The URL can be used to link to this page

Home My WebLink About2021-12-01 Finance Committee Packet Town of Reading CzUpxoDmfsl)SL*bu23;64qn-Opw3:-3132 Meeting Posting with Agenda 2018-07-16 LAG 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 Agenda: Revised Purpose: General Business Meeting Called By: Caitlin Nocella on behalf of Chair Ed Ross Notices and agendas are to be posted 48 hours in advance of the meetings excluding operation and make necessary arrangements to be sure your posting is made in an adequate amount of time. A listing of topics that the chair reasonably anticipates will be discussed at the meeting must be on the agenda. All Meeting Postings must be submitted in typed format; handwritten notices will not be accepted. Topics of Discussion: This meeting will be held in-person in the Town Hall Conference Room and remotely via Zoom. Join Zoom Meeting https://us06web.zoom.us/j/88203888064 Meeting ID: 882 0388 8064 One tap mobile +16465189805,,88203888064# US (New York) +16465588656,,88203888064# US (New York) Dial by your location +1 646 518 9805 US (New York) +1 646 558 8656 US (New York) Meeting ID: 882 0388 8064 Find your local number: https://us06web.zoom.us/u/kekegRB4kz AGENDA: Liaison Reports Discuss/ appoint/ vote on ARPA Committee members Discuss updating FINCOM information on the town website Approve Meeting Minutes: November 4, 2021 *Originally posted on November 24, 2021 at 1:59 pm. Revised November 29, 2021. This Agenda has been prepared in advance and represents a listing of topics that the chair reasonably anticipates will be discussed at the meeting. However the agenda does not necessarily include all matters which may be taken up at this meeting. Page | 1 Proposed FINCOM ARPA Subcommittee Proposal Reading, MA Primary Objective Develop a spending plan for excess Free Cash and ARPA funds that reflects the one-time needs, priorities, and values of the community Secondary Objectives Increase community and town meeting engagement in financial planning process Increase ability of boards/committee/commissions to work collaboratively together October 2021 - COMPLETED Fincom Chair reaches out to chairs of Select Board and School Committee for input and conceptual agreement Subcommittee discussed at Financial Forum with full Select Board, School Committee, and FINCOM conceptual agreement November 2021 FINCOM votes to create a 7-person 2022 planning subcommittee comprised of the following: Fincom Members (3) Select Board Members (2) School Committee Members (2) The following staff will support this subcommittee with their attendance, professional guidance, and advice School Superintendent School Director of Finance Town Manager Town Accountant Town hall staff will provide administrative support (scheduling and posting meetings, taking minutes, etc.) December 2021 January 2022 Fincom determines what amount of free cash can be considered and available for capital projects in the next 12 18 months Select Board and School Committee Chairs suggest two members each to join subcommittee Fincom votes all seven members to the committee February March 2022 Subcommittee determines a high-level project plan (such as example below) Step 1 - Develop discussion making framework (what factors will we use to prioritize projects?) Step 2 Develop plans for broad community outreach Email to Town Meeting Members Updates at Town Meeting Regular reports out to Fincom, Select Board, and School Committee Public Meeting? Survey to Staff? Town Meeting Members? Boards/Committees/Commissions? General Public? Step 3 Brainstorm list of potential upcoming capital and debt projects Step 4 Prioritize list based on decision making framework Step 5 - Subcommittee discusses best use of both ARPA funds and excess free cash; makes joint recommendation to Select Board (ARPA funds) and Town Meeting (excess free cash) Complete Steps 1 and 2 above April 2022 Town Meeting Announce subcommittee composition and objectives Share decision making framework Share proposed plan for TMM and community involvement/engagement Share expectation that Subcommittee will present spending plan for ARPA and excess free cash at November 2022 Town Meeting May June 2022 Solicit broad community input for potential spending projects Create final list of potential uses of funding July September 2022 Subcommittee prioritizes projects based on decision framework October 2022 Share prioritized list with Select Board, School Committee, Fincom invite Town Meeting Members to all meetings Staff begin to develop budgets with these priorities discreet from rest of budget November 2022 Share prioritized list with Town Meeting December 2022 Subcommittee and Fincom debriefs lessons learned Fincom dissolves subcommittee Notes from Public Input To Date: Possible decision making framework ideas: Grant requirements understand ARPA requirements and work within them Sustainability - create on-going operating costs unless we can sustain them after grant money is gone or we actively plan to phase them out Investment Mindset Best bang for our buck things that will benefit community long after grant money is gone (i.e. infrastructure) Utilize existing planning - Fund items we would have done anyway, to free up money for future capital projects Strategic spending - delineate between strategic long-term spending and tactical short-term spending; prioritize strategic long-term spending Equity ensure that money is being used to address needs of entire Reading population as broadly as possible; consider traditional 2/3 school-1/3 municipal split Other: Fincom could consider enhanced use of a stabilization fund Subcommittee could consider expanding scope of work to include listing potential future debt exclusions (Killam, Senior Center) and/or operating overrides Town of Reading Meeting Minutes 2016-09-22 LAG Board - Committee - Commission - Council: Finance Committee Date: 2021-11-04 Time: 7:00 PM Building: Reading Town Hall Location: Conference Room Address: 16 Lowell Street Session: Open Session Purpose: General Business Version: Draft Attendees: Members - Present: Chair Ed Ross, Vice Chair Jeanne Borawski, Eric Burkhart, Geoffrey Coram (remote), Marianne Downing, Jackie McCarthy (remote), Joe McDonagh, Mark Zarrow (remote) Members - Not Present: Andrew Mclauchlan Others Present: Town Manager Bob LeLacheur, Town Accountant Sharon Angstrom (remote), DPW Director Jane Kinsella (remote), Karen Herrick Minutes Respectfully Submitted By: Jacquelyn LaVerde Topics of Discussion: This meeting was held in-person in the Conference Room of Town Hall and remotely via Zoom. Chair Ed Ross called the meeting to order at 7:06 pm. Discuss and re-vote November Town Meeting Article 3 (Water Fund Capital) and Article 4 (FY22 Water Fund expenses): Town Manager Bob LeLacheur explained that due to recent emergency water main repairs on Walkers Brook Drive, he is requesting that Town Meeting change the description for the $400,000 budgeted for the Emerson Street water project, to more generic Water Main work. The Walkers Brook Drive repairs have cost approximately $300,000 so far, and Town Meeting is being asked to repurpose the funds approved for Emerson Street to complete the Walkers Brook Drive repairs. The project on Emerson Street is not an emergency, and will need to be finished, but can be put off until next year and may come back before Town Meeting in April. The change appears in the Enterprise Funds Water section of Article 3, and budget line item W99 Water EF in Article 4. On a motion by Ms. Borawski, and seconded by Mr. Burkhart, the Finance Committee voted 8-0-0 to approve the changes to Article 3 and vote to recommend to Town Meeting. Roll call vote: Jackie McCarthy-Yes, Geoffrey Coram-Yes, Mark Zarrow-Yes, Joe McDonagh-Yes, Marianne Downing-Yes, Eric Burkhart-Yes, Jeanne Borawski-Yes, Ed Ross-Yes. On a motion by Ms. Borawski, and seconded by Mr. Burkhart, the Finance Committee voted 8-0-0 to approve the changes to Article 4 and vote to recommend to Town Meeting. Page | 1 Roll call vote: Jackie McCarthy-Yes, Geoffrey Coram-Yes, Mark Zarrow-Yes, Joe McDonagh-Yes, Marianne Downing-Yes, Eric Burkhart-Yes, Jeanne Borawski-Yes, Ed Ross-Yes. Discuss and vote to establish a FINCOM ARPA Subcommittee: Mr. Ross and Ms. Borawski began the discussion on the proposed ARPA subcommittee. The history of the title was conceived as an ARPA group, but in discussions with leadership, the focus shifted to include how to spend excess free cash and the capital plan. ARPA funds are time sensitive, and will be the primary focus, but the scope may change when the subcommittee begins its work. The Finance Committee reviewed the draft of the proposed objective and timeline of the subcommittee, to which Ms. Borawski explained a change to the proposal: instead of assigning the Chair and Vice Chair of the Finance Committee, School committee, and Select Board, give the Boards the opportunity to designate their representatives. Ms. Borawski made a motion to propose the ARPA Subcommittee as amended, which was seconded by Mr. McDonagh. The Committee discussed the primary focus of the group, which will be to determine the best use of ARPA funds in the community. While considering projects suitable for ARPA funds, a lot of consideration can also be given to items in the capital plan, as there may be eligible projects in the plan that could be funded by ARPA, which frees up funds for other projects. The group could also have a conversation about the Stabilization Fund, what is excess Free Cash, and how much Free Cash is actually needed. Ideally, the group can begin its work in late January or early February so a presentation can be made to Town Meeting in April. The decision is time sensitive, as the funds must be encumbered by December 31, 2024 and spent by December 31, 2026. As other communities are also establishing similar groups to decide how to spend ARPA funds, the Subcommittee can get additional data from other towns as their proposals get approved or disapproved. Any projects that are not clearly Other organizations, such as MMA, can provide updates and resources. On a motion by Ms. Borawski, and seconded by Ms. Downing, the Finance Committee voted 8-0-0 to modify the proposed Finance Committee Subcommittee by changing Chair to member . Roll call vote: Jackie McCarthy-Yes, Mark Zarrow-Yes, Geoffrey Coram-Yes, Marianne Downing-Yes, Joe McDonagh-Yes, Eric Burkhart-Yes, Jeanne Borawski- Yes, Ed Ross-Yes. A motion was made by Ms. Borawski, and seconded by Mr. McDonagh, to change the name of the proposed subcommittee to the Finance Committee ARPA Subcommittee. The Committee continued discuss the potential for the subcommittee to evolve to address free cash and capital projects. Ms. Borawski then suggested that the Committee could vote the group into existence to determine the use of ARPA funds, and remain open to changing the name of the subcommittee, as the document and the scope may continue to change as the group conducts their work. Ms. Borawski then withdrew her motion. On a motion by Ms. Borawski, and seconded by Mr. Burkhart, the Finance Committee voted 8-0-0 to create a subcommittee of the Finance Committee, whose primary focus will be to identify and recommend the use of ARPA funds, consisting of three Finance Committee members, two School Committee members, and two Select Board members, with the support of Town staff including the School Superintendent, School Finance Director, Town Manager, and Town Accountant. Roll call vote: Jackie McCarthy-Yes, Mark Zarrow-Yes, Geoffrey Coram-Yes, Marianne Downing-Yes, Joe McDonagh-Yes, Eric Burkhart-Yes, Jeanne Borawski- Yes, Ed Ross-Yes. Page | 2 Mr. Ross stated that the Finance Committee will vote its representatives at the next meeting. He will contact the School Committee and Select Board Chairs to ask that they vote their representatives by January so the subcommittee can begin its work in late January or early February. Approve Meeting Minutes: Financial Forum October 20, 2021: On a motion by Ms. Borawski, and seconded by Mr. Burkhart, the Finance Committee voted 8-0-0 to approve the meeting minutes of October 20, 2021 as presented. Roll call vote: Mark Zarrow-Yes, Geoffrey Coram-Yes, Jackie McCarthy-Yes, Marianne Downing-Yes, Joe McDonagh-Yes, Eric Burkhart-Yes, Jeanne Borawski- Yes, Ed Ross-Yes. Mr. Ross stated that he would like to discuss updating the Finance Committee information on the website at the next meeting. On a motion by Ms. Borawski, and seconded by Ms. Downing, the Finance Committee voted 8-0-0 to adjourn at 8:53 pm. Roll call vote: Mark Zarrow-Yes, Geoffrey Coram-Yes, Jackie McCarthy-Yes, Marianne Downing-Yes, Joe McDonagh-Yes, Eric Burkhart-Yes, Jeanne Borawski- Yes, Ed Ross-Yes. Page | 3