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2024-09-18 Finance Committee - Financial Forum Packet
Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Finance Committee Date: 2024-09-18Time: 7:00PM Building: Reading Town Hall Location: Select Board Meeting Room Address: 16 Lowell StreetAgenda: Revised Purpose:Financial Forum Meeting Called By:Jacquelyn LaVerde on behalf of Chair Joe Carnahan 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: Ost ~lltr t}} gl sl}j tïl t sl O 5_}} Ml}lh )_j >lltr L~ _j l~l} t_ \]~Ù ;t \]~ >lltr sÙää§lg×~×äz䯪§¯§«©® >lltr 6,Ù ¯ª §¯§ «©® Al _ ~gt}l Ĕ¨«¬¬¯¯¬Øدª§¯§«©®ã PM é?l X|ê Ĕ¨«¬¨¯°¯§¬Øدª§¯§«©®ã PM é?l X|ê ,t_} g }h_t 3tj }h_} ~glÙ sÙää§lg×~×ää|lq\]¨zqt) AGENDA: Vl}h~l _j 6jht Ig}th *~~l Lltl q sl Oÿ hl qt_ht_} tt o Izlhlj lll o Izlhlj qll h_s tt é hltqtlj tq __t}_g}lê o Izlhlj _hh~~j_lj h o Mlht_} _hh g_}_hl ,th 3t_hl *~~tll I}thtl o I}th h_s lll o I}th jlg _j h_t_} o AI.) }th o Ill h~~t glhs~_|tr rtjl}tl ,th tg}l l q qll h_s sl 3X© gjrl 3l ~lltr _j _rlj_ o 3t_ht_} 3~ 66 Ahgl ª§ =t_t l Ml}lh 3t_hl *~~tll ~l~gl _tht_l t Mhs} ,l_~l hlltr h~~tllâ Lltl _j _l t ~lltr ~tl âLltlj °ä¨ä©§©« _jjMhs} ,l_~l Mhlltr *~~tll_rlj_ tl~× Atrt_}} lj _ ªÙ§¬ ~Ø Ml ¨¨Ø ©§©«× 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 Financial Forum I September 18, 2024 Financial Forum Agenda September 18, 2024 FINCOM Opening Remarks Chair Joseph Carnahan Financial Updates Revenue Update Sharon Angstrom Free Cash Update Sharon Angstrom Review Other Funds Balances Sharon Angstrom FY26+ Accommodated Costs Sharon Angstrom FY26+ Operating Budgets under Free Cash Scenarios Sharon Angstrom Finance Committee Policies Group Discussion Discussion about Free Cash Usage in FY26 Budgets FINCOM Financial Forum II on October 30th agenda items? Approve Minutes FINCOM Closing Remarks Joseph Carnahan Projected FY24FY25FY26 FY24-26 Revenues ($ millions) 113.47118.61122.80 Revenues excluded debt impact 2.691.28- 116.16119.89122.80 3.96%3.22%2.43% Free Cash used 3.284.26TBD Revenues + Free Cash119.44124.15 4.1%4.0% FY26 Revenues Property Taxes$ 90.69 mil. +2.2% Baseline levy$90.49 mil.+ 3.6% New Growth$ 1.03 mil. + 13.9% Excluded debt $ --100.0% Abate/Exempt $ 0.82 mil.+ 2.5% Other Local Rev. $ 11.24 mil. + 4.5% State Aid$16.49 mil. + 2.5% Other$ 4.40 mil. + 3.7% Free Cash$ TBD FY24 Revenues Total $4.58 million over estimates *Investment Income +$2.80mill Property Taxes+$446k Motor Vehicle Excise taxes+$414k Meals Taxes+$134k *Delinquent taxes +$331k *Miscellaneous<$100k each+$196k *Local Assistance/Other State Rev.+$259k mostly sustainable + $.99 million *one-time payments + $3.59 million Reserves Estimated Free Cash 6/30/24 $20,075,351 General Stabilization Fund$ 1,940,114* FINCOM Reserves$ 200,000 TOTAL$ 22.22 million ~18.1% of est. $122.8mil. FY26 projected revenue FINCOM 7% Minimum Reserves Policy FY24 Expenditures Total $2.43 million under budget Accommodated Costs: Electricity-$340k Natural Gas-$103k Capital Expenses-$196k Rubbish-$144k Snow & Ice-$131k Employee Benefits-$120k FINCOM Reserves-$130k Regional School Assessments-$ 90k -$ 65k Debt Service-$ 26k Water/Sewer-$ 23k Fuel for Vehicles-$ 18k Street Lighting -$ 8k $1.39 mill. Schools -$ 83k $ .08 mill. Town Salaries(Pub. Services, PW, & Pub Safety vacancies)-$671k Town Salaries (All Other Departments)-$166k Various Town Expense Accounts-$120k $ .96 mill. FY24 Other Available Funds Sale of Real Estate$ 47,541 Purchase land/Capital purchases Reading Ice Arena$ 489,201 No restrictions Stabilization Fund$1,940,114 No restrictions Smart Growth Stabilization Fund$ 195,726 Capital only SPED Stabilization Fund$ 385,163 Unanticipated SPED costs Projected FY25-27 Accommodated Costs (millions) CЋЎCЋЏ/ŷğƓŭĻCЋА/ŷğƓŭĻ Accommodated Costs45.08746.6223.40%49.2625.7% .ĻƓĻŅźƷƭЋЋ͵ЌЎЉЋЍ͵ЍЊЋВ͵ЋіЋЏ͵ЌЊВА͵Бі /ğƦźƷğƌЌ͵ЉЌЎЌ͵ЉЋЉΏ͵ЎіЌ͵ЌЎЉЊЉ͵Ві 5ĻĬƷЍ͵БЊВЌ͵ЍЉВΏЋВ͵ЌіЌ͵ЋБЎΏЌ͵Џі 9ƓĻƩŭǤЋ͵ЎЏЌЋ͵ЎВЋЊ͵ЊіЋ͵ЏАЏЌ͵Ќі CźƓğƓĭźğƌЊ͵ЌЌЋЊ͵ЌЌЏ͵ЍіЊ͵ЌЏБЋ͵Ѝі 9ķǒĭğƷźƚƓ Ώ{t95 hh5Џ͵ЉЌЎЏ͵ЌЊЋЍ͵ЏіЏ͵ЎЍБЌ͵Бі 9ķǒĭğƷźƚƓΏƚĭ͵Њ͵ЊЉЊЊ͵ЋЍБЊЌ͵ЌіЊ͵ЋВАЌ͵Ві aźƭĭ͵ ε /ƚƒƒ tƩźƚƩЌ͵БЎЊЍ͵ЋВЌЊЊ͵ЎіЍ͵ЊЍБЏ͵Џі Projected FY25-27 Benefits (millions) FY25FY26ChangeFY27Change Benefits22.35024.4129.2%26.3197.8% wĻƷźƩĻƒĻƓƷА͵ЊЏВА͵АЏЍБ͵ЌіБ͵ЍЉББ͵Ќі ht9.Љ͵ЋЍЉЉ͵ЎЍЉЊЋЎ͵ЉіЉ͵ЎЍЉЉ͵Љі ƚƩƉĻƩ /ƚƒƦЉ͵ЍЉЉЉ͵ЍЉЎЊ͵ЌіЉ͵ЍЊЉЊ͵Ћі ƓĻƒƦƌƚǤƒĻƓƷЉ͵ЉАЎЉ͵ЉБЉЏ͵АіЉ͵ЉБЎЏ͵Ќі IĻğƌƷŷΉ\[źŅĻ LƓƭ͵ЊЌ͵ЌЉЋЊЍ͵ЍЌЋБ͵ЎіЊЎ͵ЏЎВБ͵Ўі aĻķźĭğƩĻΉ{ƚĭ {ĻĭЊ͵ЉЍЉЊ͵ЉЏЊЋ͵ЉіЊ͵ЉБЋЋ͵Љі tƚƌźĭĻΉCźƩĻ LƓķĻƒЉ͵ЊЋЎЉ͵ЊЌЉЍ͵ЉіЉ͵ЊЌЎЌ͵Бі Projected FY25-27 Capital + Debt (millions) FY25FY26ChangeFY27Change Capital/Debt7.8546.429-12.8%6.6353.2% Capital 3.0353.020-.49%3.35010.9% Debt inside levy3.5393.409-3.7%-3.6% 3.285 Excluded Debt1.280--100.0%- 5 Year Free Cash Analysis (millions) FY20FY21FY22FY23FY24 (est.) Certified Beg. Bal. at 7/1 $15.64$14.79$17.73$19.93$19.50 Revenue over budget .931.692.614.424.58 Expenses under budget 2.943.032.481.902.43 Use of Free Cash -4.13-2.95-3.67-6.57-6.17 Other Adj. to Free Cash -.59-1.2.78-.18-.26 Certified Bal at 6/30 $14.79$17.73$19.93$19.50$20.10 FY26 Total Free Cash Usage Increase to Operating Budgets ($millions) FY26 Free Cash Usage υЎ͵ЉЋ͵ЎЉі υЎ͵ЋЋ͵АЎі υЎ͵ЍЌ͵ЉЉі υЎ͵ЏЌ͵ЋЎі υЎ͵БЌ͵ЎЉі υЏ͵ЉЌ͵АЎі υЏ͵ЋЍ͵ЉЉі FY26 Budget Public Meetings September 18Financial Forum I October 9Recommendations/Guidance for FY26 Budget Vote Items for November Town Meeting FINCOM October 30Financial Forum II Meetings November 6Regular Meeting (if needed) Dec 4 & 10Attend Select Board January 9, 16, 23 & 30Attend School Committee Joseph February 26FINCOM: School budget March 5FINCOM: Town budgets Carnahan, March 12 & 19FINCOM: Vote Budgets & TM Articles FINCOM Chair January 31Charter: School Committee Budget to Town Manager February 28Charter: Balanced TM Budget to FINCOM 4.00%3.50%3.50% Town of Reading Budget Summary One YrOne YrOne Yr 9/16/24 12:13 PMProjectedChngProjectedChngProjectedChng FY25FY25FY26FY26FY27FY27 Revenues Total Property Taxes88,759,2711.8%90,691,5602.2%94,008,8493.7% Total Other Local Revenues10,756,00017.1%11,236,0004.5%11,724,0004.3% Total Intergov't Revenues16,086,0233.4%16,488,1742.5%16,900,3782.5% Total Transfers & Available4,293,4680.7%4,387,9512.2%4,486,3102.2% Revs before Free Cash$ 119,894,762 3.22%$ 122,803,6852.43%$ 127,119,537 3.51% Free Cash3,560,00038.0%-100.0%#DIV/0! Extra for Capital700,0000.0%0-100%0-100% Net Available Revenues$ 124,154,762 3.95%$ 122,803,685-1.09%$ 127,119,537 3.51% Accommodated Costs Benefits22,350,2827.2%24,411,7199.2%26,319,0607.8% Capital3,035,0003.3%3,020,000-0.5%3,350,00010.9% Debt (inside levy)3,539,0384.7%3,408,775-3.7%3,285,100-3.6% Debt (excluded)1,279,700-52.4%0-100.0%0 Energy2,563,80011.9%2,592,0011.1%2,676,4723.3% Financial1,331,7007.2%1,336,3680.4%1,367,9022.4% Education - Out of district6,035,3284.0%6,311,7164.6%6,548,4053.8% Education - Vocational1,100,99221.7%1,247,82013.3%1,296,9023.9% Miscellaneous3,701,0284.4%4,143,35212.0%4,418,6366.6% Community Priorities150,0000.0%150,0000.0%00.0% Accommodated Costs$ 45,086,868 2.97%$ 46,621,7503.40%$ 49,262,477 5.66% Net Accommodated Costs$ 45,086,868 2.97%$ 46,621,7503.40%$ 49,262,477 5.66% $ 25,300 $ (5,777,151) $ (7,120,593) Operating Costs Municipal Gov't Operating 27,515,838 4.00% 28,589,2203.50% 29,589,843 3.50% adjustments 106,597 adjustments (EF+RF) 1,294,677 4.00% 1,339,9913.50% 1,386,891 3.50% TOTAL Muni Govt OPER 28,917,112 4.38% 29,929,2113.50% 30,976,734 3.50% School Operating 49,973,557 4.00% 51,879,8753.50% 53,850,920 3.50% adjustments 151,925 150,000 150,000 TOTAL School OPER 50,125,483 4.32% 52,029,8753.80% 54,000,920 3.79% Operating Budgets$ 79,042,595 4.34%$ 81,959,0863.69%$ 84,977,654 3.68% Municipal Gov't Operating36.6%36.5%36.5% School Operating63.4%63.5%63.5% TOTAL SPENDING$ 124,129,463 3.84%$ 128,580,8363.59%$ 134,240,131 4.40% Muni Govt OPER$ 28,917,112 4.38%$ 29,929,2113.50%$ 30,976,734 3.50% Muni Govt ACCOM$ 6,465,778 7.01%$ 6,917,7026.99%$ 7,285,140 5.31% Muni Govt TOTAL$ 35,382,890 4.86%$ 36,846,9134.14%$ 38,261,873 3.84% School OPER$ 50,125,483 4.32%$ 52,029,8753.80%$ 54,000,920 3.79% School ACCOM$ 6,035,328 4.00%$ 6,311,7164.58%$ 6,548,405 3.75% School TOTAL$ 56,160,811 4.28%$ 58,341,5913.88%$ 60,549,326 3.78% Town of ReadingOne YrOne YrOne Yr Revenues - Details ProjectedChngProjectedChngProjectedChng 9/16/24 12:13 PMFY25FY25FY26FY26FY27FY26 Property Taxes Tax levy (within levy limit)87,380,0793.4%90,487,0813.6%93,799,8833.7% New Growth900,00024.6%1,025,00013.9%1,050,0002.4% Tax levy (debt exclusion) 1,279,700-52.4% --100.0% -#DIV/0! Abatements and exemptions(800,509)2.5%(820,521)2.5%(841,034)2.5% Total Property Taxes88,759,2711.8%90,691,5602.2%94,008,8493.7% Other Local Revenues Motor Vehicle Excise4,300,0009.8%4,515,0005.0%4,740,7505.0% Meals Tax675,00019.5%730,0008.1%785,0007.5% Penalties/interest on taxes385,00010.0%415,0007.8%445,0007.2% Payments in lieu of taxes465,0005.7%485,0004.3%510,0005.2% Charges for services2,500,0006.2%2,625,0005.0%2,756,2505.0% Licenses & permits181,0009.7%196,0008.3%206,0005.1% Fines80,0009.6%100,00025.0%106,0006.0% Interest Earnings2,000,00070.9%2,000,0000.0%2,000,0000.0% Medicaid Reimbursement170,0009.7%170,0000.0%175,0002.9% Total Other Local Revenues10,756,00017.1%11,236,0004.5%11,724,0004.3% Intergovernmental Revenue State Aid16,086,0233.4%16,488,1742.5%16,900,3782.5% Total Intergov't Revenues16,086,0233.4%16,488,1742.5%16,900,3782.5% Operating Transfers and Available Funds Cemetery sale of lots25,0000.0%25,0000.0%25,0000.0% RMLD payment2,522,510-0.6%2,572,9602.0%2,624,4192.0% Enterprise Fund Support1,294,6774.0%1,339,9913.5%1,386,8913.5% School Revolving Funds100,0000.0%100,0000.0%100,0000.0% Premiums Reserve for Debt1,281-62%0-100%0#DIV/0! Overlay surplus350,0000.0%350,0000.0%350,0000.0% Total Transfers & Available4,293,4680.7%4,387,9512.2%4,486,3102.2% OPERATING REVENUES119,894,7623.22%122,803,6852.43%127,119,5373.51% Free Cash4,260,00029.9%0-100.0%0#DIV/0! TOTAL REVENUES124,154,7623.95%122,803,685-1.09%127,119,5373.51% Town of Reading Acc. Costs - Summary One YrOne YrOne Yr 9/16/24 12:13 PMProjectedChngProjectedChngProjectedChng FY25FY25FY26FY26FY27FY27 Benefits 22,350,282 7.2% 24,411,719 9.2% 26,319,060 7.8% Capital 3,035,000 3,020,000 3,350,000 Debt (inside levy) 3,539,038 4.0% 3,408,775-2.2% 3,285,100 3.2% Debt (excluded) 1,279,700 - - Energy 2,563,800 11.9% 2,592,001 1.1% 2,676,472 3.3% Financial 1,331,700 7.2% 1,336,368 0.4% 1,367,902 2.4% Education - Out of district 6,035,328 4.0% 6,311,716 4.6% 6,548,405 3.8% Education - Vocational 1,100,992 21.7% 1,247,820 13.3% 1,296,902 3.9% Miscellaneous 3,701,028 4.4% 4,143,352 12.0% 4,418,636 6.6% Community Priorities$ 150,000 $ 150,000 TOTAL Accomm. COSTS$ 45,086,868 3.0%$ 46,621,7503.4%$ 49,262,477 5.7% Town of ReadingOne YrOne YrOne Yr Acc. Costs - Details ProjectedChngProjectedChngProjectedChng FY25FY25FY26FY26FY27FY27 Contributory Retirement7,168,65016.8%7,763,6488.3%8,408,0318.3% OBRA fees & OPEB study40,0000.0%40,0000.0%40,0000.0% OPEB contribution200,000-33.3%500,000150.0%500,0000.0% Workers Compensation400,0002.6%405,0001.3%410,0001.2% Unemployment Benefits75,0000.0%80,0006.7%85,0006.3% Group Health / Life Ins.13,301,6324.4%14,432,2718.5%15,659,0148.5% Medicare / Social Security1,040,0002.0%1,060,8002.0%1,082,0162.0% Police / Fire Indemnification125,000-7.4%130,0004.0%135,0003.8% Acc. Costs - Benefits$ 22,350,282 7.2%$ 24,411,7199.2%$ 26,319,060 7.8% Acc. Costs - Capital$ 3,035,000 3.3%$ 3,020,000-0.5%$ 3,350,000 10.9% Debt Service - Principal 3,904,000 -25.2% 2,504,000-35.9% 2,499,000 -0.2% Debt Service - Interest 914,738 8.0% 904,775-1.1% 786,100 -13.1% Excluded debt (1,279,700) -52.4% - -100.0% - #DIV/0! Total Included Debt$ 3,539,038 4.7%$ 3,408,775-3.7%$ 3,285,100 -3.6% Premiums for general fund$ - #DIV/0!$ - #DIV/0!$ - #DIV/0! Acc. Costs -Debt$ 4,818,738 -20.6%$ 3,408,775-29.3%$ 3,285,100 -3.6% Street Lighting (DPW)135,0000.0%135,0000.0%140,0003.7% Electricty (FacCORE)1,095,0002.3%1,095,0000.0%1,127,8503.0% Natl Gas (FacCORE)878,80030.0%896,3762.0%932,2314.0% Water/Sewer (FacCORE)225,0002.4%230,6252.5%236,3912.5% Fuel - vehicles (DPW)230,00021.1%235,0002.2%240,0002.1% Acc. Costs - Energy$ 2,563,800 11.9%$ 2,592,0011.1%$ 2,676,472 3.3% Casualty Ins (AD SVC)986,70010.0%1,011,3682.5%1,036,6522.5% Vet's Assistance (PUB SVC)$ 145,000 0.0%$ 125,000-13.8%$ 131,250 5.0% FINCOM Reserve Fund200,0000.0%200,0000.0%200,0000.0% Acc. Costs - Financial$ 1,331,700 7.2%$ 1,336,3680.4%$ 1,367,902 2.4% SPED transp OOD (Sch)1,119,4564.0%1,253,63612.0%1,300,6473.8% SPED tuition OOD (Sch)6,029,9204.0%5,804,636-3.7%6,022,3103.8% SPED contingency508,3524.0%1,190,046134.1%1,234,6733.8% SPED offsets OOD (Sch)(1,622,400)4.0%(1,936,602)19.4%(2,009,225)3.8% Acc. Costs - OOD SPED$ 6,035,328 4.0%$ 6,311,7164.6%$ 6,548,405 3.8% Voc School - NERMVS692,2244.0%719,9134.0%748,7094.0% Voc School - NERMVS Capital160,000270,00068.8%280,8004.0% Voc School - Minute Man54,0804.0%55,4322.5%56,8182.5% Voc School - Essex North194,6884.0%202,4764.0%210,5754.0% Acc. Costs - Vocational$ 1,100,992 21.7%$ 1,247,82013.3%$ 1,296,902 3.9% Rubbish (DPW) 2,095,278 3.0% 2,514,33320.0% 2,765,766 10.0% Snow and Ice Control (DPW) 675,000 0.0% 675,0000.0% 675,000 0.0% State Assessments930,75011.3%954,0192.5%977,8692.5% Cemetery (DPW) Acc. Costs - Misc.$ 3,701,028 4.4%$ 4,143,35212.0%$ 4,418,636 6.6% Town of Reading, Massachusetts Analysis of Changes in Certified "Free Cash" Baseline Projection 3.5% Operating 3.5% Operating 3.0% Operating ProjectedProjectedProjectedProjected Fiscal YearFiscal YearFiscal YearFiscal YearFiscal YearFiscal YearFiscal Year 2021202220232024202520262027 Certified "free cash" beginning of year14,793,34517,730,18519,927,02519,497,06220,075,35216,925,35212,450,352 Favorable variance from operations 6,186,8406,189,8936,493,5377,101,0393,000,0003,000,0003,000,000 in fiscal year Town meeting votes reducing "free cash" for: Current year (Oct TM)-450,000 Current year (Nov TM)-52-2,905,000-1,348,500 Current year (Dec STM) Current year (Jan TM) Current year (Feb TM)or Smart growth Current year (April TM)-468,000-388,500-564,250 Subsequent years budget-2,950,000-2,750,000-3,280,000-4,260,000-5,800,000-7,125,000-8,200,000 Subsequent year (from overlay surplus)-300,000-325,000-350,000-350,000-350,000-350,000-350,000 Certified "free cash" end of year17,730,18519,927,02519,497,06220,075,35216,925,35212,450,3526,900,352 Stabilization Balance1,711,1211,718,2241,786,9521,940,1141,998,3172,058,2672,120,015 FINCOM Reserves200,000200,000200,000200,000200,000200,000200,000 Total Projected Reserves19,641,30621,845,24921,484,01522,215,46619,123,66914,708,6199,220,367 Projection Revenues (3% increase assumed )103,745,140108,313,986111,532,491115,977,738119,894,762122,803,685126,487,796 7% Reserve Limit (Projected Revenues * .07)7,262,1607,581,9797,807,2748,118,4428,392,6338,596,2588,854,146 Excess Reserves over 7% Limiit12,379,14614,263,27013,676,74014,097,02410,731,0366,112,361366,221 2021202220232024202520262027 Free Cash/Overlay Surplus Used3,250,0003,543,0526,923,5006,522,7506,150,0007,475,0008,550,000 Favorable variance from operations 6,186,8406,189,8936,493,5377,101,0393,000,0003,000,0003,000,000 Certified "free cash" end of year17,730,18519,927,02519,497,06220,075,35216,925,35212,450,3526,900,352 Town of Reading, Massachusetts Analysis of Changes in Certified "Free Cash" Baseline Projection 3.0% Operating ProjectedProjectedProjectedProjected Fiscal YearFiscal YearFiscal YearFiscal Year 2028202920302031 Certified "free cash" beginning of year6,900,352150,352-1,199,648-2,549,648 Favorable variance from operations 3,000,0003,000,0003,000,0003,000,000 in fiscal year Town meeting votes reducing "free cash" for: Current year (Oct TM) Current year (Nov TM) Current year (Dec STM) Current year (Jan TM) Current year (Feb TM)or Smart growth Current year (April TM) Subsequent years budget-9,400,000-4,000,000-4,000,000-4,000,000 Subsequent year (from overlay surplus)-350,000-350,000-350,000-350,000 Certified "free cash" end of year150,352-1,199,648-2,549,648-3,899,648 Stabilization Balance2,183,6152,249,1242,316,5982,386,096 FINCOM Reserves200,000200,000200,000200,000 Total Projected Reserves2,533,9671,249,475-33,051-1,313,553 Projection Revenues (3% increase assumed )130,282,429134,190,902138,216,629142,363,128 7% Reserve Limit (Projected Revenues * .07)9,119,7709,393,3639,675,1649,965,419 Excess Reserves over 7% Limiit-6,585,803-8,143,888-9,708,215-11,278,972 2028202920302031 Free Cash/Overlay Surplus Used9,750,0004,350,0004,350,0004,350,000 Favorable variance from operations 3,000,0003,000,0003,000,0003,000,000 Certified "free cash" end of year150,352-1,199,648-2,549,648-3,899,648 Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 TOTAL CAPITAL REQUESTS 3,035,000 3,020,000 3,350,000 3,782,000 4,252,500 3,845,000 4,254,000 4,865,000 5,555,000 3,510,000 43,513,500 Capital & Debt Policy5.55%5.00%5.01%5.00%5.00%5.00%5.00%5.00%5.00%5.00% Annual Surplus (Deficit) - - - - - 26,000 442,000 143,000 353,000 2,779,000 Cumulative Surplus (Deficit) - - - - - 26,000 468,000 611,000 964,000 3,743,000 Capital Projects Identified but there is no proposed funding yet in the Capital Plan (shading/boldcrossout indicates a change from last Town Meeting) 1. RMHS Ropes course 2. RMHS Fldhouse floor/bleachers 3. Wood End field repairs 4. Artificial Turf@Parker MS 5. BM Master Plan up to $10mil. in total A. Support & General Circulation $750k-$1.2mil C. Softball/Multi purpose new turf field $3.2-3.6mil A. Imagination Station Parking $450-550k C. Coolidge Field turf $2.2-2.4 mil. (incr from $1.4mil) A. Lacrosse Wall $100-150k $1.5 mil ARPA funding awarded in FY23 for Phase I $2.4 mil now proposed as debt funding in FY25 for Phase II Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 6. Killam Building project TBD Excluded Debt - Killam Field improvements, drainage, repaving ($350k HOLD for Killam project) 7. Senior/Community Center TBA Excluded Debt if >$5mil (Options are being explored) 8. DPW Bldg improvements (scope changed) 9. Community projects (no formal capital requests yet) Legend: xDebt has been approved by the voters as excluded from the Prop 2-1/2 levy; debtni has been authorized by Town Meeting but not yet issued; debtna has not yet been authorized by Town Meeting Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 Facilities - CORE 50,000 105,000 275,000 575,000 517,500 120,000 805,000 50,000 50,000 265,000 2,812,500 Energy (Performance Contract) $4.95mil debt Debt - Energy Improvements II OPM/Design - Energy Improvements II $5.0mil/15yr DebtDebtDebtDebtDebtDebtDebtDebtDebt - Energy (Green Repairs) $1.05mil debt - Bldg Security - $4.0mil debt DebtDebtDebtDebtDebtDebt - Bldg Sec. - window film (schools) - Permanent Bld Committee 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 500,000 RMHS Building project ~$55mil debt - RMHS Bldg proj - $6 mil Litig. some debt DebtDebtDebt - RMHS Retaining Wall - $0.5mil debt - RMHS Turf 2 - $2.225 mil debt DebtDebtDebtDebtDebtDebt - RMHS Stadium OPM/Design - RMHS Glycol Reclamation & Installation - RMHS Stadium Turf/Track $3 mil/10yr DebtDebtDebtDebtDebtDebtDebtDebt - RMHS Ropes Course 97,500 97,500 RMHS/RISE playground design - RMHS/RISE playground improvements - RMHS Fldhouse floor/bleachers $3.2 mil TBD debt ($200K design; $3.0 mil project )DebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtna - Parker MS roof project OPM/design - Parker MS Roofing project $2.7mil/10yr DebtDebtDebtDebtDebtDebtDebtDebt - Parker MS Auditorium Lighting Upgrade 50,000 50,000 Coolidge MS roof project design 450,000 450,000 Coolidge MS Roofing project $3.7mil/10yr DebtnaDebtnaDebtnaDebtnaDebtna - Modular Classrooms $1.2m debt - Killam Building project TBD xDebtxDebtxDebtxDebtxDebtxDebtxDebtxDebtxDebt - Barrows/Wd End Bldg projects $0.8mil debt - Barrows/Wd End Bldg projects debt - Birch Meadow ES roof project design 230,000 230,000 Birch Meadow Roofing project $1.9 mil/10yr DebtnaDebtnaDebtnaDebtna - Library Building project $18.4 mil debt xDebt - Police Sta. project $1.5mil/10yr DebtDebtDebtDebtDebtDebtDebtDebt - Town Hall Roofing project design $55k design and $550k design 55,000 550,000 605,000 Police Station . Roof $15k design and $150k design 15,000 150,000 165,000 Community Center TBA xDebt if >$5mil - Community Center Heating System $700k - DPW Garage Roof Project $102k design and $1.3 million - DPW Bldg project TBD - Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 Electrician Van Ford E350 Econoline (2014) 55,000 55,000 Carpenter's Pickup Ford F-350 (2013) 55,000 55,000 Carpenter's Cut-away Van (2017) 60,000 60,000 Plumber's Cut-away Van (2017) 60,000 60,000 Pickup Truck Chevy 2500HD (2016)10 75,000 75,000 Pickup Truck Chevy 2500HD (2017)10 75,000 75,000 2019 Ford Transit Van10 55,000 55,000 2021 Bobcat L28 Mini Loader (15 years)10 - 100,000 100,000 Bobcat Skid S130 (2008)15 65,000 65,000 Bobcat Utility UV56 (2024)15 - 115,000 115,000 Buildings - Schools (Total) - 120,000 125,000 270,000 100,000 - 80,000 775,000 100,000 1,100,000 2,670,000 Arc Flash Hazard Study 105,000 105,000 Barrows -> HVAC - Elementary schools 80,000 775,000 855,000 design(yr1)/project(yr2)Wood End -> 100,000 1,100,000 1,200,000 Coolidge MS HVAC - Steam Traps Coolidge -> 75,000 75,000 Carpet/Flooring 70,000 60,000 130,000 Doors & Windows 40,000 40,000 40,000 120,000 Birch Meadow Food Service Line 85,000 85,000 Barrows Food Service Line 85,000 85,000 Wood End Water Heater 15,000 15,000 Parker Carpet/Flooring - Buildings - Town (Total) - - 144,000 30,000 - - - - - - 189,000 Arc Flash Hazard Study 144,000 144,000 Carpet/Flooring 30,000 30,000 Doors & Windows 15,000 Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 Schools - General 180,000 160,000 312,000 260,000 735,000 260,000 260,000 300,000 310,000 260,000 3,322,000 Food Service Van E-250 (2014) 52,000 52,000 Driver's Education Vehicle (2014) 45,000 45,000 Card readers for all the schools 65,000 Vehicle Barriers for all schools 475,000 475,000 Bob Utility UV34 (2021) 50,000 50,000 Courier Vehicle (2019) 40,000 40,000 District-wide Telephone systems 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 Design for Technology wiring projects - District-wide Technology Wiring projects - District-wide Technology projects 125,000 150,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 2,475,000 Technology 555,000 100,000 130,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 2,035,000 Water Tank Town telco equip replace/relocate - Remote access multi factor authentication - Internal segmentation firewall - CAD System (Computer Aided Dispatch) 455,000 455,000 GIS flyover - planimetrics - Technology projects 100,000 100,000 130,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 1,580,000 Finance - - - - - - - - 600,000 - 600,000 Financial System 600,000 600,000 Library - - 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 100,000 Equipment - 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 110,000 Public Services - - - - 350,000 - 70,000 575,000 1,285,000 - 2,365,000 Maillett Sommes Morgan $1.0mil/10yrs DebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtna - Downtown Improvements II $4.0mil/ 20yrs DebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtna - Downtown Improvements II $3.75 mil Bond Bill - Downtown Energy Efficient projects - PARC: Kiosks(4) handheld devices(2) - Land Use planning (CC & Symonds) - Sr/Community Center planning - Parks & Fields space study - Rehab Playgrounds Program 25,000 KillamSturges - Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 Birch Meadow Master Plan - Birch Meadow Master Plan Design - Phase 1 $2.3 mill ($1.5mil ARPA grant & $800k debt) - Support & general Circulation $750k-$1.2mil - Imagination Station Parking $450-550k - Phase 2 $2.14mil/10yr debt DebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtnaDebtna - Lacrosse Wall $100-150k - Tennis Courts, Playground, Parking $800k-$1.0mil - Basketball Courts $500-650k - Phase 3 $1.6mil/10yr debt - Morton Field improvements $600-950k - Castine Field $75-100k - Higgins Farm Conserv Area $100-150k - Birch Meadow Drive Improvements $250-400k - Phase 4 $6.0mil/10yr debt - Softball/Multi purpose new turf field $3.2-3.6mil - Coolidge Field turf $2.2-2.4 mil. - Artificial Turf@Parker MS (replace) moved $800k to 2032 800,000 800,000 Barrows Tennis court repairs 125,000 125,000 Barrows Basketball court repairs 100,000 100,000 Barrows Replace backstop & repair infield 125,000 125,000 Killam Field improve, drainage, repaving ($350k) held for Killam project decision - Wood End Field Repairs 325,000 325,000 (*) below indicates $950k in state bond bill details TBA ($805k identified below) - *Wash Pk:Replace backstop & shift field 150,000 150,000 *Wash Pk:Walking Paths 100,000 100,000 *Mem Pk: Replace Band Stand 50,000 50,000 *Mem Pk:Court resurface 20,000 20,000 *Symonds:Replace backstop 150,000 150,000 *Hunt Pk:Replace backstop 125,000 125,000 Sturges Pk:Tennis court repairs 75,000 105,000 Sturges Pk:Basketball court repairs 85,000 115,000 Sturges Pk:Backstop repairs 50,000 50,000 Public Safety - Fire/EMS - 1,220,000 560,000 80,000 500,000 1,800,000 211,000 435,000 695,000 75,000 6,352,000 Ladder Trk #1 (2008: $800k, next FY22) (15 years) - Ladder Truck & Equipment - Pumper Eng #1 (2010-$525k; next FY30) 1,400,000 1,400,000 Pumper Eng #2 (2007-$410k; next FY25) 1,150,000 1,150,000 Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 Pumper Eng #3 (2016 $630k; next FY36) - Pumper Eng #4 (2020 $800k; next FY40) - Ambulance #1 (2017- 10 yrs) 500,000 500,000 Ambulance #2 (2010 - 10yrs) & equip 575,000 575,000 Ambulance equipment 45,000 45,000 90,000 Passenger Car#1 (2022 - 10yrs) 75,000 75,000 Passenger Car#2 (2024 - 10yrs) 75,000 75,000 Passenger Car#3 (2019 - 10yrs) 71,000 71,000 Passenger Car#4 (2024 - 10yrs) - Pickup Truck #1 (2019 - 10yrs) 85,000 85,000 Pickup Truck #2 (2012 - 10yrs) 80,000 80,000 Alarm Truck (1994 - 20yrs) - ALS Defibrillator Monitor (2019 - 7yrs) 70,000 70,000 140,000 BLS AEDs (2020-8yrs) 25,000 30,000 55,000 Rescue Tool 60,000 60,000 Breathing Apparatus (2017-12yrs) 400,000 400,000 Breathing Air Compressor - Breathing Air Bottles 30,000 30,000 CPR Compression Device 20,000 20,000 Thermal Imaging (2018 - 10yrs) 60,000 60,000 Fire Hose 40,000 40,000 Multigas meters 20,000 20,000 Turnout Gear (2022 - 5yrs) 300,000 350,000 650,000 Public Safety - Police/Dispatch 90,000 - 25,000 50,000 - - 30,000 210,000 500,000 120,000 1,025,000 Police Unmarked Vehicles 50,000 50,000 50,000 150,000 Police Parking Enforcement Vehicle (2013) 40,000 Police equipment (tasers) (7 years) 160,000 160,000 Firearms Replacement (12 years) 120,000 120,000 Video Integration - Radios (Police & Fire 2022 - 12yrs) 500,000 500,000 AEDs 25,000 30,000 55,000 Public Works - Equipment 375,000 275,000 539,000 1,007,000 615,000 230,000 1,338,000 1,060,000 505,000 180,000 6,124,000 Large TrucksLife - 275,000 515,000 400,000 275,000 - 825,000 1,035,000 - 3,325,000 C-03 Dump Truck C3 (2016)10 75,000 75,000 C-04 Dump Truck C2 (2012)10 120,000 120,000 H-05 Small Dump Truck #7 (2012)10 120,000 120,000 H-06 Aerial Pickup Truck #14 (2017)10 100,000 100,000 H-07 Truck #10 (2018)15 240,000 240,000 H-08 Truck #9 - Sander (2017)15 275,000 275,000 H-09 Truck #8 - 10 wheeler (2016)15 245,000 245,000 H-10 Truck #22 -Sander (2015)15 275,000 275,000 Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 H-11 Truck #4 - Sander (2014)15 275,000 275,000 H-12 Truck #16 - Sander (2011)15 275,000 275,000 H-14 Truck #3 - Sander (2010)15 275,000 275,000 H-15 Truck #5 (2008)15 300,000 300,000 H-16 Truck # 7 (2024)15 250,000 490,000 H-17 Truck # 11 (2024)15 250,000 490,000 H-18 Truck #19 - Sander (2007)15 275,000 275,000 H-19 Truck #18 - Sander (2006)15 275,000 275,000 P-03 Dump truck #24 Parks (2017)15 100,000 100,000 P-04 Dump truck #12 Parks (2015)15 100,000 100,000 Pick-ups/Cars/Vans 155,000 - - 164,000 340,000 - 275,000 - 280,000 180,000 1,394,000 C-02 Pickup Ford Utility #C1 (2014)10 100,000 100,000 C-06 Cem. #4 Ford SUV (2024)10 45,000 60,000 105,000 CAR 2 Ford Escape (2016)10 54,000 54,000 CAR 1 Car #3 Hyundia Sante FE HYBRID (2023)10 60,000 60,000 E-01 Chevy Traverse (2019)10 65,000 65,000 F-02 Pickup Chevy #9 Parks (2023)10 100,000 100,000 H-01 Pickup #16 (2015)10 100,000 100,000 H-02 Pickup #18 (2006)10 110,000 110,000 H-03 Pickup #4 (2020)10 120,000 120,000 H-04 Pickup Ford Utility #11 (2014)10 110,000 110,000 M-02 Pickup #1 (2020)10 175,000 175,000 PFC-01 Ford Escape (2017)10 65,000 65,000 P-02 Pickup Ford #2 Parks (2015)10 110,000 110,000 Pickup for P/F/C Supervisor (2024)10 120,000 120,000 Backhoes/Loaders/Heavy Equipment - - - 80,000 - - - - - - 80,000 C-07 Backhoe Loader (2020)10 - H-20 Loader JD 624 (2020)10 - H-21 Loader JD 624 (2017)10 - Loader to replace Sicard10 - H-22 Backhoe JD 710L HWY (2020)10 - H-23 Bobcat Loader (2015)10 - P-05 Ventrac tractor (2020)10 - P-06 Tractor JD4520 (Parks) (2012)15 80,000 80,000 Specialty Equipment - Heavy Duty 220,000 - - 50,000 - 180,000 113,000 - - - 563,000 F-04 Bucket Truck #21 Forestry (2024)15 - F-05 Chipper/LoaderTruck #23 (2024)15 - H-24 Forklift (2016)15 - Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 H-25 Crawler Dozer (2003)15 - H-26 Snow Primoth SW4S (2016)15 113,000 113,000 H-27 Snow Trackless (2015)15 180,000 180,000 H-28 Snow Holder #1 c992 (2015)15 - H-29 Snow Holder #2 c480 (2013)15 - H-31 Leeboy Pavement Sprd (2014)15 - H-32 Hamm Roller, Large (2014)15 - H-33 Hamm Roller, Small (2016)15 50,000 50,000 H-34 Leeboy Roller, Small (1998)15 - H-41 Screener (2018)15 - Blower unit for Loader15 220,000 220,000 W-23 Sicard HD Snowblower (1999) - Specialty Equipment - Light Duty - - - 90,000 - 20,000 125,000 25,000 225,000 - 485,000 C-14 SmithCo 48" Sweeper (2012)10 30,000 30,000 C-15 SKAG Leaf Vac (Cem) (2015)10 25,000 25,000 C-16 Carmate Trailer (2019) 20,000 20,000 C-17 Big Tex Trailer (2013) 10,000 10,000 F-06 Vemeer Chipper (2018) 225,000 225,000 F-08 Stump Grinder new (2021) (replace 20 yrs)20 - F-09 Trailer Dump Trailer (2015) 50,000 50,000 F-10 Truck Mount Sprayer 500gal (2015) 20,000 20,000 H-35 Tack Machine for Paving (2004) - H-36 Curb-builder for Paving (2010) - H-37 HotBox for Paving (2020) - H-38 Cement Mixer Tow Behind (2005) - H-39 Mobile Compressor (1) (2019)10 - H-40 Mobile Compressor (2) (2020) - H-42 Trailer (2012) - H-43 Trailer, Roller (1998) - H-44 Eager beaver Trailer #2 (1996) - P-11 Smithco SuperStar (2016)15 30,000 30,000 P-12 Smithco 60 Turf Sweeper (2016)15 40,000 40,000 P-13 Sweeper/Blower/Mower (1985) - P-14 Leaf Vac SKAG (2016) 25,000 25,000 P-15 Trailer (2016) 10,000 10,000 Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 P-16 Trailer (2013) - P-17 Trailer (stump grinder) - P-18 Trailer Enclosed (2007) - R-01 Rubbish Barrells for automated pickup - Lawnmowers - - 24,000 223,000 - 30,000 - - - - 277,000 C-08 Mwr SKAG TT #2 (2017) 24,000 24,000 C-09 Mwr (Cem.) SKAG 48" (2016) 12,500 12,500 C-10 Mower SKAG 61" (2024) - C-11 Mwr (Cem.) Scag 52" Stander (2021) 10,000 10,000 C-12 Mwr SKAG 36" (2012) 12,500 12,500 C-13 Mwr SKAG TT 61" #3 (2011) 24,000 24,000 P-07 Mwr SKAG TT #5 (2017) 24,000 24,000 P-08 Mwr SKAG 20,000 20,000 P-09 Mwr (Pks) TORO 5910N (2014) 150,000 150,000 P-10 Mower - TORO Gang (2007) - DPW: Parks & Cemetery 515,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 3,215,000 Gen'l Fence Replacement 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 500,000 DPW Yard Improvements - Strout Avenue Improvements - School Site Improvements - Birch Meadow (parking lots, sidewalks, walkways) 215,000 215,000 Field, Playground and Court Improvements 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,000,000 Rock Wall repairs - Memorial Park - Rock Wall Repair Program 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,000,000 Rock Wall repairs - Laurel Hill - Rock Wall repairs - Joshua Eaton - Grove Street Parking Lot Improvements - Gen'l Parking Lot Improvements 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 500,000 DPW: Roads - Track Road Bridge #1 - Track Road Bridge #2 - Salem Street Crosswalk Improvements - Salem and Main Traffic Signal Improvements - Sidewalk/Curb/Ped. Safety 100,000 100,000 150,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 1,750,000 Skim Coating & Crack Seal Patch 100,000 100,000 125,000 150,000 175,000 175,000 200,000 200,000 200,000 200,000 1,625,000 West Street - Local shr ($1.3mil)Debt - Lowell Street $500k + $600k 600,000 600,000 General Fund - various roads 470,000 540,000 655,000 700,000 600,000 600,000 600,000 600,000 650,000 650,000 6,065,000 TOTAL GENL FUND VOTED - ROADS 1,270,000 740,000 930,000 1,050,000 975,000 975,000 1,000,000 1,000,000 1,050,000 1,050,000 10,040,000 Grants - various roads 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 6,000,000 TOTAL ROAD CAPITAL 1,870,000 1,340,000 1,530,000 1,650,000 1,575,000 1,575,000 1,600,000 1,600,000 1,650,000 1,650,000 16,040,000 Capital Improvement Plan (CIP) 9/12/2024 16:39 FY-2025FY-2026FY-2027FY-2028FY-2029FY-2030FY-2031FY-2032FY-2033FY-2034FY25-34 Biggest Changes in Capital since April Town MeetingConcerns Killam ES - any costs not Excluded debt should be identified very soon Sr. Center - Town of ReadingProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected Debt Service ScheduleFY - 2024FY - 2025FY - 2026FY - 2027FY - 2028FY - 2029FY - 2030FY - 2031FY - 2032FY - 2033FY - 2034FY - 2035FY - 2036FY - 2037FY - 2038FY - 2039 9/12/24 16:38 General Fund:6,044,1565,073,7383,205,2753,088,1002,836,2252,578,6503,167,3502,560,8502,473,7001,804,6501,662,7001,230,5001,201,5001,172,500856,400833,200 Principal5,215,0004,074,0002,374,0002,369,0002,229,0002,074,0002,629,0002,124,0002,124,0001,524,0001,434,0001,050,0001,050,0001,050,000760,000760,000 Within Levy Limit2,687,2002,839,0002,374,0002,369,0002,229,0002,074,0002,629,0002,124,0002,124,0001,524,0001,434,0001,050,0001,050,0001,050,000760,000760,000 Excluded Debt2,527,8001,235,00000000000000000 Interest829,156999,738831,275719,100607,225504,650538,350436,850349,700280,650228,700180,500151,500122,50096,40073,200 Within Levy Limit670,844955,038831,275719,100607,225504,650538,350436,850349,700280,650228,700180,500151,500122,50096,40073,200 Excluded Debt158,31244,70000000000000000 Within Levy Limit 3,358,0443,794,0383,205,2753,088,1002,836,2252,578,6503,167,3502,560,8502,473,7001,804,6501,662,7001,230,5001,201,5001,172,500856,400833,200 Issued3,358,0443,073,0382,504,9752,153,5001,930,8251,702,4501,628,3501,064,2501,019,500392,850293,300117,500120,200292,90000 Approved not issued (ANI)0321,000310,300299,600288,900278,200267,500256,800246,100235,400224,70000000 Not yet approved (NYA)0400,0001,026,5001,253,0001,216,0001,179,0001,834,0001,783,8001,733,6001,683,4001,633,2001,413,0001,371,3001,159,6001,126,400833,200 Excluded Debt 2,686,1121,279,70000000000000000 Issued2,686,1121,279,70000000000000000 Approved not issued (ANI) Not yet approved (NYA) Debt Summary Inside Tax Levy3,358,0443,789,2383,200,5753,083,4002,831,5252,574,3503,162,8502,556,1502,469,2001,802,3501,662,7001,230,5001,201,5001,172,500856,400833,200 Energy/Safety Improvements1,242,8311,196,813831,875803,125774,375740,750712,250340,750327,700317,550310,300304,500298,700292,90000 School Buildings1,477,7131,260,5751,216,0251,166,600982,425943,7751,592,2251,388,6751,345,600839,400817,700626,000612,800599,600586,400573,200 Town Buildings182,250175,750164,375158,125151,875145,625139,375133,125127,5000000000 Community Improvements455,2501,156,100988,300955,550922,850744,200719,000693,600668,400645,400534,700300,000290,000280,000270,000260,000 Excluded From Tax Levy2,686,1121,279,70000000000000000 Energy/Safety Improvements0000000000000000 School Buildings1,357,012000000000000000 Town Buildings1,329,1001,279,70000000000000000 Community Improvements0000000000000000 Town of ReadingProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected Debt Service ScheduleFY - 2024FY - 2025FY - 2026FY - 2027FY - 2028FY - 2029FY - 2030FY - 2031FY - 2032FY - 2033FY - 2034FY - 2035FY - 2036FY - 2037FY - 2038FY - 2039 9/12/24 16:38 Principal + Interest Within Levy Limit 3,358,0443,794,0383,205,2753,088,1002,836,2252,578,6503,167,3502,560,8502,473,7001,804,6501,662,7001,230,5001,201,5001,172,500856,400833,200 Issued3,358,0443,073,0382,504,9752,153,5001,930,8251,702,4501,628,3501,064,2501,019,500392,850293,300117,500120,200292,90000 Approved not issued (ANI)0321,000310,300299,600288,900278,200267,500256,800246,100235,400224,70000000 Not yet approved (NYA)0400,000390,000635,000616,500598,0001,271,5001,239,8001,208,1001,176,4001,144,7001,113,0001,081,300879,600856,400833,200 Bldng Security $4mil/10yr446,100427,000413,000399,000385,000371,000357,000 Bldg Energy Improv I $5m/15yr348,356336,188 Bldg Energy Improv II $5m/15yr448,375433,625418,875404,125389,375369,750355,250340,750327,700317,550310,300304,500298,700292,900 Killam Green Repair Birch Mdw Green Repair RMHS Turf II $2.225mil/10yr201,400195,000188,600182,200175,800169,400158,100 RMHS Turf I $3.0mil/10yr359,625346,875334,125321,375303,750291,250278,750266,250255,000 RMHS Fieldhouse $1.7mil/10yrs255,000246,500238,000229,500221,000212,500204,000195,500187,000178,500Moved up 2 yrs RMHS/TLT $1.5mil/10yr156,600151,200145,800140,400 RMHS Ret. Wall $500k/5yr Parker MS Roof $2.7mil/10yr324,000312,500301,000284,625273,375262,125250,875239,625229,500 Coolidge MS Roof $2.9mil/10yr457,000448,300439,600430,900422,200413,500404,800396,100387,400378,700 move out 5yrs Birch Mdw ES roof $1.5mil/10yr235,000230,500226,000221,500217,000212,500208,000203,500199,000194,500 move out 5yrs ES Mod. class $1.2 mil/8yr153,000 Barrows/Wd End®29,942 Wood End®135,938 Barrows®117,208 Police Sta Improve $1.5mil/10yr182,250175,750164,375158,125151,875145,625139,375133,125127,500 West St. $1.3 mil140,400135,200 Comm. Sustainability $1.0mil/10yr135,100129,400124,700120,000115,300106,000101,50096,80092,30090,0000 Ec Dev Dwntn II $4.0mil/20yr400,000390,000380,000370,000360,000350,000340,000330,000320,000310,000300,000290,000280,000270,000260,000$5m bond bill 00000000 Haven St. Streetscape $750k/5yr179,750170,500163,300155,950148,6500000000000 0 Bch Mdow Phase II $2.14mil/10yr321,000310,300299,600288,900278,200267,500256,800246,100235,400224,700 Excluded Debt 2,686,1121,279,70000000000000000 Issued2,686,1121,279,70000000000000000 Approved not issued (ANI) Not yet approved (NYA) RMHS®1,312,500 Barrows/Wd End®40,560 Wood End®3,952 Library Project $10+mil1,080,0001,040,000 Library Project $2.115mil249,100239,700 Town of ReadingProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected Debt Service ScheduleFY - 2024FY - 2025FY - 2026FY - 2027FY - 2028FY - 2029FY - 2030FY - 2031FY - 2032FY - 2033FY - 2034FY - 2035FY - 2036FY - 2037FY - 2038FY - 2039 9/12/24 16:38 Principal Within Levy Limit 2,687,2002,839,0002,374,0002,369,0002,229,0002,074,0002,629,0002,124,0002,124,0001,524,0001,434,0001,050,0001,050,0001,050,000760,000760,000 Issued2,687,2002,425,0001,960,0001,785,0001,645,0001,490,0001,485,000980,000980,000380,000290,000120,000120,000290,00000 Approved not issued (ANI)0214,000214,000214,000214,000214,000214,000214,000214,000214,000214,0000000 Not yet approved (NYA)0200,000200,000370,000370,000370,000930,000930,000930,000930,000930,000930,000930,000760,000760,000760,000 Bldng Security $4mil/10yr355,000350,000350,000350,000350,000350,000350,000 Bldg Energy Improv I $5m/15yr330,000330,000 Bldg Energy Improv II $5m/15yr295,000295,000295,000295,000295,000290,000290,000290,000290,000290,000290,000290,000290,000290,000 4,377,300 Killam Green Repair Birch Mdw Green Repair RMHS Turf II $2.225mil/10yr160,000160,000160,000160,000160,000160,000155,000 RMHS Turf I $3.0mil/10yr255,000255,000255,000255,000250,000250,000250,000250,000250,000 2,521,300 RMHS Fieldhouse $1.7mil/10yrs170,000170,000170,000170,000170,000170,000170,000170,000170,000170,000Move up 2 yrs RMHS/TLT $1.5mil/10yr 135,000 135,000 135,000 135,000 RMHS Ret. Wall $500k/5yr Parker MS Roof $2.7mil/10yr230,000230,000230,000225,000225,000225,000225,000225,000225,000 2,270,000 Coolidge MS Roof $3.7mil/10yr370,000370,000370,000370,000370,000370,000370,000370,000370,000370,000 Birch Mdw ES roof $1.9mil/10yr190,000190,000190,000190,000190,000190,000190,000190,000190,000190,000 ES Mod. class $1.2 mil/8yr150,000 Barrows/Wd End®28,790 Wood End®130,710 Barrows®112,700 Police Sta Improve $1.5mil/10yr130,000130,000125,000125,000125,000125,000125,000125,000125,000 1,261,400 West St. $1.3 mil130,000130,000 Comm. Sustainability $925k/10yr95,00095,00095,00095,00095,00090,00090,00090,00090,00090,000 Ec Dev Dwntn II $4.0mil/20yr200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000200,0004,000,000 Haven St. Streetscape $730k/5yr150,000145,000145,000145,000145,000 730,000 Bch Mdow Phase II $2.14mil/10yr214,000214,000214,000214,000214,000214,000214,000214,000214,000214,000 Excluded Debt 2,527,8001,235,00000000000000000 Issued2,527,8001,235,00000000000000000 Approved not issued (ANI) Not yet approved (NYA) RMHS®1,250,000 Barrows/Wd End®39,000 Wood End®3,800 Library Project $10+mil1,000,0001,000,000 Library Project $2.115mil235,000235,000 Town of ReadingProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjectedProjected Debt Service ScheduleFY - 2024FY - 2025FY - 2026FY - 2027FY - 2028FY - 2029FY - 2030FY - 2031FY - 2032FY - 2033FY - 2034FY - 2035FY - 2036FY - 2037FY - 2038FY - 2039 9/12/24 16:38 Interest Within Levy Limit 670,844955,038831,275719,100607,225504,650538,350436,850349,700280,650228,700180,500151,500122,50096,40073,200 Issued670,844648,038544,975368,500285,825212,450143,35084,25039,50012,8503,300(2,500)2002,90000 Approved not issued (ANI)0107,00096,30085,60074,90064,20053,50042,80032,10021,40010,700 Not yet approved (NYA)0200,000190,000265,000246,500228,000341,500309,800278,100246,400214,700183,000151,300119,60096,40073,200 Bldng Security $4mil/10yr91,10077,00063,00049,00035,00021,0007,000 Bldg Energy Improv I $5m/15yr18,3566,188 Bldg Energy Improv II $5m/15yr153,375138,625123,875109,12594,37579,75065,25050,75037,70027,55020,30014,5008,7002,900 1,131,367 Killam Green Repair Birch Mdw Green Repair RMHS Turf II $2.225mil/10yr41,40035,00028,60022,20015,8009,4003,100 RMHS Turf I $3.0mil/10yr104,62591,87579,12566,37553,75041,25028,75016,2505,000 630,025 RMHS Fieldhouse $1.7mil/10yrs85,00076,50068,00059,50051,00042,50034,00025,50017,0008,500Move up 2 years RMHS/TLT $1.5mil/10yr 21,600 16,200 10,800 5,400 RMHS Ret. Wall $500k/5yr Parker MS Roof $2.7mil/10yr94,00082,50071,00059,62548,37537,12525,87514,6254,500 566,302 Coolidge MS Roof $2.9mil/10yr87,00078,30069,60060,90052,20043,50034,80026,10017,4008,700 Birch Mdw ES roof $1.5mil/10yr45,00040,50036,00031,50027,00022,50018,00013,5009,0004,500 ES Mod. class $1.2 mil/8yr3,000 Barrows/Wd End®1,152 Wood End®5,228 Barrows®4,508 Police Sta Improve $1.5mil/10yr52,25045,75039,37533,12526,87520,62514,3758,1252,500 314,539 West St. $1.3 mil10,4005,200 Comm. Sustainability $925k/10yr 40,100 39,20034,40029,70025,00020,30016,00011,5006,8002,300assume 5% Haven St. Streetscape $730k/5yr29,750 25,50018,30010,9503,65088,150 Ec Dev Dwntn II $4.0mil/20yr200,000190,000180,000170,000160,000150,000140,000130,000120,000110,000100,00090,00080,00070,00060,000assume 5% Bch Mdow Phase II $2.14mil/10yr107,00096,30085,60074,90064,20053,50042,80032,10021,40010,700 Excluded Debt 158,31244,70000000000000000 Issued158,31244,70000000000000000 Approved not issued (ANI) Not yet approved (NYA) RMHS®62,500 Barrows/Wd End®1,560 Wood End®152 Library Project $10+mil80,00040,000 Library Project $2.115mil14,1004,700 Finance Committee Policy on Cash Reserves August 2016 The Finance Committee (FINCOM) of the Town of Reading hereby establishes and adopts a Policy establishing a minimum target for cash reserves of 7% of Revenue. Further, the FINCOM recognizes that circumstances may occur which would require the FINCOM to raise or lower this minimum from time to time. FINCOM considers a balance less than 5% to require a formal review by the committee. The FINCOM recognizes that the financial health of the Town of Reading is of paramount importance to its residents who receive essential services; to its bondholders who provide funding for long-term Town projects; to its vendors who provide services and equipment to the Town; and to its current and retired employees. This Policy on Cash Reserves is designed to protect the community from sudden and unexpected changes in revenues or expenses. Funds in excess of the current Cash Reserves Policy may be: Added to reserves. This will increase the financial cushion against any sudden and unexpected changes in revenues or expenses. Added to the Capital Improvement Program. This investment will reduce future maintenance and repair costs. Added to the funding of any long term liability. This will reduce the need for future contributions towards the pension fund or other post- employment benefit costs. Used for one-time expenses for community priorities. Used to supplement the current fiscal year budget, including the opportunity to reduce residents. Cash Reserves are defined to be the sum total of certified free cash, uncommitted Stabilization Funds, and the FINCOM Reserve Fund. Other reserves (such as Sale of Real Estate funds, committed Stabilization Funds and overlay reserves) are excluded from the 7% minimum requirement, though these funds may be considered if circumstances require higher reserves. The most recent set of certified financial statements will typically be used to calculate both Cash Reserves and Revenue. The FINCOM may use the best estimates fr other times. Finance Committee Debt & Capital Policy August 2018 The Finance Committee (FINCOM) of the Town of Reading hereby establishes and adopts a Debt & Capital Policy that a minimum of 5% of Revenue shall be devoted to construct and replace the capital plant of the community, both as debt repayment and annual payments as part of the budget for capital items. The FINCOM recognizes that a prudent Capital Improvement Program (CIP) will serve to avoid excessive maintenance and repair costs, and reduce the need for sudden and unexpected capital expenses that may have an adverse impact on the operating budgets. The FINCOM also recognizes that from time to time additional capital expenses over this 5% minimum will be beneficial for the long term financial health of the Town. These additional expenses may be funded either by use of excess Reserves (as described in the FINCOM Cash Reserves Policy), from the general fund (by way of a budget increase above this 5% minimum Policy), or through other methods outside of the tax levy. The FINCOM encourages a prudent use of debt so as to spread out the cost of large capital assets over a period of time that should not exceed the expected useful life of the asset. The FINCOM also encourages issuing debt for the shortest practical term in order to minimize interest costs. Exclusion from the tax levy should always be considered for capital projects over $5.0 million. The FINCOM encourages the Treasurer to consider refunding and advance refunding any eligible outstanding debt when the savings net of issuance costs exceed $50,000 annually. The Capital Improvement Program will be a minimum of five years of projected capital projects that reflect the prioritized needs of the Town, subject to the anticipated funding provided by this Policy. This CIP will be presented at least twice each year to the FINCOM by the Town staff, in advance of both the Annual and Subsequent Town Meetings. Finance Committee Other Post-Employment Benefits (OPEB) Policy August 2018 The Finance Committee (FINCOM) of the Town of Reading hereby establishes and adopts a Policy establishing a minimum target for annual OPEB funding in both the General and Enterprise funds (as defined below). Further, the FINCOM recognizes that circumstances may occur in any given year which would require the FINCOM to adjust the annual contribution. The FINCOM recognizes that the financial health of the Town of Reading is of paramount importance to its residents who receive essential services; to its bondholders who provide funding for long-term Town projects; to its vendors who provide services and equipment to the Town; and to its current and retired employees. This Policy on OPEB funding is designed to protect the community from a) the near-term budget impact of a sudden change in law that would require such funding; and b) the longer-term need to reduce a large liability. Health Insurance Premiums are defined as the best estimate from the employee and retiree premiums for the following fiscal year. General Fund OPEB contribution: Not less than 5% of the estimated premium costs for employees and retirees covered by the general fund will be set aside in the following fiscal year as a preliminary OPEB contribution. This policy will help cushion the budget process from any late adverse impacts of changes to health insurance premiums. Enterprise Funds OPEB contribution: These funds are expected to fully fund the OPEB liability annually, according to an actuarial schedule agreed years. Peer CommunitiesBenchmarking Guidelines Finance Committee Adopted October 2013 The FinanceCommittee (FINCOM) of the Town of Reading hereby establishes and adopts Benchmarking Guidelines,establishing a financial best practice of using Peer Communities when making financial comparisons. FINCOM recognizes that under Proposition 2-1/2 in Massachusetts, communities are financially constrained by fundamental commercial/residential demographics and other economic factors. For purposes of any broad budget or financial comparison, FINCOM defines Peer Communities to be those deemed financially statistically similar to Reading by an independent study by Stone Consulting in December 2008. Updated studies are suggested to ensure that this list is kept up to date. Therefore the following list constitute 23 Peer Communities: Andover, Bedford, Belmont, Burlington, Canton, Danvers, Dedham, Lynnfield, Mansfield, Marshfield, Milton, Natick, North Reading, North Andover, Shrewsbury, Stoneham, Tewksbury, Wakefield, Walpole, Westborough, Westford, Wilmington and Winchester. FINCOM also recognizes that in some instances, a second set of comparisons with other Massachusetts communities can add valuable insight. Town of Reading Meeting Minutes 2016-09-22 LAG Board -Committee -Commission -Council: Finance Committee Date: 2024-08-21Time: 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 JoeCarnahan, Vice Chair Marianne McLaughlin-Downing, Geoffrey Coram, Endri Kume, Ed Ross (remote), John Sullivan Members -Not Present: Joe McDonagh, Emily Sisson, Mark Zarrow Others Present: Town Manager Matt Kraunelis, Chief Financial Officer Sharon Angstrom, RMLD General Manager Greg Phipps, RMLD Director of Finance & Accounting Ben Bloomenthal, Assistant DPW Director Mike Kessman Minutes Respectfully Submitted By:Jacquelyn LaVerde Topics of Discussion: This meeting was held in-person in the Select Board Meeting Room of Town Hall and remotely via Zoom. Chair Joe Carnahan called the meeting to order at 7:00 pm. Roll Call Attendance: Ed Ross (remote), John Sullivan, Endri Kume, Mariane McLaughlin- Downing, Joe Carnahan. Liaison Reports Marianne McLaughlin-Downing shared that the Select Board was discussingthe possibility of second water meters, and heard a presentation on what other communities were doing, but would like to see more data on it. The Select Board also discussed the possibility of moving the annual town election, but it would run into end-of-year things, and one big issue is mail- in ballots and getting them in on time. The Select Board also received an update on the issues residents were having with trash pickup and the new trash barrels. The barrels were expected this summer, but will be ordered soon and rolled out in spring 2025. Ed Ross provided an update on the Killam School Building Committee(KSBC). The KSBC -K in Killam, which frees up space at Wood End and at the High School. It will be a three-story building with all Pre-K on the first floor, kindergarten through second grade on the second floor, and third through fifth grades on the third floor. The sustainability subcommittee is doing more analysis on geothermal, and while no decisions have been made yet, it will have financial implications, and there are a lot of incentives that the Town can apply for through the Inflation Reduction Act. The project is still on schedule and on budget with the $2.2 million allocated for the feasibility study, and still tracking to be on the ballot in the spring. Geoffrey Coram arrived at 7:10 pm. Page | 1 John Sullivan shared that the Reading Center for Active Living Committee recommended Symonds Way as the site for the new Senior Center to the Select Board. And the Community Planning and Development Commission (CPDC) was hoping to have an MBTA Communities plan chosen at this point, but is still working through legal opinions on conflict- of-interest issues. The CPDC plan to start holding public hearings in September is still up in the air. Geoffrey Coram stated that applications are open for the Citizens Police Academy. Joe Carnahan stated that the Community Preservation Act (CPA) Study Committee is not recommending pursuing CPA adoption this November, as the time frame is too tight and there is not enough time to educate the voters. The Study Committee will go back to the Select Board and request to extend their charge so they can further research the topic for a later adoption. RMLD Financial Update General Manager Greg Phipps and Director of Finance and Accounting Ben Bloomenthal of the Reading Municipal Light Department (RMLD) provided a financial update. Financial and accounting milestones achieved in the last few months include: calendar year 2025 budget preparation, implementation of new accounts payable (AP) software, commencement of 2% net plant payments to all four towns totaling $945,988, processing the below the payment to the Town of Reading in the amount of $1.29 million in June, and being awarded its first grant. Cash balances including restricted cash, restricted investments, and unrestricted cash total approximately $62 million. Mr. Bloomenthal provided snapshots of the RMLD operating budget and actual spending, capital budget and actual spending, outside legal services, and other outside contracted services. He also provided an overview of how the new AP software will help speed up the AP process internally. Lastly, he highlighted grants awarded to RMLD including a $5.15 million grant from the Federal Highway Administration for Level 2 and DC fast chargers throughout the territory, and a $35,000 grant for cyber security training and work. Energy considerations for building projects (e.g. Killam) Mr. Phipps explained that RMLD has been participating in the Killam School Building Committee meetings. Once the School Building Committee decides what type of system will go into the building, RMLD will provide estimates on the energy costs. RMLD does not make a recommendation, as the customer must decide on what equipment will go into the building. But RMLD will participate and educate to the best of their ability. Vote on FINCOM Reserve Fund Transfer Chief Financial Officer Sharon Angstrom reviewed two DPW requests for the purchases of trucks. DPW was awarded $275,000 in fiscal year 2022 for the purchase of a bucket truck. They placed the order and issued a purchase order. The amount for the truck was $258,523, and the excess amount closed out to free cash. A year later, the manufacturer said they could no longer do it for the original amount, and asked for an additional $20,000. Former DPW Director Jane Kinsella negotiated with the company to split the overage, and the company and the Town each absorbed $10,000. However, someone failed to encumber the money, so DPW is asking for the $10,000 again to make the final payment for the truck. The second request is for a forestry chipper and loader truck, for which Town Meeting approved $210,000 in FY23. The truck was ordered, but due to supply chain issues, and a fire at the manufacturer, the company cancelled the order. Now that the Town wants to reorder the truck, it will cost $100,000 more, and the quote is only good through October th 24. But DPW is requesting $125,000 to ensure there will be enough, in case the price changes by the time they place the order. Ms. Angstrom stated that she will request the FINCOM Reserve Fund be replenished as part of the FY25 budget amendments at November Town Meeting. Page | 2 On a motion by Marianne McLaughlin-Downing, seconded by Endri Kume, the Finance Committee voted 6-0-0 to approve a transfer from reserves in the amount of $135,000 for the purposes outlined in the August 8, 2024 memo. Roll call vote: Ed Ross Yes, John Sullivan Yes, Marianne McLaughlin-Downing Yes, Endri Kume Yes, Geoffrey Coram Yes, Joe Carnahan Yes. Liaison Assignments The Committee reviewed the FY24 list of liaison assignments. Members Joe McDonagh, Emily Sisson, and Mark Zarrow, who could not be in attendance this evening, had sent their preferences to Chair Carnahan ahead of the meeting. Following discussion, the Committee agreed on the following Board/Committee and liaison assignments: Joe Carnahan: Audit Committee (Ex-Officio FINCOM Chair), Community Preservation Act Study Committee, Facilities Geoffrey Coram: School Department and School Committee, Public Safety Marianne McLaughlin-Downing: Select Board, Charter Review Committee, Library and Board of Library Trustees Endri Kume: RMLD, Administrative Services, Public Works Joseph McDonagh: RMLD, Library and Board of Library Trustees Ed Ross: Killam School Building Committee, Reading Ice Arena Authority, Select Board Emily Sisson: Public Services/Community Services, Public Safety John Sullivan: Public Services/Community Development, Permanent Building Committee/Reading Center for Active Living (ReCAL) Building Committee Mark Zarrow: Audit Committee: Public Services/Recreation, School Committee Approval of Prior Meeting Minutes On a motion by Marianne McLaughlin-Downing, seconded by Endri Kume, the Finance Committee voted 6-0-0 to approve the meeting minutes of July 24, 2024 as presented. Roll call vote: Ed Ross Yes, John Sullivan Yes, Marianne McLaughlin-Downing Yes, Endri Kume Yes, Geoffrey Coram Yes, Joe Carnahan Yes. Future Agendas Mr. Carnahan noted that Dr. Milaschewski was unable to give his presentation about Killam at the previous meeting, but it may be better to hold that presentation until the Capital Project Financial Forum. th The next Finance Committee meeting will be the first Financial Forum on September 18, and the Committee will hear about projected revenues, projected free cash position, and accommodated costs impacts on the FY26 operating budget. The Committee will also review Finance Committee policies, including the Capital and Debt Plan, as capital costs continue to increase. The Committee will vote on FY26 budget recommendations and November Town Meeting th Warrant Articles at their following meeting on October 9. th The second Financial Forum on October 30 will be a continuation of the Capital Building Project updates. On a motion by Marianne McLaughlin-Downing, seconded by Endri Kume, the Finance Committee voted 6-0-0 to adjourn at 8:43 pm. Roll call vote: Ed Ross Yes, John Sullivan Yes, Marianne McLaughlin-Downing Yes, Endri Kume Yes, Geoffrey Coram Yes, Joe Carnahan Yes. Page | 3