convened at 7:15 p.m. in the Berger Room, at 16
Lowell Street, Reading, MA. Present were committee members
Richard Coco and Gerry MacDonald. Also in attendance was
Victor Petri.
The purpose for this meeting is to appoint Victor Petri to
the Finance Committee's Appointment Committee, for a 3 year
term.
On motion by Gerry MacDonald seconded by Richard Coco the committee
voted to appoint Victor Petri as a member on the Finance Committee's
Appointment Committee. The motion was approved with a vote
of 2-0-0.
The meeting was adjorned at-9:20 p.m.
Respectfully submitted,
Lisa Zani
Secretary
(I-
-Finance Committee Meeting
November 3, 1993 4.c.ij
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The meeting convened at 7:30 p.m. in the Berger Room, at 16
Lowell Street, Reading, MA. Present were Chairman Dick Coco;
FinCom members Jim Keigley, Gerry MacDonald, Steve Blewitt,
Bill Murphy, Liz Greene; Town Manager Peter Hechenbleikner;
Director of Public Works Ted McIntire; Matt Cummings from the
School Committee; and Brad Latham from Latham and Latham Law
Office.
Town Meeting is scheduled to begin on November 8, 1993 through
November 15, 1993.
On motion by Gerry MacDonald seconded by Bill Murphy the committee
voted to approve the September 22, 1993 minutes as amended.
The motion was approved with a vote of 5-0-1 with Liz Greene
abstaining.
On motion by Gerry MacDonald seconded by Bill Murphy the committee
voted to approve the October 20, 1993 minutes as amended.
The motion was approved with a vote of 5-0-1 with Liz Greene
abstaining.
On motion by Gerry MacDonald seconded by Jim Keigley the committee
voted to adopt the written recommendations made on all the
Articles. in the November 8, 1993 Subsequent Town Meeting Warrant
as set forth in its Report on the Warrant, which has prQviomsly
been made available to each Town Meeting Member, as the Finance
Committee's written recommendations on the identically numbered
Articles in the November 15, 1993 Special Town Meeting Warrant.
The motion was approved with a vote of 5-0-1 with Liz Greene'
abstaining.
Ted McIntire explained to FinCom that the rtrason for the increase
with the water rates was due to the fact that there was a reduction
in outside water use due to the gasoline spill.
There was discussion pertaining to the gasoline spill; whether
or not we have received payments from Cumberland Farms' Insurance
Company. Ted McIntire stated that we have not yet received
payments for the bills we have sent out, and Town Counsel would
be pursuing this issue.
Bill Murphy questioned whether the insurance company was solvent.
Town did receive $260,000 for the emergency fund but there
is still $259,348.94 owed to the Town of Reading. In addition
to that amount a total of $124,923.66 has been requested to
be paid to the City of Woburn and the Town of Wakefield for
supplying water to the Town of Reading after the gasoline spill.
On motion by Jim Keigley seconded by Steve Blewitt the committee
voted to approve line item M1 by increasing it by $11,304 to
result in a new balance of $463,471 of which $422,445 would
come from the water reserve fund. The motion was approved
with a vote of 4-2-0.
The
Finance Committee Meeting
November 3, 1993
Page #2
On motion by Liz Greene seconded by Jim Keigley the committee
voted to approve line item N1 by increasing it by $3603 to
result in a new balance of $147,717 of which $107,433 would
come from the sewer reserve fund. The motion was approved
with a vote of 4-2-0.
Questions arose in regards to the amount of money left in the
sewer reserve fund. In the event that something went wrong
with one of the pumping stations, would there be enough money
to cover the cost of repair? The Town Manager stated that
there would be a balance of $150,000 in the fund, which would
be enough., and in the worst case we could always go out and
bond.
On motion by Liz Greene seconded by Gerry MacDonald the committee
voted to approve line item H5 in the amount of $8,000 for the
subject matter for Article 6, Larch Lane sewer line installation.
The motion was approved with a vote of 6-0-0.
Matt Cummings represented the school committee in regards to
meeting with FinCom prior to scheduled meetings to discuss
the budget cycle for FY 1995. He would like FinCom to attend
the school committee meetings on December 6, 13, and 20 to
understand the program behind the budget, not just the numbers.
Bill Murphy stated that the meetings already scheduled are
for policy issues and he would like to hear discussions in
advance for it to be clearer.
The School Committee will meet with FinCom on December 1, 1993.
Article 12 and 13 was discussed and the committee felt they
should have been more involved with the sale of the Bear Hill
Property. Bill Murphy doesn't feel that the town is getting
enough money for the property. Brad Latham stated that this
is strictly a zoning article and the town will continue to
pursue the sale of the property.
No action was taken on Article 12 and Article 13.
The meeting was adjorned at 9:10 p.m.
Respectfully submitted,
Lisa Zanni
Secretary