HomeMy WebLinkAbout2024-07-24 Finance Committee Minutesr
RECEIVED
Town of Reading
ay Town C1m* GP at 7.39 am, Aug 22, 202/
Meeting Minutes
Board - Committee - Commission - Council:
Finance Committee
Date: 2024-07-24
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:
Joe Carnahan, Geoffrey Coram, Endrl Kume, Joe McDonagh, Marianne
McLaughlin -Downing, Ed Ross, Emily Sisson (remote), John Sullivan
(remote), Mark Zarrow (remote)
Members - Not Present:
Others Present:
Chief Financial Officer Sharon Angstrom (remote), Bill Callagy (remote)
Minutes Respectfully Submitted By: Jacquelyn LaVerde
Topics of Discussion:
This meeting was held in-person in the Town Hall Conference Room and remotely via Zoom
Chair Ed Ross called the meeting to order at 7:03 pm.
Roll call attendance: John Sullivan (remote), Emily Sisson (remote), Mark Zarrow (remote),
Geoffrey Coram, Joe Carnahan, Endri Kume, Joe McDonagh, Marianne McLaughlin -Downing,
Ed Ross.
Mr. Ross congratulated Geoffrey Coram, Joe Carnahan, and Endri Kume on their
reappointments to three-year terms.
Liaison Reports
Marianne McLaughlin -Downing shared that she signed on to the Massachusetts Municipal
Association (MMA) presentation about financing geothermal projects. She noted there are
tax credits through the Inflation Reduction Act and MassSaves that allows towns until 2032
to get direct money back towards certain energy improvements. MSBA has a similar
incentive, but It may be something to consider for the new senior center.
Joe Carnahan stated that the Ice Arena Authority has turned over $3.5 million to the Town
over 31 years. They just replaced the roof and depleted their reserves, so they will not be
turning any money over this year. They explored whether to install solar panels, but
decided against them, as they would void the warranty on the roof, and present challenges
with snow removal.
Emily Sisson stated that the pickleball community has raised a significant amount of funds,
and is starting to explore options to repurpose, rebuild, or build new courts. Ms. Sisson
noted it will appear on the capital plan at some point.
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Ms. McLaughlin -Downing reminded the Committee that the Community Planning
Department will be hosting another meeting to address MBTA Communities.
Killam Discussion and Pre -K Presentation from School Superintendent. Dr. Thomas
Milaschewski
Mr. Ross provided a Killam project update. The designers are well -versed in geothermal
systems, and there has been a lot of talk about the Inflation Reduction Act and associated
processes. The KSBC has narrowed down options for the building design. Because the Town
included Pre -K as part of Its application, the classroom space will be reimbursable.
School Superintendent Dr. Mllaschewskl was not available this evening, but Mr. Ross
summarized his presentation on the benefits of consolidating the Rise Pre -K program to
Killam, as it will centralize resources, and free space at Wood End and the High School for
other opportunities.
Community Preservation Act (CPA) Update
Joe Carnahan is the FINCOM representative to the CPA Study Committee. He compiled and
shared information that he felt would be of Interest to the Finance Committee. He
compared Reading's peer communities and noted almost half of them have adopted CPA.
Earlier adopters had the highest allowable 3% rate, and more recent adopters range from
0.5% to 1.5%. Reading attempted in 2002, but did not pass by a narrow margin. It was
on the same ballot as a debt exclusion for the high school, which did pass.
Mr. Carnahan shared that Chase Mack of the Community Preservation Coalition joined the
Study Committee at their last meeting and provided a great deal of information, as well as
guidance on when the best time would be to put CPA on the ballot, as he was negative
about the prospect of getting It on the ballot for this November.
Mr. Carnahan noted that the Study Committee will likely recommend against November,
and ask the Select Board to extend their charge.
He presented projected revenue that could be collected at a 0.5%, 1%, and 1.5%
surcharge, and a range of estimates of what the CPA would cost Reading taxpayers.
Vote to Reorganize
Chief Financial Officer Sharon Angstrom opened nominations for Chair.
Ed Ross nominated Joe Carnahan, which was seconded by Emily Sisson.
Joe McDonagh nominated Marianne McLaughlin -Downing, which was seconded by Ed Ross.
The Finance Committee voted alphabetically by last name, and Joe Carnahan was
elected Chair by a vote of 7-2-0.
Roll call vote: Ed Ross — Yes, Marianne McLaughlin -Downing — Yes, Joe McDonagh
— No, Endri Kume — Yes, Joe Carnahan — Yes, Geoffrey Coram — Yes, John Sullivan
— Yes, Emily Sisson — Yes, Mark 2arrow — No.
Chair Joe Carnahan then opened nominations for Vice Chair.
Ed Ross nominated Marianne McLaughlin -Downing, which was seconded by Joe Carnahan.
There were no other nominations.
By a vote of 9-0-0, the Finance Committee elected Marianne McLaughlin -Downing
as Vice Chair.
Roll call vote: Ed Ross — Yes, Marianne McLaughlin -Downing — Yes, Joe McDonagh
— Yes, Endri Kume — Yes, Joe Carnahan — Yes, Geoffrey Coram — Yes, John Sullivan
— Yes, Emily Sisson — Yes, Mark 2arrow — Yes.
Mark Zarrow experienced sudden technical difficulties and was unable to vote on the
foilowing:
Approve Prior Meeting Minutes
May28 2024
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On a motion by Ed Ross, seconded by Geoffrey Coram, the Finance Committee
voted 8-0-0 to approve the meeting minutes of May 28, 2024 as presented.
John Sullivan - Yes, Emily Sisson - Yes, Ed Ross - Yes, Marianne McLaughlin -
Downing - Yes, Joe McDonagh - Yes, Endri Kume - Yes, Geoffrey Coram - Yes, Joe
Carnahan - Yes.
June 26 2024
On a motion by Marianne McLaughlin -Downing, seconded by Emily Sisson, the
Finance Committee vote 7-0-1 to approve the meeting minutes of June 26, 2024,
with Endri Kume abstaining, as he was not present at the meeting.
John Sullivan - Yes, Emily Sisson - Yes, Ed Ross - Yes, Marianne McLaughlin -
Downing - Yes, Joe McDonagh - Yes, Endri Kume - Abstain, Geoffrey Coram - Yes,
Joe Carnahan - Yes.
FY25 Meeting Schedule/Next Meetina Dates /Future Agenda Items
The Committee reviewed the proposed FY25 meeting schedule.
At the first Financial Forum on September 18t^, CFO Sharon Angstrom will present
projections of accommodated costs and revenues, and if available, free cash estimates.
At the next meeting on August 211, the Committee will discuss liaison assignments. Mr.
Kume volunteered to contact RMLD and invite them to the August 2150 meeting for a
financial update and a discussion on potential borrowing. Mr. Carnahan will contact RCN
and ask if there is anything they would like to speak to FINCOM about.
The second Financial Forum on October 301M1 will be a continuation of the capital project
series, when more will be known about the Killam School project, and the Senior Center
(ReCAL) project should have an Owner's Project Manager (OPM).
On a motion by Ed Ross, seconded by Marianne McLaughlin -Downing, the Finance
Committee voted 8-0-0 to adjourn at 8:25 pm.
Roll call vote: John Sullivan - Yes, Emily Sisson - Yes, Ed Ross - Yes, Marianne
McLaughlin -Downing - Yes, Joe McDonagh - Yes, Endri Kume - Yes, Geoffrey
Coram - Yes, Joe Carnahan - Yes.
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