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HomeMy WebLinkAbout2010-10-18 RMLD Budget Committee MinutesReading Municipal Light Department Board of Commissioners Budget Committee October 18, 2010 Start Time of Regular Session: 7:30 p.m. End Time of Regular Session: 8:35 p.m. Attendees: Committee Members: Messrs. Hahn, and Pacino, Ms. Snyder, RMLD Board Members: Ms. O'Neill RMLD Staff: Messrs. Cameron and Fournier Chairman Pacino called the meeting to order at 7:30 pm. Comments of Capital and Operating Budget Process Mr. Pacino stated that the Budget Committee wants to see if these changes can be made to the RMLD Capital and Operating Budget process and content. Discussion ensued. Mr. Pacino requested to have comments from the RMLD Citizens' Advisory Board (CAB), the General Manager, and Staff on the RMLD's Capital and Operating budgets process and content by November 1, 2010. Fiscal Year End Numbers Ms. O'Neill stated that she wanted to see the draft June numbers in August for the next fiscal year. Ms. O'Neill said that the RMLD Board should be looking at these numbers prior to examining the annual audit. Discussion ensued. Mr. Cameron said that the RMLD will bring a draft June financial statement to the RMLD Board in August for the next fiscal year. Budget Variance Report Ms. O'Neill said that this item is linked to the previous item. Ms. O'Neill wants the RMLD Board to discuss the budget variances for the fiscal year, prior to discussing the audited financials. Mr. Cameron said that variance in the overall budget was less than one-half a percent. Mr. Cameron said that the variance in the line items don t tell the story of the entire budget. Mr. Pacino said that he believes that RMLD Board gets too much detail in the budget when they should be focusing on the departmental totals. Discussion ensued. Ms. O'Neill said that the committee should discuss this issue further at the next meeting. Plan to Fund the Pension Trust Mr. Cameron said that the RMLD put $200,000 into the Pension Trust for FY10. This amount is not enough to sustain the Pension Trust given the fact that the RMLD's annual pension cost is about $1.1 million. Plan to Fund the Pension Trust Mr. Cameron said that the RMLD had high sales in July and August these sales were about 15% ahead of budget. Mr. Cameron is going to wait until January, 2011 to see where the RMLD is financially and determine whether the RMLD can deposit additional money into the Pension Trust. Discussion ensued. Motion to Adjourn At 8:35 pm Mr. Pacino made a motion seconded by Mr. Hahn to adjourn. Mr. Pacino, Aye, Mr. Hahn, Aye, Ms. Snyder, Aye. Motion carried 3:0:0.