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Home My WebLink About2023-01-18 Finance Committee Packet Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Finance Committee Date: 2023-01-18Time: 6:00PM Building: Reading Town Hall Location: Select Board Meeting Room Address: 16 Lowell StreetAgenda: Purpose:General Business Meeting Called By:Jacquelyn LaVerde on behalf of Chair Ed Ross Notices and agendas are to be posted 48 hours in advance of themeetings excluding Saturdays, Sundays and Legal Holid 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 in-person in the Town Hall Select Board Meeting Room, remotely via Zoom, and will be streamed on RCTV. Join Zoom Meeting https://us06web.zoom.us/j/86118065788 Meeting ID: 861 1806 5788 One tap mobile +16465189805,,86118065788# US (New York) +16465588656,,86118065788# US (New York) Dial by your location +1 646 518 9805 US (New York) +1 646 558 8656 US (New York) Meeting ID: 861 1806 5788 Find your local number: https://us06web.zoom.us/u/kbQpJQjrLs AGENDA: Liaison Reports Presentation by Town Accountant and Discussion on the FY2024 Spending Scorecard and Financial Forecast Approval of Previous Minutes Future Meeting Agenda Items 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 0.6% 2.2%4.5%0.7%0.1%1.2%1.5%1.1%0.2%0.7%0.1%9.8%0.5%2.3%0.7%0.5%0.1%1.5%1.2%0.3%2.7%0.3%5.9%5.5%0.3%0.5%0.0% % 22.7%24.8%39.7%12.2%99.4% 15.2% Total Grand % 3.3% 4.3%2.7%1.4%4.0%0.0%0.8%4.3%5.0%2.2%4.3%3.5%2.9%4.8%0.0%3.8%3.0%4.8%1.9%4.3%2.4%0.0% 3.5%4.1%4.0%2.5%4.0% -4.5%-1.8%-2.2%-0.5% -1.9% 15.9%10.7% chng -39.9% votes FINCOM $37,000 $904,800 $200,000 $302,000 $931,750 $159,150 $728,151 $950,700 $675,000 $135,000 $406,875 $369,650 $470,325 $622,000 $799,555 $2,963,000 $6,066,806 $1,664,175 $2,102,460 $1,429,100 $3,106,600 $2,034,250 $1,698,150 $3,633,780 $7,973,000 $7,508,425 $20,682,688 $13,307,475 $54,006,623 Finance $16,610,750135,068,933 Committee FY24 Budget $ $ 30,817,294 $ 33,634,266 $ 118,458,183 $ 119,257,738 $37,000 799,555 FY24 Spending Scorecard $904,800 $200,000 $302,000 $931,750 $159,150 $728,151 $950,700 $675,000 $135,000 $406,875 $369,650 $470,325 $622,000 Town $2,963,000 $6,066,806 $1,664,175 $2,102,460 $1,429,100 $3,106,600 $2,034,250 $1,698,150 $3,633,780 $7,973,000 $7,508,425 Manager$20,682,688 $13,307,475 $54,006,623 $16,610,750135,068,933 FY24 Budget $ $ $ 30,817,294 $ 33,634,266 $ 118,458,183 $ 119,257,738 % 2.2%4.5%0.7%0.2%1.3%1.5%1.1%0.2%0.7%0.1%9.7%0.5%2.3%0.7%0.5%0.1%1.5%1.2%0.3%2.5%0.3%6.2%5.6%0.6%0.5%0.0% 0.6% 15.1%22.6%24.6%39.4%86.5%87.1%12.9%99.4% Total Grand $37,000 780,054 $870,000 $200,000 $260,500 $887,050 $155,650 $703,250 $907,200 $675,000 $130,000 $399,450 $376,550 $782,325 $625,250 $2,886,000 $5,983,550 $1,651,475 $2,015,600 $1,497,150 $3,019,925 $1,975,000 $1,619,850 $3,283,600 $8,151,447 $7,332,050 revised $19,837,500 $12,759,675 $51,783,363 $16,928,072130,805,410 FY23 Budget $ $ $ 29,777,050 $ 32,316,925 $ 113,877,338 $ 114,657,392 Total Shared Costs Total Municipal Gov't CategoryBenefitsCapitalDebt serviceEducation - VocationalFinance Committee ReservesAdministrative Svcs wagesAdministrative Svcs expensesPublic Services wagesPublic Services expensesFinance wagesFinance expensesPublic Safety wagesPublic Safety expensesPublic Works wagesPublic Works expensesPublic Works Snow & IcePublic Works Street LightsPublic Works RubbishLibrary wagesLibrary expensesCore FacilitiesTown BuildingsSchool DepartmentVOTED GENERAL FUND State Assessments TOTAL Water Enterprise FundSewer Enterprise FundStorm Water Enterprise FundPEG Access Enterprise FundLandfill Enterprise Fund TOTAL ENTERPRISE FUNDSGRAND TOTAL VOTED LineB99C99D99E99F99G91G92H91H92I91I92J91J92K91K92K93K94K95L91L92M91M92U99W99X99Y99Z99ZZ9 3.20%3.85%4.00%3.00%3.00% Town of Reading Budget Summary One YrOne YrOne YrOne YrOne Yr 1/4/23 6:36 PMFinalChngProjectedChngProjectedChngProjectedChngProjectedChng No.FY22FY22FY23FY23FY24FY24FY25FY25FY26FY26 Revenues A1Total Property Taxes81,570,1634.5%84,397,9513.5%87,348,4193.5%89,158,5642.1%91,150,8362.2% A2Total Other Local Revenues6,995,000-2.6%7,790,00011.4%8,775,00012.6%9,480,0008.0%9,970,0005.2% A3Total Intergov't Revenues14,777,4711.6%15,165,8832.6%15,545,0302.5%15,933,6562.5%16,331,9972.5% A4Total Transfers & Available3,882,684-3.4%4,178,6577.6%4,309,2893.1%4,332,4800.5%4,394,6351.4% A98Revs before Free Cash$ 107,225,3183.28%$ 111,532,4914.02%$ 115,977,7383.99%$ 118,904,7002.52%$ 121,847,4682.47% A5Free Cash2,640,05226.8%2,539,000-3.8%2,580,0001.6%2,750,0006.6%2,850,0003.6% A6Extra for Capital760,0000.0%686,000-9.7%700,0002.0%750,0007.1%0-100% A99Net Available Revenues$ 110,625,3704.46%$ 114,757,4913.74%$ 119,257,7383.92%$ 122,404,7002.64%$ 124,697,4681.87% Accommodated Costs B Benefits19,088,5343.6%19,837,5003.9%20,682,6884.3%21,762,6665.2%22,917,3305.3% C Capital3,955,00071.6%3,086,000-22.0%2,963,000-4.0%3,009,5001.6%2,994,000-0.5% Debt (inside levy)1,963,844-8.5%3,250,95865.5%3,380,6944.0%3,538,3384.7%2,958,275-16.4% D Debt (excluded)2,792,043-2.0%2,727,408-2.3%2,686,112-1.5%1,279,700-52.4%0-100.0% E Energy2,010,5500.5%2,035,0001.2%2,290,50012.6%2,561,21811.8%2,657,9393.8% F Financial1,010,000-1.9%1,092,0008.1%1,132,0003.7%1,157,0002.2%1,182,0002.2% G Education - Out of district5,446,2502.3%5,580,0002.5%5,803,2004.0%6,035,3284.0%6,276,7414.0% H Education - Vocational788,00043.3%870,00010.4%904,8004.0%1,140,99226.1%1,186,6324.0% J Miscellaneous3,340,650-5.6%3,430,0542.7%3,508,8052.3%3,589,8222.3%3,698,1693.0% K Community Priorities150,0000.0%00.0%150,0000.0%150,0000.0%150,0000.0% L1Accommodated Costs$ 40,544,8713.72%$ 41,908,9203.36%$ 43,501,7993.80%$ 44,224,5641.66%$ 44,021,086-0.46% L2Net Accommodated Costs$ 40,544,8713.72%$ 41,908,9203.36%$ 43,501,7993.80%$ 44,224,5641.66%$ 44,021,086-0.46% $ 9,229$ 3,022$ 1,610$ 2,500 Operating Costs OC1Municipal Gov't Operating 23,888,3743.20% 25,262,9393.85% 26,457,5374.00% 27,251,2633.00% 28,069,9313.00% adjustments 438,000 177,000 1,097 adjustments (EF+RF) 1,150,7273.20% 1,196,0403.94% 1,243,8824.00% 1,281,1993.00% 1,319,6353.00% TOTAL Muni Govt OPER 25,477,1015.01% 26,635,9794.55% 27,701,4194.00% 28,533,5583.00% 29,389,5653.00% OC2School Operating 44,249,7483.20% 45,953,3633.85% 48,051,4984.00% 49,493,0423.00% 51,134,3173.00% adjustments 250,000 151,925 150,000 TOTAL School OPER 44,249,7483.20% 46,203,3634.41% 48,051,4984.00% 49,644,9683.32% 51,284,3173.30% OC4Operating Budgets$ 69,726,8493.85%$ 72,839,3434.46%$ 75,752,9164.00%$ 78,178,5263.20%$ 80,673,8823.19% Municipal Gov't Operating36.5%36.6%36.6%36.5%36.4% School Operating63.5%63.4%63.4%63.5%63.6% TOTAL SPENDING$ 110,271,7193.80%$ 114,748,2634.06%$ 119,254,7153.93%$ 122,403,0902.64%$ 124,694,9681.87% ` Muni Govt OPER$ 25,477,1015.01%$ 26,635,9794.55%$ 27,701,4194.00%$ 28,533,5583.00%$ 29,389,5653.00% Muni Govt ACCOM$ 5,401,050-2.41%$ 5,577,0003.26%$ 5,931,7506.36%$ 6,288,4956.01%$ 6,498,0753.33% Muni Govt TOTAL$ 30,878,1513.63%$ 32,212,9794.32%$ 33,633,1694.41%$ 34,822,0533.53%$ 35,887,6403.06% School OPER$ 44,249,7483.20%$ 46,203,3634.41%$ 48,051,4984.00%$ 49,644,9683.32%$ 51,284,3173.30% School ACCOM$ 5,446,2502.28%$ 5,580,0002.46%$ 5,803,2004.00%$ 6,035,3284.00%$ 6,276,7414.00% School TOTAL$ 49,695,9983.10%$ 51,783,3634.20%$ 53,854,6984.00%$ 55,680,2963.39%$ 57,561,0583.38% ATown of ReadingOne YrOne YrOne YrOne YrOne Yr Revenues - Details ProjectedChngProjectedChngProjectedChngProjectedChngProjectedChng No.1/4/23 6:36 PMFY22FY22FY23FY23FY24FY24FY25FY25FY26FY26 Property Taxes Tax levy (within levy limit)77,955,8523.9%81,558,7664.6%84,536,3013.7%87,623,4593.7%90,941,5453.8% New Growth$ 1,613,676 66.8%$ 915,674-43.3%950,0003.7%1,100,00015.8%1,075,000-2.3% Tax levy (debt exclusion) 2,784,925-2.2% 2,727,408-2.1% 2,686,112-1.5% 1,279,700-52.4% --100.0% Abatements and exemptions(784,290)4.7%(803,897)2.5%(823,995)2.5%(844,595)2.5%(865,709)2.5% A1Total Property Taxes81,570,1634.5%84,397,9513.5%87,348,4193.5%89,158,5642.1%91,150,8362.2% Other Local Revenues Motor Vehicle Excise3,750,0001.4%$ 3,945,0005.2%4,180,0006.0%4,480,0007.2%4,675,0004.4% Meals Tax365,00046.0%$ 440,00020.5%515,00017.0%560,0008.7%585,0004.5% Penalties/interest on taxes200,00025.0%$ 270,00035.0%325,00020.4%355,0009.2%380,0007.0% Payments in lieu of taxes375,000-2.6%$ 400,0006.7%435,0008.7%465,0006.9%475,0002.2% Charges for services1,870,000-6.5%$ 2,125,00013.6%2,300,0008.2%2,475,0007.6%2,650,0007.1% Licenses & permits125,000-10.7%$ 165,00032.0%180,0009.1%195,0008.3%215,00010.3% Fines30,000-60.0%$ 80,000166.7%100,00025.0%110,00010.0%125,00013.6% Interest Earnings200,000-46.7%$ 235,00017.5%585,000148.9%675,00015.4%700,0003.7% Medicaid Reimbursement80,000-20.0%$ 130,00062.5%155,00019.2%165,0006.5%165,0000.0% A2Total Other Local Revenues6,995,000-2.6%7,790,00011.4%8,775,00012.6%9,480,0008.0%9,970,0005.2% Intergovernmental Revenue State Aid$ 14,777,4711.6%15,165,8832.6%15,545,0302.5%15,933,6562.5%16,331,9972.5% A3Total Intergov't Revenues14,777,4711.6%15,165,8832.6%15,545,0302.5%15,933,6562.5%16,331,9972.5% Operating Transfers and Available Funds Cemetery sale of lots25,0000.0%25,0000.0%25,0000.0%25,0000.0%25,0000.0% RMLD payment2,300,000-6.8%2,527,4429.9%2,587,0002.4%2,575,000-0.5%2,600,0001.0% Enterprise Fund Support1,150,7273.2%1,196,0403.9%1,243,8824.0%1,281,1993.0%1,319,6353.0% School Revolving Funds100,000100%100,0000.0%100,0000.0%100,0000.0%100,0000.0% Premiums Reserve for Debt6,957-20%5,175-26%3,407-34%1,281-62%0-100% Overlay surplus300,000-14.3%325,0008.3%350,0007.7%350,0000.0%350,0000.0% A4Total Transfers & Available3,882,684-3.4%4,178,6577.6%4,309,2893.1%4,332,4800.5%4,394,6351.4% OPERATING REVENUES107,225,3183.28%111,532,4914.02%115,977,7383.99%118,904,7002.52%121,847,4682.47% A5Free Cash3,400,05263.3%3,225,000-5.1%3,280,0001.7%3,350,0002.1%2,600,000-22.4% TOTAL REVENUES110,625,3704.46%114,757,4913.74%119,257,7383.92%122,254,7002.51%124,447,4681.79% Town of Reading Acc. Costs - Summary One YrOne YrOne YrOne YrOne Yr 1/4/23 6:36 PMProjectedChngProjectedChngProjectedChngProjectedChngProjectedChng No.FY22FY22FY23FY23FY24FY24FY25FY25FY26FY26 BBenefits 19,088,534 3.6% 19,837,500 3.9% 20,682,688 4.3% 21,762,666 5.2% 22,917,330 5.3% CCapital 3,955,000 3,086,000 2,963,000 3,009,500 2,994,000 Debt (inside levy) 1,963,844 33.0% 3,250,958 7.1% 3,380,694 0.1% 3,538,338 3.2% 2,958,275-9.1% DDebt (excluded) 2,791,882 2,727,408 2,686,112 1,279,700 - EEnergy 2,010,550 0.5% 2,035,000 1.2% 2,290,500 12.6% 2,561,218 11.8% 2,657,939 3.8% FFinancial 1,010,000-1.9% 1,092,000 8.1% 1,132,000 3.7% 1,157,000 2.2% 1,182,000 2.2% GEducation - Out of district 5,446,250 2.3% 5,580,000 2.5% 5,803,200 4.0% 6,035,328 4.0% 6,276,741 4.0% HEducation - Vocational 788,000 43.3% 870,000 10.4% 904,800 4.0% 1,140,992 26.1% 1,186,632 4.0% JMiscellaneous 3,340,650-5.6% 3,430,054 2.7% 3,508,805 2.3% 3,589,822 2.3% 3,698,169 3.0% KCommunity Priorities$ 150,000$ 150,000$ 150,000$ 150,000 TOTAL Accomm. COSTS$ 40,544,7103.7%$ 41,908,9203.4%$ 43,501,7993.8%$ 44,224,5641.7%$ 44,021,086-0.5% Town of ReadingOne YrOne YrOne YrOne YrOne Yr Acc. Costs - Details ProjectedChngProjectedChngProjectedChngProjectedChngProjectedChng BFY22FY22FY23FY23FY24FY24FY25FY25FY26FY26 B1Contributory Retirement5,568,5346.5%$ 5,785,5003.9%6,140,0006.1%6,539,1006.5%6,964,1426.5% B3OBRA fees & OPEB study40,0000.0%$ 40,0000.0%40,0000.0%40,0000.0%40,0000.0% B4OPEB contribution100,0000%$ 500,000400.0%500,0000.0%500,0000.0%500,0000.0% B5Workers Compensation375,0006.5%$ 385,0002.7%390,0001.3%400,0002.6%405,0001.3% B6Unemployment Benefits75,000-21.1%$ 75,0000.0%75,0000.0%80,0006.7%85,0006.3% B7Group Health / Life Ins.11,800,0002.7%$ 11,922,0001.0%12,397,6884.0%13,048,5665.3%13,753,1895.4% B8Medicare / Social Security1,000,0001.3%$ 1,000,0000.0%1,005,0000.5%1,015,0001.0%1,025,0001.0% B9Police / Fire Indemnification130,0001.6%$ 130,0000.0%135,0003.8%140,0003.7%145,0003.6% B99Acc. Costs - Benefits$ 19,088,5343.6%$ 19,837,5003.9%$ 20,682,6884.3%$ 21,762,6665.2%$ 22,917,3305.3% C99Acc. Costs - Capital$ 3,955,00071.6%$ 3,086,000-22.0%$ 2,963,000-4.0%$ 3,009,5001.6%$ 2,994,000-0.5% D1Debt Service - Principal 4,085,000-1.7% 4,919,00020.4% 5,220,0006.1% 3,900,000-25.3% 2,200,000-43.6% D2Debt Service - Interest 670,726-19.2% 1,059,36657.9% 846,806-20.1% 918,0388.4% 758,275-17.4% D3Excluded debt (2,791,882)-2.0% (2,727,408)-2.3% (2,686,112)-1.5% (1,279,700)-52.4% --100.0% Total Included Debt$ 1,963,844-8.1%$ 3,250,95865.5%$ 3,380,6944.0%$ 3,538,3384.7%$ 2,958,275-16.4% Premiums for general fund$ --100%$ -#DIV/0!$ -#DIV/0!$ -#DIV/0!$ -#DIV/0! D99Acc. Costs -Debt$ 4,755,726-4.8%$ 5,978,36625.7%$ 6,066,8061.5%$ 4,818,038-20.6%$ 2,958,275-38.6% E1Street Lighting (DPW)150,0003.4%$ 130,000-13.3%135,0003.8%140,0003.7%145,0003.6% E2Electricty (FacCORE)873,000-0.2%$ 890,0001.9%1,080,00021.3%1,112,4003.0%1,156,8964.0% E3Natl Gas (FacCORE)635,0000.0%$ 650,0002.4%676,0004.0%899,08033.0%935,0434.0% E4Water/Sewer (FacCORE)187,5504.2%$ 200,0006.6%209,5004.8%214,7382.5%221,0002.9% E6Fuel - vehicles (DPW)165,0000.0%$ 165,0000.0%190,00015.2%195,0002.6%200,0002.6% E99Acc. Costs - Energy$ 2,010,5500.5%$ 2,035,0001.2%$ 2,290,50012.6%$ 2,561,21811.8%$ 2,657,9393.8% F1Casualty Ins (AD SVC)660,00017.9%$ 767,00016.2%787,0002.6%807,0002.5%827,0002.5% F2Vet's Assistance (PUB SVC)150,000-11.8%$ 125,000-16.7%$ 145,00016.0%$ 150,0003.4%$ 155,0003.3% F3FINCOM Reserve Fund200,000-33.3%$ 200,0000.0%200,0000.0%200,0000.0%200,0000.0% F99Acc. Costs - Financial$ 1,010,000-1.9%$ 1,092,0008.1%$ 1,132,0003.7%$ 1,157,0002.2%$ 1,182,0002.2% G1SPED transp OOD (Sch)1,391,2505.0%$ 1,035,000-25.6%1,076,4004.0%1,119,4564.0%1,164,2344.0% G2aSPED tuition OOD (Sch)5,355,0005.0%$ 5,575,0004.1%5,798,0004.0%6,029,9204.0%6,271,1174.0% G2bSPED contingency$ 470,000100.0%488,8004.0%508,3524.0%528,6864.0% G3SPED offsets OOD (Sch)(1,300,000)18.2%$ (1,500,000)15.4%(1,560,000)4.0%(1,622,400)4.0%(1,687,296)4.0% G99Acc. Costs - OOD SPED$ 5,446,2502.3%$ 5,580,0002.5%$ 5,803,2004.0%$ 6,035,3284.0%$ 6,276,7414.0% H1Voc School - NERMVS572,00025.7%$ 640,00011.9%665,6004.0%892,22434.0%927,9134.0% H2Voc School - Minute Man46,00031.4%$ 50,0008.7%52,0004.0%54,0804.0%56,2434.0% Voc School - Essex North170,000183.3%$ 180,0005.9%187,2004.0%194,6884.0%202,4764.0% H99Acc. Costs - Vocational$ 788,00043.3%$ 870,00010.4%$ 904,8004.0%$ 1,140,99226.1%$ 1,186,6324.0% J1Rubbish (DPW) 1,905,5003.0%$ 1,975,0003.6% 2,034,2503.0% 2,095,2783.0% 2,158,1363.0% J2Snow and Ice Control (DPW) 675,0000.0%$ 675,0000.0% 675,0000.0% 675,0000.0% 700,0003.7% J3State Assessments760,1503.4%$ 780,0542.6%799,5552.5%819,5442.5%840,0332.5% Cemetery (DPW) J99Acc. Costs - Misc.$ 3,340,650-5.6%$ 3,430,0542.7%$ 3,508,8052.3%$ 3,589,8222.3%$ 3,698,1693.0% Town of Reading Meeting Minutes 2016-09-22 LAG Board -Committee -Commission -Council: Finance Committee Date: 2022-10-19Time: 7:00PM Building: Reading Town Hall Location: Select Board Meeting Room Address: 16 Lowell StreetSession: Open Session Purpose: General BusinessVersion: Draft Attendees:Members -Present: Chair Ed Ross, Vice Chair Jeanne Borawski, Joe Carnahan, Geoffrey Coram, Marianne Downing, Joe McDonagh(remote), Emily Sisson, Mark Zarrow (remote) Members -Not Present: Others Present: Town Manager Fidel Maltez, Town Accountant Sharon Angstrom(remote), Assistant Town Manager Jean Delios (remote) Minutes Respectfully Submitted By:Jacquelyn LaVerde Topics of Discussion: This meeting was held in-person at Town Hall in the Select Board Meeting Room, and remotely via Zoom. Chair Ed Ross called the meeting to order at 7:00 pm. Liaison Reports: Marianne Downing shared that the Reading ARPA AdvisoryCommittee (RAAC) completed its th work on October 12. The Select Board should be taking theirfinal votes at their meeting th on October 25. She noted the many thingslearned from all of the requests, and many unmet needs of the Town. Emily Sissonstated that she attendedall of theKillamSchool BuildingCommittee meetings andyesterdaysRecreation Committee meeting. The pickleball community is forming a 501c3 organization so that they canstartfundraisingto getpickleballcourts built. Vote on Recommendations/Guidance for FY24 Budget: Town Accountant Sharon Angstrom shared that she expects Free Cash to be certified in time for November Town Meeting, andestimates that it will be $19.8 million. She reviewed the presentation shared at the Financial Forum, which included figures using different amounts of free cash, sources of revenue, sustainable and not-sustainable revenue, regeneration, and past free cash use. Followingalengthy discussion, the Finance Committee agreed that 3.75% was an appropriate amount of Free Cash to use to support the upcoming budget. On a motion by Jeanne Borawski, andseconded by Joe Carnahan, the Finance Committee voted 8-0-0 to instruct the Town Accountant tomove forward building the FY24 budgetusing$3.28 million inFree Cash, which represents 3.75% increase tothe operating budget, with the assumption that $700,000 is directed at extra Capitalover and above the 5% minimum FINCOM policy. Page | 1 Roll Call Vote: Mark Zarrow Yes,Joe McDonagh Yes,Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Vote on Warrant Articles for November Town Meeting: Article 3: Amend the FY23 Capital Plan. Ms. Angstrom and Mr. Maltez reviewed proposed changes to the current FY23 Capital Plan. On a motion by Jeanne Borawski, and seconded by Marianne Downing, the Finance Committee voted 8-0-0 to recommend Article 3 to Town Meeting as presented. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report to Town Meeting assigned to Mark Zarrow. Article 4: Amend the FY23 Budget. Ms. Angstrom reviewed the proposed amendments to the current FY23 budget. On a motion by Jeanne Borawski, and seconded by Emily Sisson, the Finance Committee voted 8-0-0 to recommend the subject matter of Article 4 to Town Meeting. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report to Town Meeting assigned to Joe McDonagh. Article 5: Prior Years Bills. Mr. Maltez stated that the article will be tabled, as there are no prior years bills. Article 6: Affordable Trust Fund. Mr. Maltez reviewed the instructional motion from April Town Meeting to update the Affordable Housing Trust Fund. This article proposes to repeal the special act approved in 2001, create a new affordable trust fund in accordance with MGL, and adopt a new bylaw. On a motion by Jeanne Borawski, and seconded by Joe Carnahan, the Finance Committee voted 8-0-0 to recommend the substance of Article 6 as presented to Town Meeting. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report to Town Meeting assigned to Joe Carnahan. Article 3: Ms. Angstrom requested that the Committee revote Article 3, to correct some figures presented earlier in the meeting. On a motion by Jeanne Borawski, and seconded by Emily Sisson, the Finance Committee voted 8-0-0 to reconsider Article 3. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. On a motion by Jeanne Borawski, and seconded by Emily Sisson, the Finance Committee voted 8-0-0 to recommend the subject matter of Article 3 as presented with corrections by Town Accountant Sharon Angstrom to Town Meeting. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Article 7: Feasibility Study for Killam Elementary School. Mr. Maltez reviewed the request for $2.2 million from Free Cash to fund a feasibility study to build a new Killam Elementary School, as voted on by the School Committee. On a motion by Jeanne Borawski, and seconded by Marianne Downing, the Finance Committee voted 8-0-0 to recommend the subject matter of Article 7 to Town Meeting. Page | 2 Roll call vote: Mark Zarrow Yes,Joe McDonagh Yes,Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report to Town Meeting assigned to Marianne Downing. Article 9: Senior Tax Exemptions. This article renews the version approved in 2019. On a motion by Jeanne Borawski, and seconded by Emily Sisson, the Finance Committee voted 8-0-0 to recommend Article 9 to Town Meeting. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report to Town Meeting assigned to Jeanne Borawski. Article 14: Upgrade water mains. Mr. Maltez explained that the article seeks approval for a no-interest loan from the MWRA to upgrade water mains. On a motion by Jeanne Borawski, and seconded by Joe McDonagh, the Finance Committee voted 8-0-0 to recommend Article 14 to Town Meeting. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report to Town Meeting assigned to Emily Sisson. Article 15: Maillet Sommes Morgan stormwater project. Mr. Maltez stated that the Town received a $2.1 million grant from the Municipal Vulnerability Preparedness (MVP) grant, which requires a 25% match. The Town is waiting to hear whether it will receive a federal earmark toward the project. This article requests authorization to borrow $1 million for the project. On a motion by Jeanne Borawski, and seconded by Marianne Downing, the Finance Committee voted 8-0-0 to recommend the subject matter of Article 15 to Town Meeting as presented. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report to Town Meeting assigned to Geoffrey Coram. Article 16: Haven Street design. This article seeks $750,000 to bring the design to 100% completion for an Economic Development project to improve Haven Street with wider sidewalks, pedestrian lighting, and congregation space. Getting this approved enables the Town to meet MBTA communities guidelines to qualify for MassWorks Grants. Ms. Downing expressed concern about the timing on this article, as there are a lot of other ongoing and upcoming development projects that may impact this project after the design is completed. On a meeting by Jeanne Borawski, and seconded by Emily Sisson, the Finance Committee voted 7-1-0 to recommend Article 16 to Town Meeting. Roll call vote: Mark Zarrow Yes, Joe McDonagh Yes, Joe Carnahan Yes, Marianne Downing No, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report assigned to Ed Ross. Article 17 for replacement of the Parker Middle School roof will be tabled, as it is no longer needed. Article 18: Smart Growth Stabilization Fund. There is currently $503,000 from funds received from 2008 through 2015. This article seeks to transfer $414,000 from Free Cash from funds received from Postmark Square, Ace Flats, Rise 475, and 14 Chapin Avenue Smart Growth developments. The money from the Smart Growth Stabilization fund can be used only for capital expenditures. On a motion by Jeanne Borawski, and seconded by Joe Carnahan, the Finance Committee voted 8-0-0 to recommend Article 18 to Town Meeting. Page | 3 Roll call vote: Mark Zarrow Yes,Joe McDonagh Yes,Joe Carnahan Yes, Marianne Downing Yes, Jeanne Borawski Yes, Emily Sisson Yes, Geoffrey Coram Yes, Ed Ross Yes. Mr. Maltez explained that Article 19, for the purchase the former Walgreens property, and Article 22, for Green Communities, are expected to be tabled by the Select Board and will not be presented. Financial Forum II and Future Meeting Agendas: Topics that will be discussed at the upcoming Financial Forum include: RAAC recommendations and summary of unfunded requests and other Town needs, reimbursement rates for the Killam School, update on Reading Center for Active Living Committee (ReCALC) study, and discussion on creating a Capital Improvement Committee. Approve 9/21 Meeting Minutes: Jeanne Borawski made a motion to approve the meeting minutes of September st 21, 2022, which was seconded by Ed Ross. Language indicating the RAAC was called to order was stricken from the draft of the minutes, as RAAC was not posted, it could not be called to order, and RAAC members present did not engage in RAAC relevant discussion. On said motion, and duly seconded, the Finance Committee voted 8-0-0 to approve st the meeting minutes of September 21, 2022 as amended. On a motion by Emily Sisson, and seconded by Joe Carnahan, the Finance Committee voted 8-0-0 to adjourn at 10:11 pm. Page | 4 Town of Reading Meeting Minutes 2016-09-22 LAG Board -Committee -Commission -Council: Finance Committee Date: 2020-10-26Time: 7:00PM Building: School - Memorial HighLocation: School Library Address: 62 Oakland RoadSession: Open Session Purpose: Financial ForumVersion: Draft Attendees:Members -Present: Emily Sisson, Mark Zarrow, Joe McDonagh, Jeanne Borawski, Marianne Downing, Joe Carnahan Members -Not Present: Ed Ross, Geoffrey Coram Others Present: Town Manager Fidel Maltez, Town Accountant Sharon Angstrom, Mark Dockser, Chris Haley, John O'Neil, Tom Wise,Sue Bottan, Dr. Milaschewski, Carla Nazarro, Erin Gaffen, Jackie McCarthy, Karen Herrick Minutes Respectfully Submitted By:Executive Assistant Caitlin Nocella Topics of Discussion: ŷźƭ ƒĻĻƷźƓŭ Ǟğƭ ŷĻƌķ źƓ ƦĻƩƭƚƓ ğƓķ ƩĻƒƚƷĻƌǤ ǝźğƚƚƒ͵ Free Cash/ Budget Guidance Update Town Accountant Sharon Angstrom noted last week FINCOM met and discussed free cash and voted to use $3.28M tokeep a 3.75% operating budget increase.$700,000 would be used for Capital exclusively. She has now begun building the salary predictions based on this guidance. Reading ARPA Advisory Committee Update Marianne Downing gave a presentation on RAAC. The Select Board formed the RAAC to give guidance to on how to distribute over $7M in ARPA grant money the town received.The advisory committee is set to sunset in December,and they have completed theirwork. They conducted surveys and heard presentations and requests for the money. The full presentation with more details about theexact requests and payouts can be found in the FINCOM packeton the Townwebsite. The School Committee called to order at 7:22 PM. Jeanne Borawskithanked RAAC for all their workand Chris Haley thanked Marianne Downing specifically for all her time and effort on the committee as well. Reading Center for Active Living (ReCalc) Update Page | 1 John ONeill, Chair of ReCalc, gave an update and presentation on ReCalc and their work thus far. You can find the presentation in the FINCOM packet located on the town website. The Select Board called to order at 7:43 PM. Jean Delios then shared some preliminary results to the ReCalc survey. The presentation can be found in the FINCOM packet on the town website. Killam Funding & Reimbursement Discussion Jeanne Borawski noted that at the last FINCOM meeting the committee voted unanimously to support the use of $2.2M out of free cash to do a feasibility study in moving forward with the MSBA process. Dr. Milaschewski was hoping to discuss what a presentation should look like to town meeting to explain this process. There are three scheduled tours of the Killam School for Town Meeting members and the first one was held earlier tonight. Susan Bottan gave a presentation on what they believe the presentation to Town Meeting should include. This can be found in the FINCOM packet on the town website. They discussed, historically, how the reimbursement process works. Capital Improvement Committee Discussion The current process in place includes the Town Manager driving the process. This Committee could include members from various town boards to help with the priorities. It was noted staff still needs to be driving this, but it would be helpful to have some outside input. Marianne Downing noted this may need to be a Charter change for this to be a permanent committee. They will need to consult counsel for how to create this board. Tom Wise feels this can easily be accomplished with a designated financial forum about capital. Mark Dockser feels this is not just a once-a-year meeting, this should be a year-round conversation. Members agreed it would be helpful to hear from legal on their options and come back to this at a later date as this would be for next calendar year at this point anyway. ƚƒ źƭĻ ƒƚǝĻķ Ʒƚ ğķƆƚǒƩƓ ƷŷĻ {ĭŷƚƚƌ /ƚƒƒźƷƷĻĻ ğƷ ЊЉʹЊЏtaͳ ǞźƷŷ ğ ƭĻĭƚƓķ ŅƩƚƒ /ğƩƌğ bğǩǩğƩƚͲ ƷŷĻ ƒƚƷźƚƓ ƦğƭƭĻķ ǒƓğƓźƒƚǒƭƌǤ͵ /ŷƩźƭ IğƌĻǤ ƒƚǝĻķ Ʒƚ ğķƆƚǒƩƓ ƷŷĻ {ĻƌĻĭƷ .ƚğƩķ ğƷ ЊЉʹЊЏ taͳ ǞźƷŷ ğ ƭĻĭƚƓķ ŅƩƚƒ YğƩĻƓ IĻƩƩźĭƉͲ ƷŷĻ ƒƚƷźƚƓ ƦğƭƭĻķ ǒƓğƓźƒƚǒƭƌǤ͵ ağƩźğƓƓĻ 5ƚǞƓźƓŭ ƒƚǝĻķ Ʒƚ ğķƆƚǒƩƓ CźƓğƓĭĻ /ƚƒƒźƷƷĻĻ ğƷ ЊЉʹЊЏta͵ ŷĻ ƒƚƷźƚƓ Ǟğƭ ƭĻĭƚƓķĻķ ĬǤ WƚĻ /ğƩƓğŷğƓ ğƓķ ğƦƦƩƚǝĻķ ǒƓğƓźƒƚǒƭƌǤ͵ Page | 2