The URL can be used to link to this page

Home My WebLink About2024-06-26 Finance Committee Minutes �� Town of Reading ��,�� C� �R �i��='� Meeting Minutes � � �'. ��e� �3 � ,� i::: °°'` c � iiH 7: � Board - Committee - Commission - Council: Finance Committee Da[e: 202406-26 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 (remote), Vice Chair )oe Camahan, Geoffrey Coram, ]oe MCDonagh, Marianne McLaughlin-Downing, ]ohn Sullivan (remote), Mark Zarrow Members - Not Present: Endri Kume, Emily Sisson Others Present: Town Manager Matt Kraunelis, Chief Financial Officer Sharon Angs[rom, DPW Director Chris Cole, ]ack Devir (remote) Minutes Respectfully Submitted ey: ]acquelyn LaVerde 7opics 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 7:01 pm. Roll call a[tendan[e: Geoffrey Coram, Mark Zarrow, Joe Carnahan, Marianne MCLaughlin- Downing, Joe MCDonagh, lohn Sullivan (remote), Ed Ross (remote). Liaison Reoorts: Geoffrey Coram shared that the School Committee met last week, reviewed their end of year budget, and discussed how much they would retum to the Town, versus how much they would pu[ into prepaying special educa[ion [uition. They plan to retum somewhere between $50,000 and $75,000 to free cash. The Committee also reorganized, where Tom Wise was reelected as Chair. Vice Chair Erin Gaffen was not present for [he mee[ing, so [hey postponed voting for a new Vice Chair until the nex[ meeting so the Committee muld ask her whether she wants to be Vice Chair again. Mark Zarrow attended the Audit Committee for RMLD. RMLD has no debt and has an AA bond rating. They do no[ generate their own electricity, but hope to do so in the future, and may need to take on debt to accomplish tha[. ]oe Carnahan sta[ed that the Community Preservation Study Commi[tee has been meeting. The goal was to get the CPA on [he November ballot. However, the CPA Study Committee discussed other timetables, because November seems too aggressive. The CPA 5[udy Committee will be getting a presentation from the Community Preservation Coali[ion at their next meeting on ]uly 9°". Page I 1 Marianne McLaughlin-Downing stated that at their last meeting, the Select Board voted to raise water rates by 3J5°/, and sewer rates by 3°/. She also recapped [he Board's discussion of tiered water ra[es, where they op[ed to keep [he rates by a split 3-2 vote, and asked if the software can be adapted for multi-unit buildings. She noted that the Select Board is allowing the Symonds Way Exploratory Committee [o sunset, and converting the Reading Cen[er for Active Living Committee (ReCALC) to a building committee. John 5ullivan also noted that ReCALC will be sunsetting in favor of the building committee. CPDC is continuing work on MBTA Communi[ies, held a public hearing in June, and is planninq other enqagement dates in July. Ed Ross shared an update from [he Killam School euilding Committee. The Committee has engaged with an outside vendor to create educa[ional videos that describe [he MSBA process and [ailor it to the community. The project design team has provided nine different design scenarios The next benchmark is coming up in August. FINCOM Reserve Transfers: Chief Financial Officer Sharon Angstrom stated that she is requesting a $70,000 transfer from the Finance Committee Reserves. The request is precautionary, and the funds might no[ even be needed, but the request is to ensure some line items do not go into a deficit. There were some lines in DPW that were in a small deficit: $20,000 for Highway Pa[ch to fix po[hole5, and $25,000 for Highway PartS & Maintenance for repair5 to truCkS and vehide5. Most ezpenses are likely already encumbered, but Ms. Angstrom stated that she felt it would be sater to ask for the transter just in case there were any other unexpected expenses. Induded in the transfer request was $25,000 for Water Debt Service because funds were [emporarily borrowed for [he Aubum Street Water Tank, and they were not included on the debt schedule. However water has a lot of savings, and the request was still precau[ionary. If the funds are not needed, they will be re[urned to free cash. On a motion by ]oe Carnahan, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to approve the proposed request for the Finance Committee Fiscal Vear 2024 reserve transfer in the amount of $70,000 as presented. Roll call vote: Joe Carnahan - Ves, ]oe McDonagh - Yes, Mark Zarrow - Ves, Marianne MCLaughlin-Downing - Yes, Geoffrey Coram - Yes, ]ohn Sullivan - Yes, Ed Ross - Yes. Discuss FY25 Meetina Schedule: The Committee reviewed a drak meeting schedule for FY25. A similar Financial Forum addressing Town projects that was held in May will be held in September. The Committee will mee[ in July to reorganize. Mr. Ross asked [he Committee members what other items they would like [o address at future mee[in95. Sugqes[ed topics indude an update from RMLD, and an update on RCN and PEG payments. Suggested topics for Financial Forums indude a discussion on revenue projections and potential scenarios that migh[ lead to an override. Future Meetina Dates and Aaenda Items: The Committee agreed to hold the next meeting on ]uly 24°^. At that meeting, they will discuss setting the Financial Forum Schedule, reorganize, and possibly receive an update fram RMLD. On a motion by Joe Carnahan, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to adjourn at 8:15 pm. Roll call vote: Joe Carnahan - Ves, ]oe MCDonagh - Ves, Mark Zarrow - Ves, Marianne MCLaughlin-Downing - Yes, Geoffrey Coram - Ves, John Sullivan - Yes, Ed Ross - Yes. vage I �