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Home My WebLink About2021-08-31 Finance Committee Financial Forum Packet Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Finance Committee Date: 2021-08-31Time: 7:00PM Building: Reading Public LibraryLocation: Community Room Address: 64 Middlesex AvenueAgenda: Revised Purpose:Financial Forum Meeting Called By:Jacquelyn LaVerde 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 notbe accepted. Topics of Discussion: This meeting will be held inperson and remotely via Zoom. It will also be streamed live on RCTVas usual.The public may participate either in person or via Zoom. Join Zoom Meeting https://us06web.zoom.us/j/83661949091 Meeting ID: 836 6194 9091 One tap mobile +16465588656,,83661949091# US (New York) +16465189805,,83661949091# US (New York) Dial by your location +1 646 558 8656 US (New York) +1 646 518 9805 US (New York) Meeting ID: 836 6194 9091 Find your local number: https://us06web.zoom.us/u/kb1RYa9QO8 AGENDA: Welcome: Introductions and Overview of Ross7:00 Financial Forum Meeting Review FINCOM Meeting ScheduleRoss7:10 Review Federal Grant FundingAngstrom7:15 Review Long Term Financial PlanningLeLacheur7:30 Review Updated Capital Plan & Current LeLacheur & 7:40 ProjectsAll Discuss Future Projects and Land UseAll8:20 Discuss September Town Meeting WarrantLeLacheur9:00 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 Town of Reading Meeting Posting with Agenda Vote to close Warrant for September 27 Select Board9:10 Special Town Meeting Vote Financial Warrant Articles for FINCOM9:20 September 27 Special Town Meeting Approval of Minutes: August 18, 2021FINCOM Meeting Wrap-UpRoss9:30 *Originally posted8/25/2021 12:00 pm. Revised 8/26/2021to add Approval of Minutes: August 18, 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 | 2 Town of Reading Meeting Minutes 2016-09-22 LAG Board -Committee -Commission -Council: Finance Committee Date: 2021-08-18Time: 7:30PM Building: Location: Address: Session: Open Session Purpose: General BusinessVersion: Draft Attendees:Members -Present: Chair Ed Ross, Jeanne Borawski, Geoffrey Coram, Marianne Downing, Jacqueline McCarthy, Joseph McDonagh, Andrew Mclauchlan, Mark Zarrow Members -Not Present: Eric Burkhart Others Present: Town Manager Bob LeLacheur, Town Accountant Sharon Angstrom, Christopher Haley, Chuck Robinson, Shawn Brandt Minutes Respectfully Submitted By:Jacquelyn LaVerde Topics of Discussion: This meeting was held remotely via Zoom. Chair Ed Ross called the meeting to order at 7:31 pm. Reorganization: Mr. Ross asked for nominations for Chair. On a nomination by Mr. Coram, and seconded by Ms. Borawski, the Finance Committee voted 8-0-0 to appointEd Ross as Chair. Roll call vote: Marianne Downing-Yes, Joe McDonagh-Yes, Jackie McCarthy-Yes, Geoffrey Coram-Yes, Mark Zarrow-Yes, Andrew Mclauchlan-Yes, Jeanne Borawski- Yes, Ed Ross-Yes. Mr. Ross then asked for nominations for Vice Chair. On a nomination by Mr. Coram, and seconded by Mr. Ross, the Finance Committee voted 8-0-0 to appoint Jeanne Borawski as Vice Chair. Roll call vote: Marianne Downing-Yes, Joe McDonagh-Yes, Jackie McCarthy-Yes, Geoffrey Coram-Yes, Mark Zarrow-Yes, Andrew Mclauchlan-Yes, Ed Ross-Yes, Jeanne Borawski-Yes. Liaison Assignments: Mr. Ross welcomed newly appointed members Jackie McCarthy and Geoffrey Coram to the Committee, then began the discussion for liaison assignments. He stated he hoped to begin meetings with updates to keep the Finance Committee more informed as a body, then asked all members if they had an interest in liaising for any specific boards or departments. Following discussion, liaisonswereassigned as: Jeanne Borawski: School Department and School Committee, Audit Committee Geoffrey Coram: School Department and School Committee Marianne Downing: Select Board, Public Services Department Page | 1 Jackie McCarthy: Permanent Building Committee, RMLD Joe McDonagh: Library and Library Trustees, Permanent Building Committee Andrew Mclauchlan: Select Board, RMLD Ed Ross: Audit Committee, School Department and School Committee, and Select Board Mark Zarrow: School Department and School Committee, Public Safety Department Mr. Ross stated that he would reach out to Mr. Burkhart when he returns from vacation to ask if he is still interested in continuing as liaison for DPW, Facilities, and Administrative Services. st DiscussAgenda for Financial Forum on August 31: Town Manager Bob LeLacheurstated that the Financial Forum was suggested by Select Board Chair Karen Herrick to discuss one-time expenses, that could be paid for with approximately $7.5 million in anticipated federal funds. Good use for one-time expenses can be capital, though not always, but it seemed like a good opportunity to review the Capital Plan, which is balanced against what the Finance Committee set a year ago. There are a number of projects on the Capital Plan that are mostly recreational and athletic. There is a small number of projects discussed in the community, for whichnot much cost or options have been discussed,such as a community garden and a community compost center. There are not yet clear guidelines on what the money can be spent on, or by when. Town Accountant Sharon Angstrom stated that there does not seem to be a clear definition yetof what the federal funds can be used for, but infrastructure seems to be a focus.She has attended trainings that highlights the intent of the funds, but does not have a conclusive list of what is included. But, she will continue to research approved uses of the fundsand provide an update at the Financial Forum. Mr. LeLacheur reviewed some projects that were prioritized with the School Department two years ago that include: itemson the Birch Meadow Master Plan, Coolidge field turf, and the field house floor and bleachers. All items would be good candidates for extra funding, but it would be helpful if the community could help prioritize the projects. Mr. LeLacheur stated that he would like advice on performance contracting. There is $4.5 million already in the budget to spend on school and town buildings. The expense is needed if Reading wants tojoin Green Communities. A requirement to join Green Communities is to have a plan to reduce energy consumption by 20%. Due to the first phase of performance contracting performed ten years ago, the Town already has a lower energy use. The necessary replacement of some boilers is already in the capital plan, but adding them to the Green Communities application will get a better price for the work. Though this is a difficult decision, as there are already costs guaranteed through December, and the breakeven for such improvements may not be realized for 15-20 years. Mr. LeLacheur will provide more information about Green Communities to the Committee prior to the Financial Forum. Other projects for consideration include: Police Station improvements, and the water tank project. Once theDispatchrenovations are complete, Police Station improvements will include the expansion space and the community room to provide more training space and provide a walk-in space for Public Health and the Coalition.The scope of the water tank project has increased, as there were more consulting hours than originally budgeted. There is already $4.5 million borrowed for the project, and it will need a second borrowing. Bids will be opened next month. Mr. LeLacheur stated that any of the projects discussed could be funded with the federal money. Though he thinks the Police Station improvements and Water Tower could go on the September Town Meeting warrant as a borrow article. The Committee briefly discussed the current volatility of material pricing and procurement, construction scheduling,supply chain, and availability of consultants when other municipalities will also be receiving funds for their projects. Page | 2 Another topic that will be discussed at the Financial Forum will be use of Town-owned land and needs and availability of land. Discuss FY22 Meeting Schedule: The Commission discussed scheduling around the upcoming Financial Forums, Special Town Meeting in September, and Subsequent Town Meeting in November and agreedto meet on the following dates: st August 31for Financial Forum I and vote on September Town Meeting Warrant Articles th September 13 th September 30to vote on November Town Meeting Warrant Articles thth October 20orOctober 27for Financial Forum II th November 4if needed st December 1if needed Minutes for Approval: June 23, 2021: Mr. Coram caught a spelling error in a name prior to the meeting (Healy was corrected to Haley). Ms. Borawski asked for clarification on the suggested liaison for the RetirementBoard. Ms. Angstrom noted that though she did not recall making the suggestion, a Finance Committee Liaison to the Retirement Board would not be a bad idea.Past member, Peter Lydecker had attended Retirement Board meetings when COLAs were discussed to get a better understanding. But following the Audit Committee discussion of the last meeting, Mr. Ross and Ms. Borawski agreed to speak about the liaison assignment offline. On a motion by Ms. Borawski, and seconded by Ms. Downing, the Finance Committee voted 6-0-1 to approve the meeting minutes of June 23, 2021. Roll call vote: Marianne Downing-Yes, Joe McDonagh-Yes, Jackie McCarthy-Yes, Geoffrey Coram-Abstain (as he was not a member of the Committee at the time of the meeting), Jeanne Borawski-Yes, Ed Ross-Yes. Andrew Mclauchlan left the meeting at 9:45 pm before this votetook place. On a motion by Ms. Borawski, and seconded by Mr. Coram, the Finance Committee voted 7-0-0 to adjourn at 9:59 pm. Roll call vote: Marianne Downing-Yes, Joe McDonagh-Yes, Jackie McCarthy-Yes, Geoffrey Coram-Yes, Mark Zarrow-Yes, Jeanne Borawski-Yes, Ed Ross-Yes. Page | 3