HomeMy WebLinkAboutAnnual Report 2008 - Part 1TABLE OF CIONJENTS
TOWN iANAGER' LETTER ... ....... x� ........... r,.,.,.r,xx .................t I i
ACCOUNTING AND FINANCE DEPARTMENTS ..........,r,.x. xr,.,.,...... 3
Accounting Department .
.v.
Finance DUPUrftrlc nt .. � 3
....... .. N _ .. .. _._m . 0000.
Finan= Assessment Division.,.,. .. ............ »,,.........,.,...» , .........
F inanm Collection Division ....
m�
....0.000 _. m Gwv ene_.. i... s®® n v .Financ ; General ivio........ . .»..............
........ ...... ..... ...., . .., , ,...,,._
..................... ._ . ..®....® ....
General l^insnc { .-Trust funds,
...rar _ .........- ®..m...
Finance: Hu nan Resources Division ... ,.,,.,.,............ r. „x. »r ............... ». 7'
Financ e: •f clrnciogy Division. r » »......... ab
x ........ _. -xv ...., . - -...._ -
.
.
finance- o,- n Clerk Division.. . ... ».9,10
_..... ....... _ . . , , ...... _
Finance-, Trust Funds.. .. 11,1
Report o Rlro l t)wn C'olloct.or...... » . 13-16
FY 2108 I�atInorrts.. i t#
v _ ..... _v _. ....
1 -inan ial S tat rncu ts ,....,, r..,..t...,,... ...r.r.,, »............••. » ».... 18-88
"ON-E JUNITY S ERVICES DEPARTMENT. ......... ..._,_r.x.,..,....,.....,.....,
Board nl c,loctrrien..
9 -9
Reading Coalition Against Substance Buse
93-97
Conservation division.. _
®_. l 0
..........
Elder /11untan Services Division.. . _ _
100-108
11caltli Division t . ». . ».,.. », »,.. »,,.......,.., »r, »„ »,» ....... ». »... ». ,,.. ...
i ltd} -ll
Inspections Division
4._ v .:. ...... w
� 114 .....
nntra� F3rrarcl cafcals. , » », r r _-_
11
Planning Division. .....
115-11”,
Veteran's Services Division, »
° .... .® ..
11
...... ... .... -.
I"nvn Counsel .. ..
118,119
n�
_.®
-
17he o. of Middlesex .,.r , __.....,.., r. » »,....... ».. »........ » ».....
Downtown n to rin Corninitt e.,
a
Hi stofcal Commission....
.
121,122
.., _ ... .........
I »ancl Bank Committee. . .... ®m ._..__
123
®®
N1 ctropol i tan Area Plarmin CoUricil AMC )
123-131
Mystic Valley Elder ervices..
M .. . ._ _
l �
13"
mm.m _....m.
West Street I Historic District Commission ............
134
. ................. . . . . ... . . ... .......... .............................. .............................................. . ...... .... ....... . .. . ........
Page... ........................
... ....... . .......................
. . . . . . .... ... ..... . . .... ...... . ..... . ... ... — - -- — -- - - - ----- - --------------------------------
HOUSING AUTHORITY ......... ........ 135-142
. . . . ..... — -------
f'ow n Meeting Reports and Voting Results .......... ........
_ . . . ..........
Organization Chart., ....... ...... 239
--- --------- ................. . ... .............. . ...... . . ....... . . .. . . . .......... ....................................... ..... . . .. . ... ... .. ..... ................... . ..... ........ ......... . . ....... . .. .
READING PUBLIC LIBRARY .......... 240-261 I .............................................
PUBLIC SAFFTN ...................................................................... 262
Fire Departnient ... ......... ")-62-266
i Police Department. . ................ 26 7-273
.. . . . . . ........... .............. ...................................................... ....
Animal Contr ol. ................. ......... 2 70,2 71
-12
Parking Ent6rcement Officer.. ...... ......... ...... ......... r. 271,21
.... ..... ... . . ............................. . ..... . ....... ..... . . ......... . .... .. . .............................
274
1 I"UBLIC WORKS DEPARTMEN1 .......................... ....................... i -
................... .... ...... ...................... ......... .... . .... . ...... ......... . .......... . ... . .. . . ................................. .... ..... .. I—- . ......... ..... ... . ............. ... . ....... .. . . ...............
Director's Report. . ...... ........ ...... 2 74
... .... ...........
Administration Division... . ...... ...... ....... 275
. ...... .... ...... ..........
i Cemetery Di vision ....... ............ 27-5
.. .... ....... ... . ... . ......... .. . ...... . ..._.m . ......... .................. ...... ......... . .... ......... .. . ...... ... .
'175
Custodian of Soldiers' & Sailors' Graves.... .............. . 4
......
Engineering Division ......... ...... 276,277
.. . .................... .... . . . ......................... ...... ........... ------- — — — -- - --- ----------
Flighwayand Fquipment Maintenance Divis-kon... . 277
. . . . . ......... . .............. .
1 277278
Town Forest Corrunittee.. ....... ............ 278
. .............. ..... ....... ..... ----------------------- - ----- ------------ . ...... . . ......... . ...... .... .......... . . . ............ .......... . ....... . . ........ . . . ..................
Forestry m. F r 'arden's lZeport ....... ...... 278,279
....... 2 79
Parks Div's
Water Distribution Division ... 279,280
.......... . . .... ..... ..... ............. ..... ..... ... . . .................
Sewer Distribution F tvisittn.. ......... 280
Water Supply Division. . .... ...... ....... 280-282
— - -- - ----------------- - -
Recreation Division.. . 282-287
............... ------ - --------- ---------------------- . . .. . .. . . ... . ......... ........... . . . . . .......... . ..............
SCHOOL DEPAR TMENJ ......................... .................................... 288
Superintendent's Report. ...... ...... ...............
.......... ..... . . No .... . . . .. . .. ..
288'32
rtheast Mr qjj()l i tan Regio n a] Vocati onal S hoo .. 2934�
..... . . . . . . . . . . . ....... ......... 8 4
BOARDS, COMMITTEES AND COMMISSIONS.. .................... 345-354
Town of Reading
16 Lowell Street
Kea Reading, MA 01867-2685
FAX: (781) 942-9071 TOWN MANAGER
Email'. town many qer@cLreadm am s (781) 942-9043
Website- wvvw. readingma-gov
2008 has been a significant year in Reading and the attached Annual Report details much
fifficult
of what has been going on in the COMMunity. In the midst of one of the most
economic cireurnstart ces in this community's (and the Nation's) history, we still make
significant progress in addressing short-term, and long-terrn community goals.
a
a
For those who have need for detailed information, we hope this Annual Report will bc complete and
valuable for you, it provides a good histofical record of what has happened in the Town of Reading in
calendar year 2008
We welcome any questions, suggestions or Conn tints that you noay have with regard to this report, or
to the provision of" the services within the cormilunity. You can address there to rne at
town man,igqtCa.ql .reqclip_g-lli4.us, or call at 781-942-9043. In addition, please keep up to date on Town
activities through the Town website at www.rea
LdjjgqLa_tzov.
Thank you for the opportunity to serve you.
P2
ACCOUNTING AND F ill ANCV DEPAKI'MUNTS
Tasks remaining include a complete overhaul of tax and utility billing, document storage,
permits tracking, and a new personnel system, Old systems for the remaining tasks will be maintained
until a complete cutover is accomplished. The end result will be a signifi cant improvement in
communications with a flow of NO, i quality management information for staff ,aid thriely Financial
information for residents and businesses in Reading.
The tax rate for FY 2009 was set at $13.21 per thousand, a SO. 61 increase per thousand from
the FY 2008 rate. The total assessed value of all 8,900-F properties and accounts for FY 2009 is
S3,719,847,93 7 (a 1 .2% decrease from the previous year). The average house in Reading is now valued
at $443,400 which is a 2.0% decrease of $8,700 from the FY 2008 value. The previous year saw at
similar 2. I' Yo decrease from FY 2007.
P3
Accounting/Finance Departments
The breakdown of Reading property for FY 2009 is
as follows-
Fees
. . . ........ .... .....
FY 2009
Assessed Value
Share
Barr Me
Residential
$3,401,468,484
91 A4%
M -1.94%
Commercial
$ 262,919, 463
1,07%
�t 2.47%
........ . .
Industrial
. .....
21}1 1, 00 � 161,400
0.57%
2 1 �75%
............ . . ...
. ..... ....... ...... . . .. . ...... ............. ..
Personal
........... ------- . . . . .. . ............ .... ......... . .. . ......
34,298,590
X73 —
L FAI., . . . . .............
...® .. ......... . . .. . ... . .... ......... .....
$ 3,719,847,937 ___._........_._10O_%
--------
. . . ...... . ..
. ............. . ........ . ......
71 2.(.).%1_.'
Finance: Collection Division
The Collection Division is responsible for collecting all taxes and other charges (including
arribulance and water/sewer/storm water bills). 'Ihis Division also receives and processes all deposits
(such as schools and recreation).
While more residents have registered to use electronic payments because of tire fee structure,
this may be done more as a method to determine balances and payment status. N4.assachusetts does not
allow Towns to pay any charges associated with electronic collection of tax bills SUchasallat fee or
credit card tee. Debit card usage is comparatively inexpensive, arid an economical inethod to pay
miline.
Electronic. llaj�uicnts
(to 2i2S'09)
Fees
. . . ........ .... .....
FY 2009
493
$12,775
FY 2008
--- — -- --------------------------
74' )
$22,350
FY 2007
CY09
CY08
CY07
CY06
$30,800
_V Y2 0-0 0 5-
991
$281327
.............. . . ..... . ........ .... . .....
1 }627
--------------- l, l _0 ___
X73 —
508
258
Real Estate
33
31
94
40
,-Excise
Wtiter/ SewerlStorinwater
192
21
256
26
362
75
w m 220
NA
Municipal lien certificates have declined as both property sales and niortgage refinancing
activity has slowcd, In 17Y 2008, 743 certificates were issued generating over $22,000 in fees. A
recent peak in FY 2004 showed 1627 certificates issued which generated over $43.000 ill fees.
Foreclosures comi nued to clinch with 20 i n 2008 - dou ble the figure of 10 in 2007, and each up sharply
from one foreclosure in 2006.
Municipal Lien Certificates (to 2125109)
is
Foreclosures- (Foreclosure deeds
recorded at the Registry of Deeds as
of 2/251+09)
. . . ........... ..____ � . . . . .......... .... ..... . ........
2009
2008 20
2007 10
2006 1 1
Issued
Fees
. . . ........ .... .....
FY 2009
493
$12,775
FY 2008
--- — -- --------------------------
74' )
$22,350
FY 2007
_
$21,252
FY 2006
930
$30,800
_V Y2 0-0 0 5-
991
$281327
[IF,
� 2WO4 1
1 }627
4 � 56
is
Foreclosures- (Foreclosure deeds
recorded at the Registry of Deeds as
of 2/251+09)
. . . ........... ..____ � . . . . .......... .... ..... . ........
2009
2008 20
2007 10
2006 1 1
Accountin?" 'Fin ance Departments
Real estate taxes collected were $47.1 million — a 4% increase from the $45.3
million in the previous year. Personal property taxes collected also increased to $0.31
million from $0.27 million, and excise tax collections surprisingly increased in FYOS to
$2.96 million, up from $2.75 million the year before.
Finance: General Division
This Division is responsible for providing the cash for the operation f" all Tov,n
and School functions on a timely basis. In addition, it conducts all borrowing and
investing activities including those on behalf ref f the Town's Trust Funds (at the direction
of the Trust Fund Con-imissioners).
In 2008, the Finance Division, in collaboration with the School Department,,
designed a new 403(b) retirement plan in conjunction with new Internal Revenue Service
guidelines. Previously, school employces, invested as individuals without a central set of
guidelines.
WM
AcCOUnting/Finance Departments
In June 2008, again due to difficult market conditions, the Town issued temporary
Bond A-titicipation Notes in the form of State House 'Notes for the $1.25 million in
technology projects previously approved in April 2007. These notes were sold at a cost
of 2.50% through February 2009.
General Finance - T rust Funds
W
AccountinOrnance Departments
Finance: Human Resources Division
The Human Resources Division supports the Town (tinder the direction of the
"Fown, Manager), Schools (under the direction of the Superniterident), Light Department
(under the direction of the RMLI) General Manager) and Retiree benefit activities.
Employee benefits administered through this Division include health, dental and
life insurance, deferred compensation, flexible spending accounts, the sick-leave bank,
the Employee Assistance Program, paid time off, leave of absences and unemployment
benefits. Jot) related injuries covered by worker's compensation or f. .L. Chapter 41,
Scotian I I I F (for public safety am plo yees) are also handled by this Di vi sion.
Funding by the Annual Town Meeting in April 2007 has allowed unplernentation,
of any long-range plans of this Divisiow
The Wide Area Network was completed in late 2007. This WAN will facilitate
communication between all N-lunicipal government, School and ft MLD buildings,
and be a vital component of the new accounting/financial system.
A new state of the art Data Center was completed in late 2007 — with substantial
assistance from the Facilities Department. It will provide. a secure and reliable
communications hula that will be the basis for technology growth and
improvernents for at least the next decade.
Installation of the new financial systems, and parallel system operations with the
old technology for two years. Invoice and payroll systems were fully replaced in
20W
a
Accounting/Firiance Departments
Document Storage ® the Municipal Government and Its' completed a joint
needs assessment and selected a vendor in 2008. Implementation of 'current
items' document storage will begin in 2009 and take over one year. Follow-up of
storage for 'historic items' will be done on an as-needed and tonds, available
basis.
• Web site Support ..-Technology staff continue to support others Town staff as well
as Boards, Committees and Commissions in developing and maintaining both
content and appearance. In 2008, a considerable amount of high quality content
to serve property owners, residents and visitors was added to the web site.
Interactive mapping, was added to the web site in 2008. Access for the general
public includes on-dernand snapping with quarterly data updates. Secure access
for staff includes access to several sensitive map layers.
A joint Town RNILD CIS flyover was conducted in April 1-008. Aerial
photographs with 3" pixel resolution were delivered to the Town late in the year.
Full 'plarrinictric' GIS layers will be delivered iii 2009 including building
footprints, roads and wetlands. The new photos and data layers will ensure that
maps used by st alT arid the pubt i c will have updated information.
• Technology and DPW Engineering staff completed a joint project to renumber all
property snaps and parcels. This project will save time and effort in maintaining
updated property imps. It will also prepare for integration of Assessing, C)IS,
financial plationn, (tax and utility billing), document storage and permitting
technologies.
Respectfully submitted,
Gail LaPointe
Town Accountant
Robert W. LeLacheur, Jr., CFA
Assistant Town Manager / Finance Director
IM
AccouritingT
,� �inancc Departments
Census
I' A nnual 'Fo wn Cen sus was COndu ct in January, entirely b y m ail, w i th a total o f
9900 forms rnailed to residences.
ME
Accountingil'inance Departments
• Infi-n-mation for the Jury Commissioners
• Determining inactive voter status for voter purge as required by the National Voter
Registration Act.
Town MeeqM
We held our Annual Town Meeting, a Special Town Meeting and the Subsequent
Town Meeting cash in a single meeting. The Special Town Meeting held in June approved
additional irioney needed for the deniolition, of the Water Treatment Plant as well as
additional money for turf field improvements at tire Parker Middle School.
Vital Statistics and Liz ensin
During the calendar year 2008, the following Vital Statistics were recorded in the
Town Clerk's Officc:
Births — 255 Marriates — 93 Deaths — 444
Compared to 2007, deaths increased by 66% (152). There were 14 i-nore marriages.
Also issued were 21115 dogs licensed, two cominercial (log kennels licensed and three
residential kennels licensed, 124 business certificates, 23 renewals for 69 underground storage
tanks and 44 cemetery deeds.
Reading is one of a few towns north of Boston still selling fishing anti hunting
licenses. A total of 345 Fish and Wildlife licenses and 71 stamps were issued during the year
for a total of$8,628.4d. Of these, the Town of Reading issued 79 licenses free ref f Charge to
those citizens over 70 years of age. 'flee Town retained $542.95 in fees froill the sale of
licenses.
Total receipts collected in the Town Clerk's Office for the calendar year 2008
amounted to S96,164 01
RCSI)eCtfUlly Albolitted,
Cheryl A. Johnson,Town Clerk
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TOWN OF READING
REPORT OF THE COLLECTOR
12 MONTHS ENDING JUNE 30,2008
2008 REAL ESTATE
47,456,17928
184,216.94
39,252.07
�MIMM
2007 REAL ESTATE
36:3,72911
47,318M
35,145.51
Mum
2008 PERSONAL PROPERTY
291,484.54
644.72
364,46
2007 PERSONAL PROPERTY
3,747.95
0
263.27
mm
WAR 1 1
4,753.03
419,961 .78
21,477,94
0
446,192.75
107-73
274,61012
17,775.87
292,493.72
m
NHWAITo • "'
NaflaftTl "401
005 MOTOR VEHICLE EXCISE
11, 981.
669.67
1,699M
mm
I�� � I III II II
12}966.51
4,618.57
0
7,569.08
Balance June 30, 2007
New Blanket Abatement
Interest & Costs Collected
Paid to Treasurer
Uncollected June 30, 2008
2004 MOTOR VEHICLE EXCISE
18,061-91
0
0
955,54
OLD EXCISE PRIOR TO 2003
148,811.40
26,907-35
2,726.74
WATER CHARGES
999,226.22
5,114,204.27
200.00
55,360.90
MEMMOM
SEWER CHARGES
944,5044 13
4,924,090A4
48,0M01
am
17,074,40
1,943.05
0
19,017.45
4805,29
173,64010
STORM WATER FEES
82,99175
451,243.43
105.91
(Sii? M, SPC, SPR)
27,655.23
AMBULANCE FEES
255,332.78
1, 1 45,331. 24
2,657.53
CERTIFICATES OF MUNICIPAL LIENS
Certificates Issued 22,350.00
Paid to Treasurer
22,350.00
BETTERMENTS ADDED TOT ES
Committed 2008 5,132.32
Paid to Treasurer
5,132.32
mm
26,509t 97
0
1145.26
27,655.23
110 1 1111 11
a 011
5,132�32
5,132.32
B8
1
BEAULIEU LAURIER A
RED GATE LN
323.82
19Feb2008
109
3
BRAMANTE SALVATORE
GREY COACH RD
481.32
07May2008
975
3
BRETCHKO PAVEL
BETHESDA LN
787.50
25Mai,2008
117
1
BROOKVIEW INVESTMENTS LL
WALKERS BROOK DR
30,188.34
17Sop200S
118
4
BROWN GLORIA 0
FRANKLIN ST
81.90
15Apr2008
147
7
CAMAROTA LUKE A JR
FRANKLIN ST
409.50
07May2OO8
152
6
CANN JOHN W
SALEM ST
1,260,00
29Apr,2008
202
3
COLLINS CRISTINA F
FAIRCHILD DR
268.38
19Feb2OO8
203
3
COLLINS JOHN J
PEARL ST
488.88
19feb2008
237
7
CRESCENZI MARY E
RED GATE LN
2,041.20
07May2OO8
279
3
DEJESUS PAUL
GREEN MEADOW DR
412.02
24Jun2OO8
345
1
EAST MIDDLESEX ASSOC FOR
MAIN ST
1,156.30
04Feb2008
397
1
FOLEY PAUL
HIGH ST
351.54
31Mar2GGS
418
1
GALLO MATTED TRUSTEE
HAVEN ST
287.28
15Apr2OO8
95
4
GLEASON STEPHEN
HARUDEN ST
1,309.14
25MaF2008
448
3
GONCALVES-DOLAN KAREN
PEARL ST
156.24
29Apr2008
465
6
GREGORIO PHILIP J
GOULD ST
306.16
29Apr2OO8
584
2
KELLEY ELLEN M
GREEN MEADOW DR
171.36
29Apr2OO8
626
3
LATHAM JEAN
JOHNSON WOODS DR
536.76
07May2OO8
630
4
LAWRENCE GINA
JOHN ST
138.60
25Mar2008
716
3
MATTERA RICHARD A
GAIN ST
5,179:86
09Jan200S
716
4
MATTERA RICHARD A ETAL
MAIN ST
4,570. 02
09Jan2008
777
3
MONAHAN DAVID W
MAPLE RIDGE RD
1,044.54
18Mar2008
782
3
MORELLI) SCOTT P
WHITTIER RD
195.30
11Mar2008
786
3
MORRISON EDITH B (L.E.)
WEST ST
2,333.52
31Mar2008
820
7
NICKERSON PHYLLIS A TRUE
WINTER ST
224.28
15Apr2008
847
7
OLIVER WAYNE J
LILAH LN
321.30
04Mar2006
889
7
PIERS REALTY TRUST
GREEN MEADOW DR
205.38
07t-1ay2008
890
1
PIENS, REALTY TRUST
GREEN MEADOW DR
415.80
07May2OO8
890
3
PIERS REALTY TRUST
JOHNSON WOODS DR
207,90
07May2OO8
933
6
REDSTONE REALTY LLC
JOHNSON WOODS DR
226.80
07May2OO8
944
7
RICHARDSON CRAIG E
FOREST ST
235.62
04Feb2008
951
6
RITCHIE JEREMIAH F ETAL
ORANGE ST
2,913,12
15Apr200S
951
7
RITCHIE JEREMIAH F ETAL
SPRING ST
805414
15Apr2008
957
5
ROBILLABD SCOTT A
BARROWS RD
651.42
31Mar2008
1,019
7
SHELDON EDWARD G
JOHNSON WOODS OR
511.56
17Jun2OO8
1,021
1
SHERMAN NOR14AN E
PRESCOTT ST
3,317.58
07tlay2008
1,047
4
SOULE JANE M
HAVERHILL ST
28.98
19Feb2008
1,087
3
TAMBONE ANTHONY A ETAL T
MAIN ST
743.40
29ApP2008
1,087
4
TAMBONE ANTHONY A ETAL I
MAIN ST
2,009.70
29Apr2OO8
1,093
7
TOTH ROBERT
ASH ST
55.44
19Feb2OO8
11122
2
TYLER SHAWN L
SUMMER AVE
467.46
04Feb2OO8
1.125
1
UNKNOWN OWNER
OFF PARKMAN RD
9.00
09Jan2008
1,157
4
WEBB KELVIN t-1 II
'TIMBER NECK SWAMP
2,305 80
25Mar200B
1,194
4
YEOMELAKIS GEORGE
PARK AVE
31.50
29Apr2008
2008 ABATEMENTS: 45
AMOUNT:
70,166.68
am
Annual Financial Statements
M
M.
•
Nil
am
INDEPENDENT AUDITORS' REPORT
I
MANAGEMENT'S DISCUSSION AND ANALYSIS
3
BASIC FINANCIAL STATEMENTS:
Governmental-Wide Financial Statements:
Statement of Net Assets
12
Statement of Activities
13
Fund Financial Statements:
Governmental Funds:
Balance Sheet
14
Reconciliation ot"t-otal Governmental Fund Balances to
Net Assets of Governmental Activities in the Statement
of Net Assets
15
Statement of Revenues, Expenditures, and Changes
in Fund Balances
16
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental' Funds to
the Statement of Activities
17
Statement of Revenues and Other Sources, and Expenditures
and Other Uses - Budget and Actual - General Fund
18
Proprietary Funds:
Statement of Net Assets
19
Statement of Revenues, Expenses, and Changes in Fund
Net Assets
20
Statement of Cash Flows
21
Fiduciary Funds:
Statement of Fiduciary Net Assets
22
Statement of Changes in Fiduciary Net Assets
23
Notes to Financial Statements
24
Electric Light Plant Notes to the Financial Statements
46
REQUIRED SUPPLEMENTARY INFORMATION:
Schedule of Funding Progress
63
am
Combining Balance Sheet - born ajor Governmental Funds 64
Combining Schedule of Revenues, Expenditures and
Changes in fund Balances - Non major Governmental Funds 65
Combining Schedule of Net Assets - Nonmajor Enterprise Funds 66
Combining Schedule of Revenues, Expenditures and
Changes in Fund Net Assets - Nonmajor Enterprise Funds 67
Combining Schedule of Cash Flows - Nonmajor Enterprise Funds 68
M1
INDEPENDENT AUDITORS' REP ORT
To the Board of Selectmen
Town of Reading, Massachusetts
Additional Offices:
Greephteld, MA Eflse.vrth, ME Nashua, NH Manchester,NH
M
by accounting principles generally accepted in the United States of America. We
have applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the
required supplementary information. However, we did not audit the information
and express no opinion on it,
Andover, Massachusetts
February 17, 2009
am
As management of the Town of Reading we offer readers this narrative overview
and analysis of the financial activities, of the Town of Reading for the fiscal year
ended June 30, 2008, Unless otherwise noted, all amounts reported in this
analysis are expressed in thousands.
-.- !I! ill I, I tagm
M
divided into three categories" governmental funds, proprietary funds and fiduci-
ary funds.
An annual appropriated budget is adopted for the general fund. A budgetary
comparison statement has been provided for the general fund to demonstrate
compliance with this budget.
1j&M
Enterprise funds are used to report the same functions presented as business
type activities in the government-wide financial statements, Specifically, enter-
prise funds are used to account for water, sewer, landfill, and electricity opera-
tions,
Proprietary funds provide the same type of information as the business-type
activities reported in the government-wide financial statements, only in more
detail. The proprietary fund financial statements provide separate information
for the water, sewer, landfill, electricity, and storm water operations. Water and
electricity are considered to be major funds.
Fiducla!y funds. Fiduciary funds are used to account for resources held for the
benefit of parties outside the government. Fiduciary funds are not reflected in the
government-wide financial statements because the resources of those funds are
not available to support the Town's own programs. The accounting used for
fiduciary funds is much like that used for proprietary funds.
fund financial statements.
P24
Other information. In addition to the basic financial statements and accom-
ponying notes, this report also presents certain required supplementary infor-
mation which is required to be disclosed by accounting principles generally
accepted in the United States of America.
As of the close of the current fiscal year, the total of assets exceeded liabili-
ties by $ 212,901 (i.e., net assets), a change of $ 11,805 in comparison to the
prior year.
As of the close of the current fiscal year, governmental funds reported com-
bined ending fund balances of $ 29,605, a change of $ 6,241 in comparison
with the prior year,
At the end of the current fiscal year, unreserved fund balance for the general
fund was S 6,451, a change of S 663 in comparison with the prior year.
Total bonds payable at the close of the current fiscal year was $ 69,227, a
change of $ 3,640 in comparison to the prior year-
The following is a summary of condensed government-wide financial data for the
current and prior fiscal years.
Current and other assrAs
I
Capilal assets
Total assets
Long-torra liabilities outstanding
Other liabilities
Total liabilities
2008
2007
U 06
2007
3 36,683
S 55,227
47,314
$ 57,346
134,684
34,586
133.947
72,245
171�367
-
W 8111
170261
'29 591
,
55,239
59.210
113.W
20,024
6:485
31,380
8.316
7,694
61,124
9G'b9Q
27.003
27,716
82,245
80,484
613.369
644,249
17,939
13,364
2,938
2,365
9,459
5,375
31,951
M 260
$ 10%G43
S 99,223
1113 253
$ U73
'8
IM
WM
2008
0,997
217,631
301.533
73,926
14,801
88,727
M
S 117,573
_2135,531
319,404
79,234
39.074
'18,308
144,734
15,729
40,635
201,096
As rioted earlier, net assets may serve over time as a useful indicator of a
government's financial position. At the close of the most recent fiscal year, total
net assets were $ 212,901, a change of $ 11,805 from the prior year.
The largest portion of net assets $ 150,614 reflects our invest relent in capital
assets (e.g., land, buildings, machinery, and equipment), less any related debt
used to acquire those assets that is still outstanding. These capital assets are
WE
CHANGES IN NET ASSETS
Governmental
Ousiness-Type
Activities
Activities
listal
2008
2307
2006
2007
2008
2007
Revenues:
Program revtnues�
Charges for Services
S 5.211 $
4,815
95,738
14,817
11 100,949 $
79,632
operating grants and
Contributions
19,710
18,012
1,464
1,041
21,174
19,053
Capital grants and
Contributions
765
921
516
-
1,281
921
General revenues.
Property taxes
47,338
45,651
-
47,398
45,651
Excises
2,897
2,766
2,897
2,766
Penalties and interest and
other taxes
693
541
693
541
grants and contributions
n(A restricted to specifu;
programs
11,558
13,398
111,958
13,398
Investment income
1,821
2,829
761
911
2,582
3,740
Other
33
272
-
33
272
Total revenues
90,486
89,205
98,479
76,769
188,965
165,974
Expenses:
General governmurt
3,635
3,701
-
-
3,635
3,701
Public safety
9j82
9,620
yi, 192
9,520
Fducation,
54,903
52,025
54,903
52,025
Public works
7,913
6,046
7,913
6,046
Humor. services
681
891
681
891
Culture and recreahon
2,301
1,868
4301
1,868
Interest on long-term debt
2,422
2,750
2,422
2,750
Intergovernmental
583
550
-
-
583
550
Electric
-
-
84,673
63,979
84,673
63.979
Water
5,357
4,904
5,367
4,904
other
-
-
4.981
4,343
4,981
4,343
Total expenses
82,230
77,351
95,021
73,226
177,251
15%577
Excess of revenues over
expenses
f3,256
11,854
3,458
3,543
11,714
15,397
Permanent fund contributions
91
96
-
-
91
96
Special item - asset err pMrment
-
(1,920)
-
(1,920)
Transfers in (out)
2,073
2,011
-EIEI-31
Change in net assets
10,420
13,961
1,335
(388)
11,805
13,573
Net assets - beginning of
year
99,223
85,262
101,673
102,261
n 201,096
187,523
Net assets - end of year
$ 109,643 S
99,223 S
103,258
3 101,873
S 212,901
201.1196
As rioted earlier, net assets may serve over time as a useful indicator of a
government's financial position. At the close of the most recent fiscal year, total
net assets were $ 212,901, a change of $ 11,805 from the prior year.
The largest portion of net assets $ 150,614 reflects our invest relent in capital
assets (e.g., land, buildings, machinery, and equipment), less any related debt
used to acquire those assets that is still outstanding. These capital assets are
WE
used to provide services to citizens; consequently, these assets are not available
for future spending. Although the investment in capital assets is reported net of
related debt, it should be noted that the resources needed to repay this debt
must be provided from other sources, since the capital assets themselves cannot
be used to liquidate these liabilities.
An additional portion of net assets $ 20,877 represents resources that are
subject to external restrictions on how they may be used, The remaining balance
of unrestricted net assets $ 41,410 may be used to meet the government's
ongoing obligations to citizens and creditors,
- -------------- - -
M Am
MUMAIMM M�ffl
NM
. ...... - ----- -
As noted earlier, fund accounting is used to ensure and demonstrate compliance
with finance-related legal requirements.
Such information is useful in assessing financing requirements. In particular,
unreserved fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, governmental funds reported combined
ending fund balances of $ 29,605, a change of $ 6,241 in comparison with the
prior year. Key elements of this change are as follows:
General fund revenues and bond proceeds
exceeding expenditures
$ 2,929
Memorial School building project expenditures
(149)
Special revenue fund revenues exceeding expenditures
594
Capital project fund revenues and bond proceeds
exceeding expenditures
703
Permanent fund revenues
91
Pilot from RMLD
2,073
Total
$ 6,241
The fund balance of the general fund changed by $ 5,708 during the current
fiscal year. Key factors in this change are as follows:
M-011
The following table reflects the trend in all the components of the general fund's
fund balance,
General Fund Balances
Last Five Fiscal Years
statements, but in moredetail,
Net assets of the enterprise funds at the end of the year amounted to $ 103,258,
a change of $ 17385 in comparison with the prior year. Factors concerning the
finances of proprietary funds have already been addressed in the entity-wide
discussion of business-type activities.
E. GENERAL FUND BUDGETARY HIGHLIGHTS
Differences between the original budget and the final amended budget resulted
in an overall change in appropriations of $ 819. Major reasons for these amend-
ments include:
* $ 592 to fund additional snow and ice removal costs;
0 $ 115 to replace firefighter turnout gear,,
0 $ 40 for email backup and phone redundancy',
0 $ 25 in Facilities Maintenance costs due to flood damage;
0 $ 47 in various other line items.
These increases were funded through the use of free cash.
P29
Subsequent
Asof
Reserved for
Year's
Stabilization
Debt
Total Fund
30-Jun
Encumbrances
Expenditures
Fund
Unreserved Service
Balance
2003
$ 348
$ 352
$ -
$ 2,340 S
$ 3,040
2004
641
555
704
3,721
5,621
2005
679
706
820
3,513 w
5,718
2006
881
662
851
4,221
6,615
2007
1,435
264
896
8788
8,383
2008
1,597
227
1,454
6,451 4,362
14,091
statements, but in moredetail,
Net assets of the enterprise funds at the end of the year amounted to $ 103,258,
a change of $ 17385 in comparison with the prior year. Factors concerning the
finances of proprietary funds have already been addressed in the entity-wide
discussion of business-type activities.
E. GENERAL FUND BUDGETARY HIGHLIGHTS
Differences between the original budget and the final amended budget resulted
in an overall change in appropriations of $ 819. Major reasons for these amend-
ments include:
* $ 592 to fund additional snow and ice removal costs;
0 $ 115 to replace firefighter turnout gear,,
0 $ 40 for email backup and phone redundancy',
0 $ 25 in Facilities Maintenance costs due to flood damage;
0 $ 47 in various other line items.
These increases were funded through the use of free cash.
P29
of 0 W-maillin
CaDital assets. Total investment in capital assets for governmental and business-
type activities at year end amounted to $ 217,631 (net of accumulated deprecia-
tion), a change of $ 10,800 from the prior year, This investment in capital assets
includes land, buildings and system, improvements, and machinery and equip-
ment
Major capital asset events during the current fiscal year included the following,
Governmental additions:
$ 1,161 for a new ladder truck and engine
$ 901 in roadway improvements
$ 715 in Memorial High School additions
$ 380 in tennis court improvements
Um
$ 6,577 in electric improvements
$ 8,451 in water improvements
$ 395 in sewer improvements
Additional information on capital assets can be found in the footnotes to the
financial statements.
Change in credit rating. During the fiscal year, the Moody's credit rating
improved frorn Al to Aa3.
Long-term debt. At the end of the current fiscal year, total bonded debt out-
standing was $ 69,227, all of which was backed by the full faith and credit of the
government.
Additional information on capital assets and long-term debt can be found in the
footnotes to the financial statements.
SI1
This financial report is designed to provide a general overview of the Town of
Reading's finances for all those with an interest in the government's finances-
Questions concerning any of the information provided in this report or requests
for additional financial information should be addressed to:
Town Accountant
Town Hall
16 Lowell Street
Reading, MA 01867
P31
TOWN OF READING, MASSACHUSETTS
STATEMENTOF NET ASSETS
JUNE 30, 2008
Sae notes to financial statements.
Govemmental
Business-Type
AcuAffies
L_
Activities
'total
S 2t391,511,
28,429,5453
$ 49,621,051
14,111,23's
4400,000
18,517,239
395,270
-
395.270
125,212
125,212
-
11,844,753
11.848, 753
210,770
210 770
2,338,1564
2,338,664
152,118
152,118
9,909
297
10,206
1,378
-
1,378
321, 3713
321.978
-
122.391
122,391
21,577
131,479
130,744�63G
79,661,254
210,405,884
3,939,374
3.266,026
7,225,400
171:367,173
130,261,220
301,628,393
886,805
6.609,347
7,496,152
2,780,119
420,731
3,200,850
710,5:37
7110,537
481,328
461,328
1250,00,)
1 ,2WOGQ
463,581
94,489
558,070
4,180,003
1,864,708
6,044,708
5T212
78,4 70
135,682
24,762
777
25,539
49,125,000
14,057,100
63,182,100
1,577,416
2,680,508
4,257.924
274,705
5.435
280.140
61,723,705
27,003,430
88,727,135
82,2455065
68,369,226
150,6'14,732
9,851,941
2,937,735
12,789,676
2,372,514
-
2,372:514
5,714,348
5,714,348
9,459,159
31,1355,829
41,409,968
3 109,643,468
$ 103,257,790
5 212,901.258
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-rOWN OF READING, MASSACHUSETrS
RECONCILIXTION OF TOTAL GOVERNMENTAL FUND
$ 29,604,583
_ I ,239,
O9 5
$ 109,643,468
I
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'IOWN OF READING, MASSACHUSETTS
RECONCILIATION OF I-HE STATEMEN"I'OF REVENUES
EXPENDITURES, AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEr0ENTOF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2008
Governmental funds report capital outlays as expenditures. However,
in the Statement of Activities the cost of those assets is allocated
over their estimated useful lives and reported as depreciation expense.
Capital outlay purchases
The issuance of long-term debt provides current financial resources
to governmental funds, while the repayment of the principal of long-
term debt consumes the financial resources of governmental funds.
Neither transaction, hove wer, has any effect on net assets:
Issuance of debt
Repayments of debt
In the statement of activities, interest is accrued on outstanding
long-term debt, whereas in govern or enta I funds interest is not
reported until due.
Some expenses reported in the Statement of Activities, such as
compensated absences, de not require the use of current financial
resources and therefore, are not reported as expenditures in the
governmental funds.
See notes to financial statements.
ME
$ 10,420,268
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TO I VN OF READING. NIAS SACI 10 SE I fS,
PROPR-ETARY FUNDS
STATEMENT OF NETASSFTS;
JUNE 30, 2058
See notes to financial soilernents
Busivess.-Type Activities
EnterDriso Funds
Bec'eic
Water
Other
Pura
Fmnd
Funds
'T-QlW
S 11 �85 ,292
S 3,188,637
S 2.369,832
I f.417,761
9,143,636
1,311,82'-,
13$31,291
IIA348,753
1,662,582
673.643
2,439
2338.654
162 t 18
-
-
152718
297
-
297
22,813,228
55,180,402
3,759,563
31.753.193
11.011,779
11,011,779
4,40 j
000
0,490,P00
122,391
-
122,391
2,073
21,571
16,014,534
5369,980
r9,661,254
3.102,442
121.82-j m
61,761
3,266,020
76532J856
16,138,430
5,831,741
9tE 503,6127
99,351,084
21 ,318,832
9,591,304
130261,220
8.453,1311
56, " 32
103,085
6,609,341
303,842
116,889
-
420,731
713,537
710,537
481,328
-
481,328
94,489
94.489
55-5,000
1,146,000
168,708
1.864.708
7.3,470
-
78,471
-
777
777
1319'798
366,282
10,260,387
55.3,000
13,149,000
358,100
14,057,100
2,603,748
56,045
20,715
2,6 600, 50 B
5 r +35
9,435
3.153,748
13,210,48C,
378,815
16,743.043
11,723,055
14,531},278
745,097
27,00,430
5%879,183
2,823,925=
5,895,11a
88.3639,225
2,937,735
-
2.937,735
24,806,111
3,13364,629
3,180,09
31950,829
87,623,029
s 6,788,554
5 8,846,207
S 103,257,790
mm
TOWN OF RGADING, MASSACHUSETTS
PROPRIE'TARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
FOR THE YEAR END E U JUNE 30, 2008
Operating Revenues'
Charges for services
Other
Total Operating ReveT-.ues
Operating Expenses.
Energy purchases
intergovernmental
Depreciation
Other
Total Nonoperating Revenues (Exponsus), Net
Income (Loss) Before'Datisfais anJ Con'sibutioas
Capital contributions
Transfers out
Change in Net Assets
Net Assets at 6eginning of Year
Net Assets at End of Year
See u0teS to finanCiat stoat eents
69,641,7'73
1,146,094
3N3536
10,751,240
84,562,643
2,383,590
595,433
{85,843)
(24,797)
686,222
1,171,015
3,554,605
161,992
_jL071332
I
ME
51,946
1536,924
1,357,107
1,956,660
4,846,637
78,189
(u20,070)
76.301
,564,514)
2W000
mm�
25,155
3;410:211
3K618
1,220,a58
4,9MM
(124143)
86,906
(9,949)
76,896
(47,247)
163,730
116,483
m
69,713,874
6,093,235
4,695,261
13,872,758
34,380, 128
2,0K513
7K528
�615,862)
(24,797)
762,462
882,331
2,942,844
515,722
__Rtl)73,332)
1,384-234
m
TORN OF READ:NG. MASSACHUSETTS
PROPRIETARY FUNDS
S-rATENIEW OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30,2U)B
See rules *0 I'Llianuial at �ivlrt�;it5.
Buscriess-Type ACIhohes
Fu,rcis
Electric Water Other
Fund EutE
q E-Uncig
S 80,764;632
S 4,566•1177
1 4.755,849
$ 93, i 05,558
(8C},2895451
(2512,9171
t1145,992'}
(333,948,955}
702.33}65
702,306
0,536,912)
2_:4 3, 2
4,9 72
L__
4,177,692
173,455
4.887j25
j2.073,332 ' 1
(2.1973-1,332)
381202
383,202
,103,020
IG)
5,600,00D
344,330
6,578:513?
;33,450.9851
(:594,899)
(15A22378)
151.992
200,000
163,730
515,722
(550,000)
(758, o)
(84,842)
(1,390,942)
8431
(9,942).
--015=8621
(7,060.364.1
{921,u351
13.370
(7,96 =9.03 y1
1,154973
59543--
154,490
86,9UG
#,:36,1329
I 750:400
154,499
85 900
991,802
(2,510,176)
(236,1951)
273,7631
(2A76S13)
14,37&468
3,424,835
2,091 ,071
19 , 8Z9' , . -37 4
3 11,8 9,2532
3 3,188,637
$ •,369,832
S 17A17,761
S 2,383,590
S (198,934)
$ (124,143)
$ 405%613
3,021536
1,357107
3114b'18
4.695,261
(2,47%96G)
(61,526)
(93J189)
(2,634,5721
(9,108,705)
-
(91118,765)
304,475
(377,918)
(13,443)
-
303
(.756)
583,732
(274,911)
1,578
4311,399
246,?41
41,051
287,791
115,785
5,571
122,532
9,105,7155
-
9,10J95
2 4,177892
s 536348
$ 173,485
5 4,887725
ME
NET ASSETS
Total net assets field in trust for pension benefits
and other purposes 93,674,358 $ 6 36,710
See notes to financial statements,
wM
Municipal
Employee
Light
Pension
Pension
Agency
Trust and
Trust Fund
Funds
ASSETS
Cash and short-term investments
$ 268,116
$ 2,1X712
344,395
Investments
93,562,005
4,799, 998
-
Accounts receivable
35,317
-
-
Other assets
-
-
1,306
'Total Assets
93,865,438
6,936,1 0
345,701
LIABILITIES AND NET ASSETS
Other liabilities
191,080
-
345,701
Total Liabilities
191,080
345,701
NET ASSETS
Total net assets field in trust for pension benefits
and other purposes 93,674,358 $ 6 36,710
See notes to financial statements,
wM
Not assets:
Beginning of year
End of year
See notes to financial statements,
Municipal
Employee Light
Pension Pension
Trust Fund Trust Fund
............. . ........
S 3,785,501 ss
324,591
1,972,813
6,082,905
(1,659,533)
(479,714) -
285, 74
,139,24 7) 185.6-14
3,943,655 285,674
96,774,817 7,706,794
$ 93,674,358 6,936,710
a AMMM
The accounting policies of the Town of Reading the Town) conform to
generally accepted accounting principles (GAAP) as applicable to govern-
mental units. The following is a summary of the more significant policies,
A. BEL21kUfayy
B, Government-Wide and Fund Financial Statements
P44
C. Measurement Focus Basis f ountirr a. and Financial Statement
Presentation
P45
The Memorial High School Capital Project fund accounts for the
construction costs related to the new high school,
The government reports the following major proprietary funds*
• Electric Enterprise Fund
• Water Enterprise Fund
The government reports the following fiduciary funds:
The pension trust fund accounts for the activities of the Employees
Contributory Retirement System, which accumulates resources for
pension benefit payments to qualified employees.
The municipal light pension trust fund accounts for the activities of the
Municipal Light Employees Contributory Retirement System, which
accumulates resources for pension benefit payments to qualified
employees.
For purpose of the statement of cash flows, the proprietary funds consider
investments with original maturities of three months or less to be short-
term investments.
E. Investments
Investments for the Contributory Retirement System and Trust Funds
consist of marketable securities, bonds and short-term money market
investments. Investments are carried at market value.
F. Eignent Tax Limitations
Legislation known as "Proposition 2 1/2" limits the amount of revenue that
can be derived from property taxes. The prior fiscal year's tax levy limit is
used as a base and cannot increase by more than 2.5 percent (excluding
new growth), unless an override or debt exemption is voted. The actual
fiscal year 2008 tax levy reflected an excess capacity of $ 15,848-
H Capital Assets
Capital assets, which include property, plant, equipment, and infra-
structure assets are reported in the applicable governmental or business-
type activities columns in the government-wide financial statements.
am
The costs of normal maintenance and repairs that do not add to the value
of the asset or materially extend assets lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as
projects are constructed. Interest incurred during the construction phase
of capital assets of business-type activities is included as part of the
capitalized value of the assets constructed.
Property, plant and equipment is depreciated using the straight-line
method over the following estimated useful lives-,
Assets
Years
Land improvements
20
Buildings and improvements
20-• 0
Machinery, equipment, and
furnishings
3-20
Infrastructure
50
i. compensated Absences
J.
Lori -Terra Obligations
_
In the government-wide financial statements, and proprietary fund types in
the fund financial statements, long-term debt, and other long-term obliga-
tions are reported as liabilities in the applicable governmental activities,
business-type activities, or proprietary fund type statement of net assets,
K. FundLEguity
In the fund financial statements, governmental funds report reservations
of fund balance for amounts that are not available for appropriation or are
legally restricted by outside parties for use for a specific purpose. Desig-
nations of fund balance represent tentative management plans that are
subject to change.
WM
L, Use of Estimates
- ---- im
k MyOgeCa frrforrrat�op
Departments are limited to the line items as voted. Certain items may
exceed the line item budget as approved if it is for an emergency and for
the safety of the general public. These items are limited by the Massa-
chusetts General Laws and must be raised in the next year's tax rate.
Formal budgetary integration is employed as a management control
device during the year for the General Fund and Proprietary Funds.
Effective budgetary control is achieved for all other funds through
provisions of the Massachusetts General Laws,
At year end, appropriation balances lapse, except for certain unexpended
capital items and encumbrances which will be honored during the lob se-
q
cent year.
B. Budg 2tqg_gqgs
c. aYdgevGAAP Reconciliation
The following is a summary of adjustments made to the actual revenues
and other sources, and expenditures and other uses, to conform to the
budgetary basis of accounting,
D Deficit Fund rity
The Town reflects a deficit in the Computer Equipment capital project fund
from financing the accounting software implementation project with bond
anticipation notes.
The deficit will be eliminated when the permanent debt is issued,
am
Revenues
[Expenditures
and Other
and Other
General Fund
Unancina Sources
Financin s(IS
Re en Us s/E xpencito res
(GAAP basis)
$ 82,206,473
$ 81,727,311
Other financing at
(GAAP basis)
..... ...... 2,865,519
86,350
Subtotat,'GAAP basis)
(excluding bond issue)
85,071,992
81,813,661
To record use of free cash
2,077,531
D Deficit Fund rity
The Town reflects a deficit in the Computer Equipment capital project fund
from financing the accounting software implementation project with bond
anticipation notes.
The deficit will be eliminated when the permanent debt is issued,
am
As of June 30, 2008, $ 1,504,965 of the Town's and none of the System's
bank belance(s) of $ 51,772,764 and $ 318,975, respectively, was exposed to
custodial credit risk as uninsured, uncollateralized, and collateral field by
pledging bank's trust department not in the Town's and System's name,
A. Credit Risk
Presented below (in thousands) is the actual rating as of year end for each
investment of the Town:
Commonwealth, provided that no rnore than the established percentage of
assets, is invested in any one security.
At June 30, 2008, the Contributory Retirement System maintained its
investments in the State Investment Fool* with a fair value of $ 93,562,005.
This investment type is not rated-
B. Custodial Credit Risk
The custodial credit risk for investments is the risk that, in the event of the
failure of the counterparty (e,g. broker-dealer) to a transaction, a govern-
ment will not be able to recover the value of its investment or collateral
securities that are in the possession of another party. The Town and
System do not have policies for custodial credit risk.
Of the investment in Corporate bonds of $ 568,064, the government has a
custodial credit risk exposure of $ 568,064 because the related securities
are uninsured, unregistered and held by the Town's brokerage firm, which
is also the Counterparty to these securities,
C. Concentration of Credit Risk
The Town places no lirnit on the amount the Town may invest in any one
issuer. Investments in any one issuer (other than U.S, Treasury securities
and mutual funds) that represent 5% or more of total investments are as
follows in thousands):
The System does not have an investment in one issuer greater than 5% of
total investments,
D. Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will ad-
versely affect the fair value of an investment. Generally, the longer the
am
E.
Foreign currency risk is the risk that changes in foreign exchange rates
will adversely affect the fair value of an investment. The Town and
System do not have policies for foreign currency risk.
Investment Diaturities
(in Years)
Fair
Less
Investment Type
Value
'Than 1
1-5
6-10
Debt Related SecurIies,
Corporate bonds
$ 568
$ 101
$ 467
$ -
Certificates of Deposit
(3,484
6,484
-
-
Federal agency securities
14,967
-
7,332
7,635
'Total
$ 22,019
$ 6,585
S 7,799
$ 7,635
Foreign currency risk is the risk that changes in foreign exchange rates
will adversely affect the fair value of an investment. The Town and
System do not have policies for foreign currency risk.
a
M
Real Estate
2008 $ 369
M
Personal Property
2008
$ 18
2007
2
2006
2
2005
2
2004
2
26
Tax Liens 322
Deferred Taxes 77
Total $ 794
The receivables reported in the accompanying entity-wide financial state-
ments reflect the following estimated allowances for doubtful accounts (in
thousands),
Governmental
Property taxes $ 77
Excises 52
Capital asset activity for the year ended June 30, 2008 was as follows (in
thousands)-
M
am
Beginning
Ending
Balance
Increases
Decreases
Balance
Governmental Activities:
Capital assets, being depreciated.
Land improvements
$ 1,274
S 404
$
1,6(8
Buildings and improvements
70,922
56,928
127,850
Machinery, equipment, and furnishings
4,846
1,942
6,788
Infrastructure
39307
1 ,502
u
40,809
Total capital assets, being depreoiatec
116,349
60J76
177,125
Less accumulated depreciation for:
Land improvements
(376)
(53)
n
(429)
Buildings and improvements
(17,974)
(2,642)
(20,616)
Machinery, equipment, and furnishings
(2,313)
(443)
(2,756)
Infrastructure
J?LO64
j
5
_1 �1
-
�519L
_
Total accumulated depreciation
`41,727
(4,6531'
_J46.3130)
Total capital assets, being depreciatec, net
74,622
56,123
130,745
Capital assets, net being depreciated:
Land
3,939
-
3,939
Construction in progress
56,025
-
_JL6 g25
-
Total capital assets, being depreciated, net
59,964
-
66,025 1
3,939
Governmental activities capital assets, net
S 134,586
$ 311,123
56„€326 $
134,684
Beginning
Ending
Balance
Increases
Decreases
Balance
. . .....................
Business-Type Activities.
Capital assets, being depreciated:
land Improvements
3 84
$ v
84
Buildings and improvements
19,754
107
v
19,861
Machinery, equipment, and furnishings
23,670
1,016
(89)
24,59Y
Infrastructure
85,202
12,462
(917
96,747
Total capital assets, being depreciated
128,710
13,565
(1,006)
141,289
Less accumulated depreciation fur:
Land improvements
36)
(2)
(38)
Buildings and improverrients
(10,833)
(657)
-
(11,490)
Machinery, equipment, and furnishings
(15,779)
(862)
89
(16,552)
Infrastructure
_IL,266
i
14
.. .. i
JL 1
892
_
_J �� 548'
Total accamutated depreciation
(57,914�
Jj,6951
981
L61,628
Total capital assets, being depreciated, net
70,796
8,890
(25)
79,661
Capital assets, not being depreciated'.
Land
1,449
-
-
1,449
Construction in progress
-
1,837
1,837
Total capital assets, being depreciated, net
1,449
1,837
3„286
Business-type, activities capital assets, net
$ 72,245
S 10,727
25
J $
82,947
-
am
[.*I
91
im
Depreciation expense was charged to functions of the Town as follows (in
thousands),
Governmental Activities-
Business-Type Activities:
Warrants payable represent 2008 expenditures paid by July 15, 200&
Governmental funds report deferred revenue in connection with receivables
for revenues that are not considered to be available to liquidate liabilities of
the current period.
The balance of the General and deferred revenues account is equal to
the total of all June 30, 2008 receivable balances, except real and personal
property taxes that are accrued for subsequent 60 day collections.
The following summarizes activity in notes payable during fiscal year 2008 in
thousands):
Computer equipment
Total
Balance New
7/1107 Issues
$ - $ 1,250
$ - $ 1,250
Balance
rye menrs 6/30108
$ $ 1,250
$ $ 1,250
A, Bond Authorizations
Long-term debt a uth orizat ions which have not been issued or rescinded
as of June 30. 2008 are as follows,
Purpose
Amount
High School
S 187,000
MIWRA loan program
299,400
Technology upgrade
1,250,000
Birch meadow tennis courts
140,000
Turf field improvements
275;000
Sunnyside"Fairview sewer mains
65,000
Fire ladder truck
50,000
Water treatment plan demolition
450,000
Total
$ 2,716,400
("') $ 1,250,000 ban outstanding at June 30, 2008.
B. GenoralQ air gation Bonds
The Town issues general obligation bonds to provide funds for the acquisi-
tion and construction of major capital facilities. General obligation bonds
have been issued for both governmental and business-type activities.
General obligation bonds currently outstanding are as follows:
HE
Amount
Serial
Outstanding
Maturities
Interest
as of
Governmental Activities-
Through
Rate s)*/o
June :30 2008
Police station
02101112
4.12%
$ 1,610,000
High School rem ' odeling
07/01108
4,31%
185,000
School remodeling
07101/08
4.31%
70,000
Birch Meadow School remodeling
07/01/08
4.31%
60,000
Joshua Eaton School remodeling
07101116
4.31%
170,000
Parker Middle School
07/01117
4.62%
4,055,000
Coolidge Middle School
02/01/21
4-75%
6,150,000
Memorial High School
03115/24
4.22%
30,025,000
Barrow Elementary School
06130/24
3. 96%
2,025000
Wood End Elerrientary School
06130124
3.96%
2,400,000
Wood End Elementary School
06130124
3.92%
165,000
Wood End Elementary School
04115124
194%
485,000
(continued)
HE
(continued)
Amount
Serial
Outstanding
Maturities
Interest
as of
Governmental Activities-
Through
Bate 0/6
June 30., 2008
Wood End Elementary School
04/15/24
3.94%
735,000
Downtown Improvement projects
11101117
3.45%
650,000
Fire Engine
11101112
145%
410,000
Turf Field improvements
11101112
145%
375,000
Joshua Eaton refunding
07101113
3,05%
270,000
Birch Meadow refunding
07/01/12
105%
100,000
Parker School refunding
07/0 1' 117
3.05%
2,0801 00
Ladder Truck
07/01/17
3.05%
800,000
Tennis Courts
07101,112
3.05%
485,000
Total Governmental Activities, $ 53,305,000
f'otal Business-Type Activities-, $ 15,921,808
C. Future Debt Service
The annual principal payments to retire all general obligation long-term
debt outstanding as of June 30, 2008 are as follows-,
ME
Amount
Serial
Outstanding
Maturities
Interest
as of
Business-lykq Activities*
1! Lr �uh
s, f ja t c I 0/6
_J_
June 30. 2008
Water treatment plant
06130115
3.38%
$ 700,000
MWRA Buy-in
04115127
4�00%
3,020,000
Water Mains
04115112
3.66%
1,975,000
MWRA Buy-in
11/01/17
3.05%
7,800,000
Water demo
0710 1117
105%
800,000
MW RA Inflow
051151117
0.00%
167,354
MWPAT Septic
02101117
0.00%
15,124
MWRA Sewer
08115112
0700%
44,330
Fairview and Sunny side Sewer
11101/11
105%
300,000
Light plant enlargement
09101109
461 %
1, 1 00,ODO
f'otal Business-Type Activities-, $ 15,921,808
C. Future Debt Service
The annual principal payments to retire all general obligation long-term
debt outstanding as of June 30, 2008 are as follows-,
ME
Governmental
2009
2010
2011
2012
2013
2014-2018
2019-2023
2024
Total
BROW
n=
Ming=
BEEN=
$ 71,959,930
Thu general fund has been designated as the sole source to repay the
governmental-type general obligation debt outstanding as of June 30,
2008:
Iii III
o. La -b I Le—s
During the year ended June 30, 2008, the following changes occurred in
long-term liabilities (in thousands)*
Governmental Activities
Bonds payable
tither;
Accrued employee benefits
Other
Equals
Total Total Less Long-Term,
Balance Balance Current Portion
MIN Additions Reductions 6/30/68 Portion 6/30108
$ 57,219 11 5,170 $ (9,084) $ 53,305 $ (4480) $ 49,125
1,667
58 (90)
1,635
(57)
1,578
324
- i
299
.. ........... J25)
214
$ 59,210 $
5,228 $ $
55,239
$ (4,262) $ ==50,977
Total Total Less Long-'rerrn
Balance Balance Current Portion
7/11 07 Additions Reductions 6/30/08 Portion 6/30/08
$ 8,368 $ 8.945 $ (1,391) $ 15,922 $ (1,865) $ 14,057
2540 329 (110) 2,759 (78) 2,681
7 (1) 6 (1) 5
$ 20,024 $ 9V4 $ (10,611) $ 18,687 $ (1,944) $ 16,743
The accompanying entity-wide financial statements report restricted net
assets when external constraints from grantors or contributors are placed
on net assets.
Permanent fund restricted net assets are segregated between nonexpend-
able and expendable. The nonexpendable portion represents the original
restricted principal contribution, and the expendable represents accumulated'
earnings which are available to be spent based on donor restrictions.
13. Reserves of Fund EqVi
"Reserves" of fund equity are established to segregate fund balances which
are either not available for expenditure in the future or are legally set aside for
a specific future use.
The following types of reserves are reported at June 30, 2008
Reserved for Encumbrances - An account used to segregate that portion of
fund _balance committed for expenditure of financial resources upon vendor
performance.
Reserved fqLFgrpgjqqLEqDdLs - Represents the principal of the nonexpend-
able trust fund investments, The balance cannot be spent for any purpos&I
however, it may be invested and the earnings may be spent.
Reserved forfxpertditures - Represents the amount of fund balance
appropriated to be used for expenditures in the subsequent year budget.
HE
14. Subseguent Events
A, Investments
During September through December, 2008, the stock market suffered
significant losses. As a result, there may be a substantial depreciation
in the value of the organization's investments.
Outstanding Lawsuits - There are several pending lawsuits in which the
Town is involved. The Town's management is of the opinion that the potential
future settlement of such claims Would not materially affect its financial
statements taken as a whole.
111pliq l�11111 1111111111 iiiiiiriiiij�jiiir
GASB Statement No. 45, Financial Reporting by Employers for Post-
Employment Benefits Other Than Pensions is effective June 30, 2009.
M
Membership of each plan consisted of the following at December 31,
2007, the date of the latest actuarial valuarow
Employee contribution percentages are specified in Chapter 32 of the
Massachusetts General Laws. The percentage is determined by the
participant's date of entry into the system. All employees hired after
January 1, 1979 contribute an additional 2% on all gross regular earnings
over the rate of $ 30,000 per year. The percentages are as follows�
Before January 1, 1975 5%
January 1, 1975 - December 31, 1983 7%
January 1, 1984 -June, 30, 1996 8%
Beginning July 1, 1996 9%
Employers are required to contribute at actuarially determined rates as
accepted by the Public Employee Retirement Administration Commission
(PE RAC).
Schedule of Employer Contributions-.
Year Ended
Annual Required
Percentage
June 30
Contribution
Contributed
2000
$2,293,800
100%
2001
2,910,900
100%
2002
2,980,400
100%
2003
3,051,200
100%
2004
3,124,800
100%
2005
3,405,725
100%
2006
3,488,686
100%
2007
3,696,695
100%
2008
3,785,501
100%
B. Summa 7 1 A ccountin Po/'
- I pf Siqnifiqan' ICIPS
Method Used to Value Investments - Investments are reported at fair
value in accordance with PERAC requirements.
C. Funded Status and Fundin Pro -,---
The information presented below is from the Reading Contributory
Retirement ystern's most recent valuation.
NM
Actuarial
UAALas
Accrued
a Percent-
Actuarial
Liability
Unfunded
age of
Actuarial
Value of
(AAL) -
AAL
Funded
Covered
Covered
Valuation
Assets
Entry Age
(UAAL)
Ratio
Payroll
Payroll
Date
La/b, I
L.� c
- 111 / CA
ffL 1
06/30/07
$84,784
$112,012
$27,228
753%
$19,313
14 1 �0%
NM
The Schedule of Funding Progress following the notes to the financial
statements presents multi-year trend information about the actuarial
value of plan assets relative to the actuarial accrued liability for benefits.
D. Actuarial Methods and Assumjgtt2ns
As required by State statutes, teachers of the Town are covered by the
Massachusetts Teachers Retirement System (MTRS), The MTRS is
funded by contributions from covered employees and the Commonwealth
of Massachusetts. The Town is not required to contribute.
All persons employed or, at least a half-time basis, who are covered under
a contractual agreement requiring certification by the Board of Education
are eligible, and must participate in the MTRS.
Based on the Commonwealth of Massachusetts' retirement laws, employ-
ees covered by the pension plan must contribute a percentage of gross
earnings into the pension fund. The percentage is determined by the
participant's date of entry into the system and gross earnings, up to
$ 30,000, as follows:
Before January 1, 1975 5%
January 1, 1975 - December 31, 1983 7%
January 1, 1984 - June 30, 1996 8%
July 1, 1996 - June 30, 2001 9%
Beginning July 1: 2001 11%
*Effective January 1, 1990, all participants hired after January 1, 1979, who
he ve not elected to increase to 11 %, contribute an additional 2% of salary in
excess of $ 30,000
=1
The Town's current year covered payroll for teachers and administrators was
not available.
In fiscal year 2008, the Commonwealth of Massachusetts contributed
$ 5,786,732 to the MTRS on behalf of the Town. This is included in the
education expenditures and intergovernmental revenues in the general
fund,
NM
Town of Reading MunicipaljjjUE•��
The significant accounting policies of the Town of Reading Municipal Light
Department ("the Department") (an enterprise fund of the Town of Reading)
are as follows-
Im
D. Retirement Trust - The Reading Municipal Light Department Employees'
Pension Trust (the "Trust") was established on December 30, 1966, by
the Town of Reading's Municipal Light Board pursuant to Chapter
164 of the General Laws of the Commonwealth of Massachusetts.
The Trust constitutes the principal instrument of a plan established by the
Municipal Light Board for the purpose of funding the Department's annual
required contribution to the Town of Reading Contributory Retirement
System (the System), a cost sharing, multi-employer public employee
retirement system.
RM
The cost of normal maintenance and repairs that do not add to the value
of the asset or materially extend asset lives are not capitalized.
Massachusetts General Laws require utility plant it) service to be depre-
ciated at an annual rate of 3%. To change this rate, the Department must
obtain approval from the DPU, Changes in annual depreciation rates
may be made far financial factors relating to cash flow for plant expansion,
rather than engineering factors relating to estimates of useful lives.
N. Rate of Return - The Department's rates must be set such that earnings
attributable to electric operations do not exceed eight percent of the net
cost of plant. The audited financial statements are prepared in accord-
ance with auditing standards generally accepted in the United States of
America, To determine the net income subject to the rate of return, the
2. Cash and Investments
Cash and investments as of June 30, 2008 are classified in the accom-
panying financial staternents as follows:
Total cash and investments $
Cash and investments at June 30, 2008 consist of the following:
Cash on hand $ 3,000
Deposit's with financial institutions 25,004,783
Investments __9,200.000
Total cash and investments $34207783
a M.
maturity evenly over time as necessary to provide the cash flow and liquidity
needed for operations.
As of June 30, 2008, the Department (including the Pension Trust) had the
following investments-
Total $ 4-40U.0 $ 4.800,
Fluctuations
The Department's investments (including investments held in the Pension
Trust) include the following investments that are highly sensitive to interest
rate fluctuations to a greater degree than already indicated in the information
provided above)-
Hinhiv Sensitive Investments
Generally, credit risk is the risk that the issuer of an investment will not
fulfill its obligation to the holder of the investment. This is measured by the
assigning of a rating by a nationally recognized statistical rating organization.
j.
Restricted
Pension
Maturity
Moody's
Investments
Trust
Date
Rating
Governfrient Bonds
Federal Home Lear) Mtn. Corp.
$1,500,000
-
12115112
AAA
Federal Home Loan late. Corp.
500,000
-
07115/13
AAA
Federal Horne Loan Mfg. Corp.
1,400,000
-
11/15113
AAA
Federal Home Loan Alto_. Corp.
500,000
-
01115115
AAA
Federal National NItg. Assn.
500,000
-
11/13/17
AAA
Federal Home Loan Bank
-
1,200,000
06125113
AAA
Federal Home Loan Mto. Corp,
1,800,000
11115/13
AAA
Federal Home Loan Mtq� Corp.
_1_800 OQQ
03115115
AAA
Total $ 4-40U.0 $ 4.800,
Fluctuations
The Department's investments (including investments held in the Pension
Trust) include the following investments that are highly sensitive to interest
rate fluctuations to a greater degree than already indicated in the information
provided above)-
Hinhiv Sensitive Investments
Generally, credit risk is the risk that the issuer of an investment will not
fulfill its obligation to the holder of the investment. This is measured by the
assigning of a rating by a nationally recognized statistical rating organization.
j.
Presented below is the actual rating as of year end for each of the Depart-
ment's (including the Pension Trust) investment types,
Investmerit Typp Amount
Federal a securities $ 9,200030
Total $ 9,2100 Q-00
AM
•
am
Reported
Investment Type Amount
Federal Horne Loan Mt g Corp. Federal agency securities $7,500,000
Federal Home Loan Bank Federal agency securities 1,200,000
Federal National Mtg. Assn. Federal agency securities 500,000
2M
InvestrneULlype ReDorted Amount
Federal agency securities $9,200000
Total $9-2-00000
3. Restricted Cash and Investments
Restricted cash and investments consist of the following at June 30, 2008:
Cash Investments
Depreciation fund
Construction fund
Deferred fuel reserve
Rate stabilization
Reserve for uncollectible accounts
Sick leave benefits
Insurance reserve
Hazardous waste fund
Customer deposits
EM
$ 2,937,735 $
2,112,401
905,308
3,178,549 2,900,000
28,988
1,182,218 1,500,000
35,252
150,000
481,328
$ 11 1111 ,771 40,010-0
Restricted investments are invested in U.S. Government bonds, which will
be held to maturity, and are reported at book value of $ 4,400,000. The
fair market value of the investments at June 30, 2008 was $ 4,435,984.
The Department maintains the following restricted cash accounts-
RN
Depreciation fund - The Department is required to reserve 3.0% of
capital assets each year to fund capital improvements.
- Construction fund - This account reflects a balance set aside by
iheBoard of Commissioners to fund capital asset purchases.
Deferred fuel reserve - The Department transfers the difference
between the customers' monthly fuel charge adjustment and actual
fuel costs into this account to be used in the event of a sudden
increase in fuel costs.
- Rate stabilization - The Department transfers funds in excess of
8% of capital assets into this account to be used to stabilize customer
rates,
- Reserve for uncollectible accounts - This account was set up to offset
a portion of the Department's had debt reserve.
- Sick leave benefits - This account is used to offset the Department's
actuarially determined compensated absence liability.
- Insurance reserve - This account reflects a balance set aside by
the Board of Commissioners as an insurance deductible reserve.
Hazardous waste fund -This reserve was set up by the Board of
Commissioners to cover the Department's insurance deductible in
the event of a major hazardous materials incident.
!Qutom�erd deposits - This represents customer deposits that are held
in escrow,
Accounts receivable consists of the following at June 30, 2008:
IMMHMM�
Total customer accounts
M
200,DOO)
214,497)
$3,572,558
Other Accounts'.
Merchandise sales
(VIMWEC Flush
Liens and other
Total other accounts
Total net receivables
Prepaid expenses consist of the following*
Purchase power
PA SNY prepayment fund
UM
6. Inventory
Inventory is comprised of supplies and materials all June 30, 2008, and is
valued using the average cost method.
Investment in associated companies consists of the following, at June 30, 2008♦
New England Hydro-Transmission
Electric Company, Inc. $ 46,153
New England Hydro-Transmission Corporation 76138
Total $122-391
=I
8. Cat!ital Assets
The following is a summary of fiscal year 2008 activity in capital assets (in
thousands).,
Beginning
Ending
Balance
Increases
Decreases
Balance
$ 13,286
S 107
$ -
$ 13,393
22,153
556
89)
22,620
65,30.5
4,077
X17)
_68.,465
100,744
4,740
(1,006)
104,478
5.753}
379}
-
( 6,132
15,374)
727)
89
( 16,012)
(L.91 7 )
892
( 24457)
L4_4 ,,559)
(3,0
2:4)
981
( 46.&01)
56,185
1,717
25)
57,877
1,266
-
-
1,266
83Q
1,266
1 ,836
ffi
3 102
9. Other Assets
This balance consists primarily of costs associated with the Department's
bonding, which are being amortized over the life of the bonds,
10. Acco ants fAyable
Accounts payable represent fiscal 2008 expenses that were paid after June 30,
2008.
11. Customer Del2osits
This balance represents deposits received from customers that are held in
escrow,
20
This balance represents deposits received from vendors in advance for work to
be performed by the Department. The Department recognizes these deposits
as revenue after the work has been completed.
Accrued liabilities consist of the following at June 30, 2008*
Accrued interest
Accrued payroll
Other
RM
Bonds payable consist of the following at June 30, 2008-
Total Bonds Payable
Less: Current installments of bonds payable
-rate[ Long-Term Bonds Payable
`I 19th 91
1,100,000
(_ 550,000)
$ —5 9 0_0 -(IQ
The future payments required on the long-term debt are as follow s-
P#rLc� Interest Total
2009 $ 550,000 $39,738 589,738
2010 550
— 1_0_00 13,337 563,337
Total $ —Ii-Q-0,010 $53-075 $1 15-3075
The following summarizes activity in bonds payable for the year ended
June 30, 2008:
M
Balance Balance Less Long-Term
07/01/07 Maturities 06130108 Current Portion
�O _0
%qq $ (55QQQ—O) $5500-00
..........
5. Accrued Eml2loj ee C,Mpensated Absences
Department employees are granted sick leave in varying amounts. Upon
retirement, termination, or death, employees are compensated for unused
sick leave (subject to certain limitations) at their "then current rates of pay
In 2008, the Division reduced its power supply expense and its corresponding
customer Purchase Power Fuel Charge Adjustment (PPFCA) by $ 9,108J65
(the remaining amount of its Calpine liability).
The proprietary fund financial statements report restricted not assets when
external constraints are placed on net assets. Specifically, restricted net assets
represent depreciation fund reserves, which are restricted for future capital asset
purchases.
M
0
A. Plan Desqdption
B. Fun ��olic�
The license for Unit 2 was extended to July 31, 2035 and the license for Unit
3 was extended to November 25, 2045.
MMWEC is involved in various legal actions, In the opinion of MMWEC
management, the outcome of such actions will not have a material adverse
effect on the financial position of the company,
The estimated aggregate amount of Reading Municipal Light Department's
required payments under the P s and PPAs, exclusive of the Reserve and
Contingency Fund billings, to MMWEC at June 30, 2008 and estimated for
future years is shown below.
WMEMMMM
For years ended June 30, 2009
$ 5,457,000
2010
4,867,000
2011
4,674,000
2012
4,657,000
2013
4,702,000
2014-2018
12,795 000
Total $ HA,5ZQQQ
- . . ....... ........ . .... —
In addition, under the P 's, the Departmeint is required to pay to MMVVEC
its share of the Operation and Maintenance (O&M) costs of the Projects
in which it participates. The Department's total O&M costs including debt
service under the PSAs were $ 15,726,000 and $ 17,049,000 for the years
ended June 30, 2008 and 2007, respectively.
Related Pa Transaction - Prqpp11y _Sub -Lease
2009 $3630
Total $ -6 ,63Q
ME
Other
The Department is sub-leasing facilities to Reading Community Television
Inc. The sub-lease agreement commenced in March 2000 and ends in
November 2008. The Department, as lessor, ties waived the rent for the
term of the lease.
GM
0 a
!' n 30, 2008
(Unaudited)
(Amounts Expressed in thousands)
Employees' Retirement System
Actuarial
UAALas
Accrued
a Percent-
Actuarial
babillity
Unfunded
age of
Actuarial
Value of
(AAL) -
AN
Funded
Covered
Covered
Valuation
Assets
Entry Age
(U[kAL)
Ratio
Payroll
Payroll
Date
La-)
LU
LL-al
La/b
Le-1
ILL-a-hal
06/30/00
$54,076
$ 78,486
$24,410
68.9%
$15,798
154.5%
06/30101
$58,286
$ 82l,550
$24,264
70.6%
316,129
150.4%
06/30102
$60,933
3 86,868
$25,955
70.1%
$16,855
154,0%
06130103
$62,897
$ 91,302
$ 28,418
68,9%
S 16,734
16917%
06/30/04
$66,850
3 95,961
$29,111
691,7%
$17,487
166.5%
06/30/05
$71,468
S 102,153
$30,685
70.0%
3 18,048
1713, 1%
06/30/06
$77,151
$ 106,238
$29,087
72.6%
$18,860
1542%
06/30107
$84,784
$112,012
$ 271,228
75.7%
$ 19,313
141.t}%
See Independent
Auditors'
Report.
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Town of Reading, Massachusetts
Combining Schedule of Net Assets
Noomajor Proprietary Funds
June 30. 2008
B,isiness-type AuUvitios -
Enterprise Funds
Landfill
Closwe and Sterauvater
Sewer Postd'osure Man nt Total
S -l'663,990 S 94,489 $ 611,353 S 436%832
1,301,576 - 65Y16 1,387.292
2,439 - LL — 2,139
2,9:68,0133 94,489 6971}89 3,759,563
5J,39.980
61
5,831,741
6,799,746 94,489 697.069
LIABILITIES
Curranu
Warrants payable
3,313
- 99,772
Other current liabilities
-
94,489
Current portion of long-Innn habilil-es:
Loans payable
168,708
-
Total current liabilities
172,021
94,489 99,772
Noncurrent:
I-cans payable, net of current portion
358 100
- -
Accrued employee benefits, net of current poitW
6,193
14,522
Total noncurrent liabiIiiies
3-34293
14,522
TOTAL LIABILITIES
536,314
94,489 114,294
NET ASSETS
Invested in capital assets, net of related debt
Unrestricted
TOTAL NET ASSETS
See notes to financial statements.
3,799,9131}
61,761
5,831,741
9,391, 304
M
168,708
366,282
358,100
20,715 mm
378,815
745097
6,656,118 - 5,6K 118
2,59014 682-775 3,180,089
$ 8,263,432 S 582,775 $ 8,846,207
# .**
Town of Rea6ng, Massachusetts
Combining Schedule of Revenues, Expenditures and Changes in Fund Not Assets
Nonmajor Propriwary Funds
For The Year Ended Jone 30, 2008
Not Assets at Bagnrung of Year
Net Assets at End of Year
See notes to financial statements,
25,155
- -
33,153
3,4M217
1410,217
314,618
314.618
1,044,875
175,983
1,22U58
4,7194,865
175,983
4,970,848
(39Z257)
333,111
(124,143)
W906
-
86X6
(9,949)
v
(9,949)
70,336
-
76,896
(315,361)
- 268,114
(47,247)
'63,730
-
163,730
(� 51,631)
268,114
116,483
314,661
13,729,724
$ 8,263,432
557 % 775
3 8,846207
ME
own of Rearting, Massachusetts
Combining Schedule of Cash Flows
Nonmajor Proprietary Funds
For The Year Ended June Ti, ?U08
Cash Flows From ( —
��hn Activities:
Receipts treat customers and users
Payments to vendors and employees
Payrnents to other governments
Net Cash Provided (Used) by Operating Activities
Cash Flaws From Co ital and Related Finanamo 7 stivities:
Proceeds from issuance of braids and notes
Acquisition of capital assets, rat
Capital contributions and CLISt'.1roef advances
Pfincipal payments on bonds and notes
h-ccrest, expense
Net Cash (Us Em For) Capital and Related Finanring Activities
Cash Flows From Investin, Achvifieat
Interest income,
Net Change n, Cash and Shorl,Torm Investments
casp and Slaai-j'cr-n Investments, Beginning of Year
Cash and Short-Turm Investmeril!i, End of Year
Met Cash Provided By Operating Activities
See notes to financial staternef-Is.
Busiaess-type Actnnties
Entemnse Funds
1,661990 $ 94,489 5 611,353 $ 2.369.832
$ (392,257) $ $
Landfill
(124143)
314,618
-
Closure and
Stroma'ater
(3,964)
Sewer
Postclasule
tlanagemets
'rotal
4,314,088 $
- S
441,761
4�755,849
(1,059,58())
(11,313'1)
(75,211)
(1,146 992}
jl.435.3721
-- -
-
_13435,371'
(180.864)
(11,201 )
365,5160
173.485
344,330
-
344.330
(394,899)
(354,899)
163j30
163.730
(84:842)
(84J342)
___T 9491
9949
113.37O
Mar.
W906
-
W906
(75,588)
11,201)
365,5511
373,7111
1,739.578
105,690
245,803
.091X1
1,661990 $ 94,489 5 611,353 $ 2.369.832
$ (392,257) $ $
268,114 $
(124143)
314,618
-
314,618
(89« 116)
(3,964)
(93:080)
(1.(169)
(1,059)
(13,646) (14 5411}
99,772
71,578
596 3347
1,628. ----5.571
$ (180:864) $ --jIL20-11 $
365:550 $
173485
M.*j
DEPARTNIENT0117 COMIUUNrry SERVICES
Board of Selectmen
Selectmen Ben 'Tafova and James Bonazoli were re- elected to three year terms,
Stephen Goldy was elected 6jairuian, Ben Tafoya was elected Vice Chairman and James
Bonazoli was elected Secretary.
Persognel and _Volunteers
Major changes in personnel included-.
• Public Health Nurse Leshe Carabello Jeff the employ of the'Fown.
• Dina McCarron was hired as Public Health Nurse.
• DPW Director'T' ed McIn ire announced his retirement in mid-2009.
prograrn.
Reappointed Gail LaPointe as'l"own Accountant.
In the area of Boards, Committees and Commissions, the Board of' Selectmen-
• F'xtended the Birch Meadow Master Planning Committee to May 31, 2008.
• Established a Trails Committee.
-1-he following individuals were either newly appointed or re-appointed by the Board
ME
Communi!j Development
A "World Cafe" took place in Reading on February 27, 2008, It was very successful
with 1-40 residents participating.
In Jun Q, Television Station Fox 25 brought their "Zip Trip" to Reading's Common to
highlight the Town,
In an effort to help stimulate the economic development in the Downtown area, the
Board of Selectmen and Town Meeting approved moving forward with legislation to allow
All Alcohol I.Jquor Licenses for restaurants with under 100 seats. This was on the ballot in
April 2009 and was approved.
The 2008 Annual Town Meeting was the first one night Town Meeting in at least 100
years, and was followed by a one night Subsequent Town Meeting in the FaIL
C-ollimunity Services Department
Community Services Department
• Move playground to the basketball site;
• Remove the stone wall and create diagonal parking-,
• Make entrances ADA accessible.
Due to the issue of dogs on the artificial turf` fields and the owners not cleaning up after
them, the Board of Selectmen added Rule I I to the Selectmen's Policies by amending Section
4.14 of the Bo ard of elect en Policies by adding to Section 4 .14x 3 the following-
)-,tale I I No person shall permit a dog under their control to enter upon an artificial
turf field or within any fenced area that includes any artificial turf field within the Town of
Reading. Artificial turf fields include♦ 'Dre RMIJS Stadium, Collins 1"ield at Parker Middle
School, and the so called Lacrosse Field also known as the practice field at RNII-IS.
The Downtown project has moved ahead fall force and is currently ahead of schedule
at year's end,
Construction of the new Bancroft Avenue Tennis Courts began well but during the
installation of the surface pavement course, a hydraulic leak occurred which contaminated
that course of pavement, and the Town has been in discussion /negotiati on with the vendor as
to the proper correction of this problem. A resolution is expected shortly so that the Town gets
what it paid for — a completely new tennis court complex.
Road construction projects included: Franklin Street, High Street, Hillside Road, pail of
Waverly Road, Colbum Road, Surmyside Avenue and Fairview Avenue.
An extensive design process for reconstruction of Gould Street resulted in an increase of
nine Downtown parking spaces, and was completed as a real improvement to the neighborhood.
MH
Communitly Services Departinent
.1
READtNG COALFFION AGAINSTSUBSTANCE A-BUSE
Community Services Departtrient
Staff IA-aisons: Health Administrator Larry f indin, Recreation Administrator John Feud(-),
RCASA Director Erica McNamara and RCASA Outreach Coordinator Connie I)eBenedetto.
Committees: The Education Subcommittee comprised of 12 members focused oil expanding
community education opportunities. This group hosted parent/teen dialogue nights for middle
school and high school youth, a prescription drug awareness speaker for parents and
community dialogues. The Youth Creiv comprised of 18-20 members focused Oil youth
leadership, media campaign development, outreach and prevention products.
lederal Drug Free Cortirriquities Grant Pr9ject
Assessment, RCASA leaders conducted aseries of activities to assess local substance abuse
concerns including hosting community dialogues, analyzing data including the 2007 Youth
Risk Behavior Survey, gathering input from local youth and parents, conducting surveys with
police and K- 12 faculty and scauning the substance abuse environment.
Capaci!y: RCASA leaders continued to build capacity through providing training
opportunities for volunteers. Strong leadership wits demonstrated by the 21 -inernber Board of
Directors, 12-tocruber Education Subcommittee, and 2Cl- member Youth Crew Subcommittee-
Coalition membership increased from 76 to 25&
PLanning. RCASA leaders refined the five year strategic plan and annual work plan with the
input of stakeholders. Board leaders completed a powerful joint planning PT(.)CCSS rooted in
the Healthy Communities philosophy.
I niplemeirta tit) tr. 1,874 outreach contacts were reached through workshops and traitinips for
stakeholders, parents, fitculty, faith leaders, business leaders and youth oil substance abuse
prevention. Thirty-flour (34) youth leaders were recruited Im special projects including
community dialogues and Youth Crew initiatives. 3 )00 Burbank YMCAfRCASA Calendars
featuring children's prevention messages were distributed to local families.
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Corrununity Services Depailment
The Health Departirient, Walgreen's and t established "Rx Round Up," a
prescription disposal program in April 2008. Major projects were launched with the Police,
Town and school focused on environmental strategies to reduce substance abuse,
Con-ununity Services [)apartment
Full set of policy modifications compiled by Director, consultant and key
stakeholders. Director presented draft to Town Manager. Working draft reviewed
by Board of Selectmen, Town Counsel, Chamber of Commerce and local licensees
over a sches of meetings and hearings.
Goal 1. By December 31, 2008, 20% of surveyed Reading youths ages 12 to 18 will
demonstrate an increased perception of harra, or a shift In perception about use of' both
alcohol and prescription drug use as a result ofa youth-led message campaign.
Results: By the end of December, 90' of youth felt that it was a "moderate risk," and 9%
felt that it was a "great risk" to engage in binge drinking. 80% of youth felt that it was a great
risk, and 20% felt that it was it moderate risk to use prescription drugs without a doctor's
order,
Goal 2: By Decernber 31, 2008, underage access to alcohol is significantly reduced by
implementing a comprehensive monitoring and enforcement program it) ensure 90% of'
tP
licensees comply with underage drinking laws.
Results: By the end of December, I 0011,/o of licensees were compliant.
Kept pro ram compoocats will be sustained after the g1rant award period including:
MM
Key milestones included establisbing the first youth leadership crew for the coalition,
enhanced community education and police enforcement to reduce minors' access to alcohol,
core policy modifications on liquor licensing, and improved understanding amongst youth,
parents and residents ofthe issues associated with binge drinking and Rx abuse in Reading"
Respectfully submitted,
Erica McNamara, RCA SA Director
Con-ununity Services Department
Financial
Grants Under ManagLigent
Fun der
Project
Amount Year(sl
—W-hi t e H on --se --
--D--n,-, —ig —1-r -on i
— ----- s 1-0 0, 0- - 0-- - ' 0" ........ . .............. ..................... 1 0 6-7- . ......... 9 1 2 ..................
Office of National Drug
Control Policy!
SAMI-ISA CSAII
Massachusetts Office of
Friviron.mental Strategies f-or
$7i,9WOO 12/07- 12/08
the Attorney General
Substance Abuse Prevention
(one year only)
-.- ............... . ....... ... .. ........ ..... ......
4 tic Medical Foundation
. .. .............. ........ . ... ...... ...... . ... . .. . ... . . .. ........... ............ ..... . ....
a. healthy Communities
.................. ................... ..... ....... . .
S 10,000 per a. 10/07-9/08
Planning Grant
project: (one year only)
b. Flealthy Communities
1), 10/08-9/09
Implementation Grant
c. Mass. Youth Against
c. 11/08- 5/09
............ . . .. . .. . .. . ......... – ... ... ......... .
"I " obacco Grant .......... . ....... .... ... ......
. . .......
Match Itesources
Match funds cu
nutted to RCA A projects totaled $155,307 from the To"vn, School
and Police Departments.
These resources included the provision
of office and meeting space,
matrix supervision and financial oversight.
Key milestones included establisbing the first youth leadership crew for the coalition,
enhanced community education and police enforcement to reduce minors' access to alcohol,
core policy modifications on liquor licensing, and improved understanding amongst youth,
parents and residents ofthe issues associated with binge drinking and Rx abuse in Reading"
Respectfully submitted,
Erica McNamara, RCA SA Director
Community Services Departunerit
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Community Services Department
WE
5.
Community Services Department
Respectfully submitted,
Fran Fink, Conservation Administrator
WIN=
The staff currently consists of an Administrator (37.5 hr/ wk), a Social Worker (37.5
hr/wk), a Senior Center rdinator (35 lir/wk), a Van Driver (3 15 hr/wk), a Coordinator of
Volunteers (2 1 lir,"w k), a Tura Advocate (2 1 hr"wk) and a Clerk ( 19 hr/wk) .
Pi 00
COMMUnity Set-vices, Department
Nurse Advocate
The Nurse Advocate position was created in 2007 and filled in October of 2007. The
Nurse Advocate is dedicated to helping Reading -seniors manage their Iiealth care needs. nic
main responsibilities of the Ni; urse Advocate include educating, counseling and advocatlog for
seniors.
Education Welt es:
• Teaching seniors about their health problems, medications and treatments as well as
preventative health care stmt egieg.
• Infra mung sent ors about the services and options available to meet their needs.
Counseling include
• Supporting lifestyle changes and planning for future needs.
• AssiStmg in the evaluation of care options.
MR
Community Services Department
171re prograrn is interested in identifying the frailest seniors in Reading, especially
those who live alone and do not have someone nearby for support.
Helping seniors understand their health care needs and plan strategies for managing
these needs both in the short term and future is the goal ofthis new program, 'Fhe past year
demonstrated that there is a need, and a strong demand for the Nurse Advocate's services.
MM
Cotrununity Services Department
mm
Conuounity Set-vices l parti-nent
Presenter ELtofic
I
After a senior in another State was the victim ofa scarn, it came to our attention that
when seniors receive information at the Reading Senior Center in the form of literature or a
presentation, they assume a level of safety about the information that is not accurate. Elder
Services does not, and could not, check on the legitimacy of each claim.
The purpose of the disclaimer, the reCOMInerldatiOu wid the signed agreerrients is to
protect Reading seniors from unwanted solicitations and potential exploitations.
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Lune btime Nleals
The Senior Center's daily nutrition program is provided by Mystic Valley Elder
Set-vices, Inc. (MVES). In an effort to increaseattendance art lunch, we oft en offer concurrent
games, prograrris an 'or entertainirient.
There are 32 inn site volunteers who help, serve and clean up after the noontime meal
at the Senior Center. Socialization is an irriportant component of this prograrn. In 2008, a
total of 4,865 lunches were served at the Senior Center.
Van Traitsportation
The Van Transportation Program provides a vital service for those seniors that don't
drive. Transportation is provided in-town for the following purposes: Errarids, grocery
shopping, voting, medical and personal appointments, pharmacy needs, goring to breakfast and
visiting the Senior Center.'For younger residents, the van services offers transportation to and
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Community Services Departi-rient
from the Food Pantry and other vital destinations. In 2008, the van provided 8354 one-way
trips (5% increase over 2007 and a 17% increase over 2006). Approximately 77 passengers
per month benefited from the van services.
MM
Community Services Departirient
11oliday Pro grant
Christmas Gifts
'I"he Social Worker gathers gift wishes tram 25 seniors. The Young Women's LeaOLU,
CR
purchases and wraps the gifts, and the Elder/Human Services' staff delivers the gifts.
Th an ksgiving and .0i rist ma as Baskets
'"he Social Worker supplies the Wakefield, Elks with a list of 20 seniors who would
-welcurne receiving a basket of uncooked holiday food.
EmeMllx�c ;funds
The Division has two revolving funds. The Elder Services Revolving Fund covers
emergency situations for persons age 60 and older who lack financial resources to cover basic
needs or emergencies. The Human Service Revolving Fund is for persons tinder age 60 who
lack financial resources for emergency situations.
Council on Agingg Board
Duning 2008, the Council on A,-0 ing, experienced sorne changes. George Lonergan,
Carol Oniskey and Gina Nelson (Associate Member) joined us as board members, and
Edwina Kasper, Ruth Goldberg and Charlie McDonald (Associate Member) resigned.
Respectfiffly submitted,
Dawn Folopoulos, Elder/Human Services Administrator
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Community Services Department
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Community Services Department ` %
Environmcntal Health
The Friviroomental Health Division responds to complaints and conducts inspections
mandated by the public Health laws; e,g., food, inspections, housim.; Inspections, complaints,
air quality and noise control (indoor and outdoor), swimming pools, Camps, tanning salons
and annual licensing,
Co mum Health Services
The Community Health Services unit provides immunization to residents, hosts
preventative blood pressure and cholesterol clinics and health education activities.
This year, the Division participated in the fiollowing,
• Reading Friends and Family Day
• Senior Health Fair at the Senior Center
• Health presentation at the Reading Library
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Coninjunity Services Departnient
The Public Fleallb Nurse also inspects camps to ensure that the clinical requirernel%
of din camp regulations are met. Additionally, she does visits to homebound seniors on the
request of the Nurse Advocate, and is the designated Operations Chief in our Emergency
I'Aspensing Site Preparedness Plan.
This year, the Flealth Administrator and Health Division stal-I'participated in a nurn -her
Weights and Measures
The Weights and Measures function is contracted to the State Division of Standards.
In 2008, 29 businesses were visited, and 332 seales/pumps or meters were inspected, ne
contract with the Division of Standards was renewed for 2009.
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Coirn-nun ity Services Department
Report of the East Middlesex Mosquito ControlEL9ject
The East Middlesex Mosquito Control Project conducts a program in ReaduoY
consisting of irmi(pritO surveillance, larval and adult mosquito control and public education.
Frequent rains fican late June through early August and again during September
produced three major broods of floodwater mosquitoes. As a result of the rains, mosquitoes
were collected in above average numbers from July through the early Fall. Despite high risk
factors for West Nile Virus, there were [to human cases in Massachusetts, 'Hie risk of EEE
rernained low throughout the season.
The Adult Mosquito Surveillance Pro rare used traps to collect mosquitoes front as
many as five Reading locations per night. Between May and September, information was
used from 33 mosquito trap collections from I I different nights. Selected trap collections
were tested for EFE and West Nile Virus by the Mass. Department of Public Health.
The Larval Mosquito Control Pro earn relies on the larvicide bacillus thuringiensis
var. israclensis (Bti), which is classified by the EPA as relatively non-toxic. An April
helicopter application of B controlled mosquito larvae at 397 wetland acres. field crews
using portable sprayers applied Bti in the Spring and the Surnmor to 30 wetland acres when
high densities of mosquito larvae were found breeding in stagnant water.
Tire project's public education program is designed to develop awareness within the
public and the private sectors as to their roles in mosquito control. -f he project serves as is
resource to residents, municipal officials and the local media on mosquitoes and mosquito
home diseases. A web page w.-w-%v,town.sudbury.ma.us/services/liealtli/ertillicp provides
residents with information on mosquitoes, control programs and related topics.
Community Set•vices Departilicia
Inspections/ Revenue
Individuals Served I
E3 InnPacTionu
1w M S
0 O.firSiC 4 Sit
a Licrn5 en fees Arel Permit%
Ej j7ma!3jtjcketw
General
The entire Health Division stafT participated in the "Custollier Service" Seminar in
December of'2008.
Health Adirunistrator Larry Ramdin was elected President of the Massachusetts
Environmental Health Association, anti is also a 2009 scholar of the Northeast Public Health
Leadership fristitute. Fle was also a presenter at the National Environmental Health
Association's (NEIIA) Annual Educational Conference that was held in Tucson, Arizona.
Conclusion
The Health Division continues to adapt to new changes and public health challenges,
and we take Seriously OUT duty as guardians of the public health in Reading. We will continue
the community outreach anti education to ensure that the community participates in
preservinglimproving its public health.
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Corrununity Services Deparn-rient
I would like to than the Administration, especially Town Manager Peter
Hechenbleikner, Community Services Director/Town Planner Carol Kowalski and the Board
of f Teal th for their continued support ire pry? mot i ng preserving the Pub I i c 14 eal t h in Reading.
Respectfully submitted,
Larry A. Ratudin MA, REfIS, (1-10, CP-FS, LSE=
Health Admirnstrator
am,
Community Services Departinent
In 2008, the Planning Division revie%ved 44 applications for site plan review.
sul- 1-he
.)division, signage design and extensions and modifications to existing decisions.
CPDC held 23 public meetings and six zoning work sessions centered on Zoning By-Lakk�
amendments for a proposed Downtown Smart Growth District and proposed south Main
Street zoning changes and design standards.
Pi 15
Community Services Department
Pr2j ect,s- reviewed by PI-atirlillip, INvision and CPDC in 2008:
Subdivisions
Berijamir) Lurk (bond reduction, tri-party agreement)
Kylie Drive (lot release)
('crlonial Drive (lot release)
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CormoUnity Services Department
ZBA Cum prehensive, Permit
s
Two Design Review Team meetings for 855 Main Street,
proposed UP
Endorsement of Subdivision Approval N.ot lie aired Plans
65-7111 Pleasant Street 62 Charles Street
4 Summit Drive Fairchild Drive
240 Van Nord en Road 186 Van Nord en Road
ZBA and CPDC Ap-enda Sbarhm and Case Review Comments
Filing fees from Planning Division activities totaled $10,950. The Planning Division is
located at el -own Hall, 16 Lowell Street, Reading, MA and tlic telephone nurrober is '1781 942-
905&
ReSpeCtfUlly SUbMitted,
Carol Kowalski, Community Services Director/Town Planner.
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Con-anunity Services Department
The Veterans' Service Officer also assists Reading veterans with applying for all
other State benefits such as tuition waivers, grants, student knins, annuities, bonuses, outreach
Centers, COUIIS(dirlO', veterans' license plates and marty more.
t�
Under the category of fLderal aid, veterans are assisted in processing applications for
Benefits including service-related corriperisation, disability pensions, personal trill,
social security benefits, medical, education, employment, medals, death benefits and
retrieving mi I i tary records for veterans who without would not be eligible for any. beach ts.
Federal benefits include filing for compensation and pension, life insurance, burial and
survivor's benefits. Additional benefits expended by the Veterans' Affairs Administration
benefits directly to the veteran population in Reading were $2,274,7166 for the fiscal year that
ended June 2008,
The Veterans' Services Division also works with other committees to coordinate
Public events such as the Veterans' Day ceremony field at tire Reading Metnorial fligh School
and Memorial Day services held at the four cemeteries in town.
The Veterans' Services Division Office hours are Tuesday 8-30 a.m. to 3:30 pint.,
Wednesday 8-30 a,m. to 5*30 p.m. and Thursday 1.00 p.m. to 5M Imm, and tile phone
number is (7 81) 942-6652
Respectfully submitted,
Frank Driscoll, Vercran's Agent
Other pending litigation matters involve a challenge to the Town's adoption of a storm
water utility fee, an enforcement action brought against the owner of an unlicensed lodging
house and filur zoning appeals. In the near future, we anticipate the resolution of two
litigation matters through settlement.
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Community Services Department
It has been our pleasure to serve the legal needs of* theTown of'Reading this past year,
and we took forward to continuing to do so in the future.
Respecthilly submitted,
Ellen Callahan Doucette, Town Counsel
THE ARC OF EAST MIDDLESEX
Listed below is a detailed analysis of the number of individuals serviced during FY
2008 by The iVc of` bast Middlesex in lZeading as well as the SUrPOLInding cities an(] rowns
Program 'Statistics for FY 2008:
m vv ------- . . ..... -- .... ..... . . --- . ..... ........._... ®.m. . .............. . .... .....
l gram
.. — ... . ..... --------- .
Readint,
..... . ......
Other
Total
_Pax-s 1�jees - --------
21
--126
147
Recreation
........ . . . . ..... ---- .... . ............. . . .. . . .......
. ............ 94
190 . ......
284
... ......... - . .. . ..................... . ........ . ... . . . . . .......
Residential—
. ...... ................. ......... . . ............
. . . . . ....... ... ....... -- -.- . ....... ............
------ . ........ . .. .............
. . . . ......... . . .. ... .......
. ......... ....... .
Range I -leights Road, Lynn
4
. ... .....
Cliffside Conunons, Malden
6
6
Lebanon Street, Melrose,
8
Main Street, Melrose
. .............
llai tre f -----'
.. .......
. . .. . ..
. .. . .. . ......
.....
. .... . . . . . .... ................. . . ..
. ......... .. ....... ... . .. . ............... .. . . ..........
P119
- . . ®.....m.._. — ------- I---
EL29EM R�cadiqg
Other
]
Total
....... . .. ........... . ..._m. ..... ......... . .....m ............ ..
Residential (Continued ------
.......... -----
.. . . .......................... ... ..... . ...
. .............
f-lopkins Street, Reading 4
4
-ii—it-man Drive, Reading 4
4
Newcomb Avenue, Sau s
.... . ........ . . .... . ..... ...... ....
4
4
Albion Street. Wakefield
6 .......
6
. .. . ................... . . . . .. . . . .....
- -_..m . ............... -- - .- .................. . ... . . - .......... ....... . . . .......mm . . .......... ...................... . ... . v
I Naharn Street, Wakefield
w,vv,v ..... . . ...
7
.
7
—
1 Spaice Street, Wakefield . . ....... . . .
— — - ----- - ---- - ---------------------- --- --- ----- ----- - - m...
4
----- - m....... ......... . . .........
4 ---- ------- - . ......
Water Street,-Wakefi eld
5
..I.pq,��§upportecl Living �ur
16
2) 3
. . . ...... ...
TOTAL RESIDENTS 23
. .... - ---- ------- - - - ---- - ----- --
68 . .. . ........ ..... .. .
. .. ........... . .
91
.. . . . .................... ... .. . --- -- -' ................ . ... ...........
P1 20
Comt-nunity Services Department
'The Are of East Middlesex is grateful for the continued support that the J' own of
Reading has provided to its residents with developmental disabilities.
Respectfully submitted,
Michael Berardo, Interim Executive Director
DOWNTOWN, STFITRING' COMMITTEls'
"I"he Downtown Steering Committee is pleased to announce that the Downtown
revitalization project is in full swing and the projected completion date is August, 2009.
The Cormnittee is working in conjunction with the Economic Development Con-irnittee,
and the Historical Commission to help raise funds for the brick paved walkway and lighting
from Main Street to the back parking lot, and the decorative historical plaques. 't'he
Committees' hope is to have these projects paid for at the same time as the main protect is
completed.
respectfully submitted,
Peter inuns, Chairman
an
Community Services Department
In 2.008, the Historical Corn fission applied for funds From the Massachusetts
I I i s tori ca I Com mi a sion 1 s S urvey and P I anni ng Grant Program i n order to expand the leading
11istorical and Architecture] Inventory. The project was not awarded any fund.., and the
Inventory remained with approxiinately'270 inventoried properties.
As the Town underwent tile process of potentially bringing 40R zoning to the
Downtown area, the 1-tistorical Commission actively participated in the process of exploring;
the potential size and scope of tile proposed area and developments within it,
'file Commission reviewed and commented on various sets of draft guidelines,
attended a number of DR]", CPDC and Selectmen's meetings, and surveyed every building
within the proposed 40R zone in order to prioritize its potential historical significance.
A number of citizens and various entities requested the assistance of the Historical
Commission in 2008, including requests for input on renovation and restoration, Once again,
the Commission's input was sought through a see es of mectings with a potential purchaser
and developer of the Pierce Organ Factory.
'flic Commission offered assistance through a public relations campaign to try "Ad
tp
save a sturdy post and beare, barn on Avon Street. It is unknown whether the barn was
removed or demolished but it is no longer oil the property.
The Conuilission conceived of and created a series of granite plaques to be installed in
the new sidewalks on Main Street in the Downtown. Each plaque or paver highlights a
relevant event, person, structure or other bit of information about Reading's history. The
grainte plaques will be placed in the sidewalks in 2009.
The Commission participated in l"riends and Family Day on June 21, 2008 with a
booth exhibit. Besides selling At flood End and making print material available, there was an
effort to focus awareness on the preference for window restoration rather than replacement in
older homes.
In June, the Commission re-elected its current officers to a new term for the following
12 month period.
Members atj!!ar�era tlf}
Kathryn M. Greenfield, Chairman
Sharlene Santo Reynolds, Secretary
Roberta Sullivan, Treasurer
Virginia Adams and Mark Cardono
Respectfully submitted,
Kathy Greenfield, Chairman
A
AssociateLgli4L!aR tl{li
Karen Herrick
Susan Patterson
Angela Binda
Corturrunity Services DCDarnuera,
Respectfully submitted,
Edward G, Smethurst, Chaintian
Jeff Perkins, Vice Chairman
MAPC provides technical assistance, and specialized services in land rise planning.
water resources reanag , resource protection, economic
,ement, transportation, housing. r
development, public safety, geographic int-on-nation systems (GIS), collective purchazing,
data analysis and research, legislative and regulatory policy, and the facilitation and support
of inter-local partnerships. More infonnatior, is available at art V-W-IrI.jN—CJ0-i&
To better serve the people who live and work in Metro Boston, MAPC has divided (lie
region into eight subregions. Each subregion is overseen by a council of local leaders and
stakeholders, and a staff coordinator provides organizational and technical staff support.
Advancing Sm art Growth
MAP C is directed by statute to adopt, Erin time to time, a comprehensive regional
plan, Our cra-rent, plan, MctroFuture- Making a Greater Boston Region, was adopted by the
Council on December 2, 2008.
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Controunity Services Department
As a Member of the Massachusetts Smart Growth Alliance, MAPC helped to form the
'Transportation investment Coalition last year, This year, the group of' business,
environmental, public interest and planning organizations changed its name to Our
Transportation Future, and has actively advocated for savings, efficiencies, and new revenues
to address the State transportation finance deficit.
Collaboration for ExceUence in Local Governmeot
Subregional councils continued to communicate with MAPC's eight regions and to
gather citizen input this year. Most of the subregional coordinators hosted legislative
breakfasts this year where participants could prioritize legislative goals and ideas with their
delegation.
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Corninunity Services Deparo'nent
MAPC completed Natural Hazard MItigation Plans for 46 cities and towns this year on
to of the 29 plans already completed in recent years. Each plan recommends strategies to
mitigate I the impacts of natural disasters before they occur, along with a GIS map series
depicting areas subject to various natural hazards.
In April 2008, Pictornetry International once again conducted a flyover of the entire
State that provides five way aerial imagery for all public sector agencies statewide, The five
way imagery consists of four oblique views (north, south, east and west) and one straight
down view that may be viewed through Pictoinetry's Electronic Field Study Software Version
2.7 which is also available at no cost to municipalities.
such as recent immigrants and renters in each city and town.
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Community Services Departnictit
Communities around the region have used the program to put new racks at schools,
libraries, parks and shopping areas. A total of'788 racks holding 2472 bicycles have beer)
installed at 25 communities throughout the region,
N4APC continued its work on the Regional Pedestrian Plan, administering a sur-,,ey
this year to nearly 2,000 people. The plan will identify policies to make walking more
convenient, safe and practical.
Sitannon Communiq Safely Initiative
Over the last three years, MAPC's advocacy and grant developi-nent services have
helped more than two dozen communities to secure funding for inter-discipliriary
program,,; that R)cus on youth violence, drugs and enforcement against gangs. 1-he
program was funded at $13 million in Fiscal 2009,
MEW
Cornmunity Services Department
Community Set-vices Department
North Shore Task Force (NSTF
I
B everl y, Dan vers, Essex, 1-1 am i Iton, G loucester, Ipswich, Manchester b y the S ca, M arb I eh ead,
Middleton. Nahant, Peabody, Rockport, Salem, Swarnp�.eott, Tot). el , I rn
- Wen "l.a--
lal 28
Con-initinity Set-vices Departincin
North Suburban Plannigg Cottricil (�jSPC)
Burlington, Lyrurfi eld, North Reading, Reading, Stoncharn, Wakefield, Wifulington,
Winchester, WobUTn
In July, NSPC ma(le a sire visit to the residences at Martins Brook which is the first
South Shore C'oalitionjSSQ
Braintree, `co hasset, Dux bury, Hanover, Hingham, Holbrook, Hall, Marshfield, Norwell,
Pernbroke, Rockland, Sciruare, Weymouth
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Community Services Department
The South Shore Coalition comprises representatives or appointees from the Planning
Board and Board of Selectmen or City Council from each of the member municipalities. 'file
Coalition is stafted by MA_PC and the Cliainrom is Holbrook Town Administrator Michael
Yunits. The Coalition meets monthly to discuss issues of mutual interest, and to learn about
MAPC activities and products.
SWAP provided input regarding an upcoming transportation study of Route 126 front
Bellingham to Frarningliarn. -file Corninittee, also held a lively discussion on flow
communities can best use design review committees and guidelines to foster appropriate
development.
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Cornmunity Services Deparbrient
During 2008, MARC also completed our work with the 'Town of Millis to rezone a
portion of the western industrial zone along Route 109, assisted Norfolk in securing
designation of Priority Development site tinder the State's 43D Program, worked with the
Sherborn, Planning Board to host a visioning session for the town center, and facilitated
discussions between Milford and b4assf-lighwey on a possible Park and Ride lot.
In 2008, TRIC) met molithiv to discuss issues of inter-runniciPal significance.
participants at TRIC ineetings can include Local Council Representatives, Town I'llanners,,
membership of' trinnicipal Planning Boards, 'rown Administrators and the Chambers of
Commerce.
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As you may ki-iow, Mystic Valley Elder Services is both the federally designated Area
Agency on Aoing, as well as the State's designated in Service Access Point for the Town
oflteaditig, We received these designations through apt application process approved by the
Commonwealth of Massachusetts' Executive Office of Elder Affairs.
Our goal is to raise the additional money we need to meet the increasing demand for
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services directly from private sources. However, your support is crucial to our ability to
provide needed services in honw: and community based services to area residents,
Thank you ftt- your coutiouied support of Mystic Valley Elder Services through good
. � I -
and bad economic times, We will always be here for the residents of Reading who need help
at home.
Respectfully submitted,
Daniel J. OLary, Executive Director
Mystic Valley Elder Services, Inc. ........ .. ---- . ... . ......
19 Riverview Business Park ......... .
300 Commercial Street
... .. ........ .... ............... ... . ..... .... . . . ............. .. ......... . ...... . . . ...... ---- . . . . ...... ......
Maiden, Massachusetts 02148 - ------- - -------
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In 2008, the Commission received three homeowner applications for Certificates of
Appropriateness. No public hearings were required. All three applications were approved.
'Ilie Commission thanks our former members for their service- Mike Gray, Kathy
Greenfield, Dorothy Casolaro and Jeff Perkins. The n_ nission is actively seeking
additional ruenabers at this tinie.
More complete informatiun about tire West Str set 1-fisturic District and the
Commission, including our by` aw and construction guidelines, can be found on our welipage
through the Reading Town site. I-In rneowners in the District, or anyone with questions about
the District or the Commission, should feel free to contact the Cliairman at
-
Ivsh &,ei.readin X ma&s L
Respectfully submitted,
Susan Patterson, Chairman
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READING HOUSING AUTHORITY
"U,qual Housing Opportlinit)"'
On behalf of the Board, we. want to thank Executive Director Lyn W'hyte and her
staff for their continued dedication. commitment and service to the Reading Housing
Authority. We look forward to working with them as we olect tile new challenges that lie
ahead.
Respectfially submitted,
Mary Connors, Chair
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Reading Housing Authority
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0 rganized in 1963 to address the housing needs of the ]'own's low and j ooderate
income residents, the Reading Housing Authority (Authority) is "a public body politic and
corporate" duly organized and authorized by Massachusetts General Laws (MIGL), Chapter
121B, s.3).
The Board meets regularly and has scheduled their monthly meetings for the first
Monday of each mouth. The Annual Meeting of the Board is currently scheduled lbr the
month after the Select en to ake their annual appoint men t ref' a Board Meniber.
Currently, the Board Members and their to of office are as fbllows;
Mary Connors Chair and -Fenant Representative
52 Sanborn Street, 11103 Tenn expires 6130/2012
Karen L. Fla aria vice-Chair
19 Vista Avenue Term expires 6!27/2010
Diane Cotten Treasurer and State Appointment
51 Redgate Lane Term expires 5/03/2011
11runthy J. Kelley Assistant Treasurer
84 Woburn Street Tenn expires 6/30/2009
Kevin Mulvey Member
67 Whittier Road Term expires 6/30/2013
Lyn E. Whyte Secretary and Executive Director
41 Shore Road, Saugus
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Administration
Lyn E. Whyle
Catherine Sutherland
Kath,leen Rolli
Michelle Hudzik
Home are
Jacqueline Carson
Daniel J. O'Leary
Dawn Folopoulos
Reading Housing Authority
Secretary and Executive Director
Office Manager
Federal Program Coordinator and Assistant
Executive Director
State Program Coordinator
Maintenance Supervisor
Maintenance Staff
Maintenance Staff
Sanborn I.-Ionic Care Director
Director, Mystic Valley Elder Services
Reading, Elder Services Administrator.
Financial lu.stitutions
Reading Cooperative Bank
Eastern Batik
BankNorth
Mass, Municipal Deposit and'Trust State Street Batik
Consultants
Accountants, Fenton, Ewald & Associates
Legal- Jolut, L. Greco, Esq. & DIJCD Legal Counsel, Lori McBride
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Woodbury Electrical
John's Sewer & Pipe Cloaning
Powers Plowing Service
Atlas Alarm
I.-Ionic Depot
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Reading I I ousi ng A utho ri t y
2008 Grants Received
Each year, the Authority applies for several grants to improve our properties and
better serve our residents mid the community. Included in this year's awards were-
Modernization of Stets AR-U-Simig
Capital and Grant in the arnount of 0,000 for use at its elderly 667 l&2 development,
Supportive Services Grant - HUD
No funding available since we no longer ad_ inister an FSS Program,
Supportive, Services Grant --State
Funding of Resident Service Coordinator to address elderly mid non-elderly needs for Frank
D. "I'anner Drive residents wm,; approved; however, it is now categorized as an administrative
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Reading Fiousing Authority
Reading Housing Authority
f'ederal Pro rartas
The Authority manages 125 subsidies for persons of very low income under the
Federal Section 8 Progi-arn. Currently, the RIIA participates in a centralized waiting list
administered by the MA AIR organization, Applications for this wait list are available
at the administration office building at 22 Frank D. I'anner Drive, Reading.
The income hunts are'
secti e,n_8 _Rcutal Nssistance
Incorne limits: I person $29,450 2) persons - $33,650
3 persons - S37,850 4 persons - $42,050
5 persons - $45,400 6 persons - $49,800
7 persoris - S52,150 8 Persons - $55,500
RHA-Owned Properties
The Authority presently owns and manages 18 family units located in various
locations tIrroughout the Town of Reading. We Continue to pursue opportunities to expand
low, income housing units within the Town whenever possible.
I
I�derl I�Uand�icacdljou�sin �1111
The Authority manages 80 one-bedroom units of housing fbr elderly/han di capped
persons at our Frank 6. 'Fanner Drive complex in Reading, To qualify for this housing, a
single person or couple most meet the eligibility guidelines and be 60 years of age or older or
handicapped. llie Authority sets aside 13.5% of these units for non-elderly handicapped
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Reading I-Iousino Authority
Z:
JI0UsinI--',S—ta--IC L705
The Authority operates the State's Faintly Housing Program with two different
tau dirt e 11 frt, s
developments. t family housing development that was built by the A tho i y i
located at Oakland and Waverly Roads and is called Wavcn-ljx S. There are six three-
bedroora units. Our wait list is currently open.
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R eadi rig I fousi rig Authority
First 'rime
Cannot have owned a home within the last duce YcaM'
-nottiet'niver
divorced persons cannot currently own home but three year
restriction is excused.
Maximum Fainfl y
Currently, the maximum family income cannot exceed 90%
_Iiwome
of FY 2007 ;!Medium Family income presently set at
$82,400 (effective 3/20107) for all persons in the family
from all sources (wages, interest, dividends, etc.)
FaMOV 1Iuiisi r
The two bedroom units must have a rionmium family size of
two persons. The rii-nuin number of persons that can
ilax
qualify for a two bedroorn unit would be lout- persons.
'11c three bedroom units must have a ruillilliurn of three
persons with two being minor children living in the
household. The maximum number Of Persons that would
qualify for a three bedroom unit would be six persons.
Affordable Price
T'he affordable price is based on a 20% discount from the
current fair market appraisal of the unit, which must be
verified by the Authority.
Deed Restriction
Anyone wishing to purchase an "affordable" unit should be
aware that a perinancrit deed restriction would be recorded
with their deed. Tiris restriction states that the unit must be
sold to a qualified and eligible purchaser at a 20% discount
Ever the fail- market value as approved by the Reading
Housing Authority.
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Applications are accepted from single farm I y households but
, on the single person wait list will be chosen only
persons
after all the eligible family applicants have been served.
Local Preference
Applicants from the Town of Reading are given preference
over other applicants if their- application is made oil the
sarne day. This local preference is given if a person is
employed in the Town of Reading, has a business or
enterprise in Reading which has been established for one or
more years, if they are parents of a school child in Reading,
persons who were residents of Reading for five or more
years.
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