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HomeMy WebLinkAbout2021-12-01 Finance Committee Minutes_a RECEIVED Town of Reading TOWN CLERK of Meeting Minutes READING, MA. ',•-, •. �` 2022 JAN 18 AM 9: 00 Board - Committee - Commission - Council: Finance Committee Date: 2021-12-01 Time: 7:00 PM Building: Reading Town Hall Location: Conference Room Address: 16 Lowell Street Session: Open Session Purpose: General Business Version: Final Attendees: Members - Present: Chair Ed Ross, Vice Chair Jeanne Borawski, Eric Burkhart (remote), Geoffrey Coram (remote), Marianne Downing, Jackie McCarthy (remote), Mark Zarrow Members - Not Present: Joe McDonagh, Andrew Mclauchlan Others Present: Town Manager Bob Lel-acheur, Town Accountant Sharon Angstrom Minutes Respectfully Submitted By: Jacquelyn LaVerde Topics of Discussion: This meeting was held in-person and remotely via Zoom. Chair Ed Ross called the Meeting to order at 7:01 pm. Liaison Reports• Ms. McCarthy recapped the RMLD Board of Commissioners meeting she attended on November 17th. They provided a basic review of their financial structure, and the General Manager's report Included updates on a workshop on heat pumps tentatively scheduled for February, and the start of a solar array opportunity for a small portion of power needs. If Finance Committee members are interested in a review or discussion, RMLD suggested they can attend a meeting after budget season. The RMLD Director of Engineering and Operations also reviewed the capital budget and operational budget. As with other services, RMLD is seeing an increase in costs for labor and supplies. Ms. Downing stated she was watching the CPDC meeting right before arriving to this meeting. They were presenting survey data of changes to downtown zoning as a follow up to Instructional motions from Town Meeting, and discussing tradeoffs with density and setbacks. While not a direct fiscal Impact, the topic may be active at Town Meeting with those departments. Discuss/Appoint/Vote on ARPA Subcommittee Members: Mr. Ross asked members for feedback on the proposal as it was revised at the last meeting on November 4th. Ms. Downing suggested making sure that other boards are aware of what the funds can be used for, because the School Committee is still discussing using the funds for full day kindergarten, and a resident Is circulating a petition for full day kindergarten. Ms. Borawski noted that emphasizes the need for a group like this. Gage I 1 The Committee briefly discussed the proposed timellne and meeting schedule. Ms. Downing volunteered to be a part of the group, as she regularly follows the School Committee and Select Board meetings. Ms. Borawski stated that she believes it is appropriate for the Chair of the Finance Committee to be a part of the group, and while she is passionate about the work to be done, would be open to another Finance Committee member being involved, as she could still participate as an observer. She also encouraged all participating boards to post for all of these meetings, and all their members to attend. There were no other volunteers. On a motion by Ms. Borawski, and seconded by Mr. Zarrow, the Finance Committee voted 7-0-0 to appoint Ed Ross, Jeanne Borawski, and Marianne Downing as the Finance Committee representatives on the ARPA Subcommittee. Roll call vote: Jackie McCarthy -Yes, Geoffrey Coram -Yes, Eric Burkhart -Yes, Marianne Downing -Yes, Jeanne Borawski-Yes, Ed Ross -Yes. Discuss Updating FINCOM Information on the Town Website: Mr. Ross noted that the Town website is being revamped, and asked if anyone on the Committee would like to volunteer to help update the information on the Finance Committee webpage. Ms. Downing and Ms. Borawski volunteered to compare Reading's page with the Finance Committee pages of other communities. Ms. Downing noted that other communities have more content, and Ms. Borawski noted that other communities have friendlier, more understandable descriptions. New Business: The Select Board is hosting budget meetings on December 8' and December 14v. The School Committee plans to begin their budget discussion at their meeting tomorrow evening. Mr. Ross stated he will listen in to the School Committee meeting and report back at the next meeting. Mr. Coram asked when the Finance Committee might start discussing how much is excess free cash, as referenced in the ARPA Subcommittee proposal. Ms. Borawski suggested adding the discussion as a future agenda item, in conjunction with a discussion on adding to the stabilization fund. Ms. Angstrom shared news that debt was sold today, which was Issued at 1.08% for up to 15 years. Ms. Borawski excused herself from the meeting at 7:51 pm, as she had another commitment. Approve Meeting Minutes: November 4, 2021: On a motion by Ms. Downing, and seconded by Mr. Zarrow, the Finance Committee voted 6-0-0 to approve the meeting minutes of November 4, 2021. Roll call vote: Jackie McCarthy -Yes, Geoffrey Coram -Yes, Eric Burkhart -Yes, Marianne Downing -Yes, Mark Zarrow-Yes, Ed Ross -Yes. On a motion by Mr. Zarrow, and seconded by Ms. Downing, the Finance Committee voted 6-0-0 to adjourn at 7:54 pm. Roll call vote: Jackie McCarthy -Yes, Geoffrey Coram -Yes, Eric Burkhart -Yes, Marianne Downing -Yes, Mark Zarrow-Yes, Ed Ross -Yes.