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Home My WebLink About2024-05-28 Finance Committee - Financial Forum Packet Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Finance Committee Date: 2024-05-28Time: 7:00PM Building: Reading Public LibraryLocation: Community Room Address: 64 Middlesex AvenueAgenda: Purpose:Financial Forum Meeting Called By:Jacquelyn LaVerde on behalf of Chair Ed Ross Notices and agendas are to be posted 48 hours in advance of the meetings excluding operation and make necessary arrangements to be sure your posting is made in an adequate amount of time. A listing of topics that the chair reasonably anticipates will be discussed at the meeting must be on the agenda. All Meeting Postings must be submitted in typed format; handwritten notices will notbe accepted. Topics of Discussion: This meeting will be held in-person in the Community Room of the Reading Public Library and remotely via Zoom: Join Zoom Meeting https://us06web.zoom.us/j/88277621520 Meeting ID: 882 7762 1520 One tap mobile +16465189805,,88277621520# US (New York) +16465588656,,88277621520# US (New York) Dial by your location Find your local number: https://us06web.zoom.us/u/kc2eGCb4DG AGENDA: 1) Welcome and Introduction from the Finance Committee Chair 2) Town Finance 101 3) Killam School Building Project Overview 4) Senior/Community Center Project Overview 5) Community Preservation Act Overview 6) Discussion on Future Financial Forum/Project Update SeriesMeeting Dates 7) Approval of Prior Meeting Minutes 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 MAY 28, 2024 FINANCIAL FORUM AGENDA MAY 28, 2024 FINCOM Opening Remarks Chair Edward Ross Financial Updates Town Finance 101 Sharon Angstrom Killam School Building Project Overview Carla Nazarro & Karen Herrick Senior/Community Center ReCALC/Mark Dockser Community Preservation Act Overview -Carlo Bacci Discussion about Future Financial Forum/Project Updates Approve Minutes FINCOM Closing Remarks Edward Ross CAPITAL AND DEBT POLICY The Finance Committee (FINCOM) has an established capital/debt policy that states: A minimum of 5% of revenue shall be devoted to construct and replace the capital of the community, both as debt payments and annual payments as part of the budget for capital items. FINCOM encourages a prudent use of debt to spread out the costs of large capital assets over a period of time not to exceed its useful life. FINCOM also encourages issuing debt for the shortest practical term to minimize interest costs. Exclusion from the tax levy should always be considered for projects over $5 million. The Capital Improvement Program (CIP) 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 the capital and debt policy. The CIP is presented at least twice each year to both the Annual and Subsequent Town Meetings. PROPOSITION 2 1/2 Proposition 2 ½ limits the amount of revenue the Town may raise from local property taxes each year to fund operations. limit) cannot increase by more than 2.5 percent of the maximum allowable limit for the prior year, plus certain allowable increases such as new growth from property added to the tax rolls. The law allows the town to increase tax revenues above that limit with approval of voters at an election. TYPES OF BALLOT QUESTIONS Override-A levy limit override increases the amount of property tax revenue a community may raise in the year specified in the override question and in future limits. The result is permanent increase in taxing authority TYPES OF BALLOT Exclusion-An exclusion increases the amount of property tax revenue a town may raise for a limited or temporaryperiod-of-time in-order to fund specific projects. The amount of an exclusion may be raised in addition to It does not An exclusion may be used to raise additional funds only for a capital purpose. TYPES OF EXCLUSIONS Debt Exclusion if a capital project is being funded by debt, approval of a debt exclusion permits the town to raise the amount of the debt service payments for that project until the debt is retired. Capital Expenditure Exclusion if the capital project is being funded by an appropriation, voter approval of a capital expenditure exclusion permits the town to raise the amount of the project costs up to the amount stated on the ballot question. The additional taxing authority is available for just onefiscal year specified in the question. REMAINING EXCLUDED ProjectsFY2024FY2025 DEBT PAYMENTS Wood End$43,680$0 RMHS$1,312,500$0 Library$1,326,525$1,278,420 Total$2,682,705$1,278,420 HOW MUCH WILL AN AVERAGE HOME SAVE HOW MUCH WILL AN AVERAGE HOME SAVE ONCE EXCLUDED DEBT IS PAID OFF? Average Single Family Home ($855k using FY24 tax rates) $10,050 $10,019 $10,000 $9,950 $9,900 $9,850 $9,800 $9,750 $9,720 $9,700 $9,650 $9,600 $9,550 Tax Bill for Ave Single FamilyAfter Current Debt Excllusions Fall off DescriptionTax LevyDebt Exclusion AmountTAX RATESAVG SINGLE FAM VALUEAVG TX BILL FY 2024 (LAST CERTIFIED YEAR)$85,295,755$2,682,70511.72 / 12.92$854,864$10,019 FY 2024 W/O DE$85,295,755$011.37 / 12.53$854,864$9,720 QUESTIONS? "A PLACE WHERE EVERYONE BELONGS" J. WARREN KILLAM ELEMENTARY SCHOOLJ. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 INTRODUCTION PROJECT TEAM STATEFUNDING KILLAMSCHOOL PARTNER BUILDINGCOMMITTEE PROJECTDESIGNER TEAM DESIGNER LEIGH JENNI SCOTT MIKE CARROLLSUZANNA YEUNGDEREK OSTERMAN Project Manager Project Director SHERWOODKATAJAMAKI Design Phase Principal-in-ChargeProject ManagerProject Designer SUB-CONSULTANTS My Learning PlaceEducational ProgrammingCrabtree McGrathKitchen/Food Services Consultant SamiotesCivil Engineering, Site Survey3siSecurity, Technology, AV, Telcom B+ACStructural EngineeringAcentechAcoustical Consultant CESHVAC & Electrical EngineeringKalin AssociatesSpecifications Consultant CA CrowleyPlumbing & Fire Protection EngineeringGene LeitermannTheatrical Consultant TerrainkLandscape ArchitectMohar DesignFurniture, Fixtures, Equipment (FF+E) Thornton TomasettiSustainability ConsultantGPITraffic Consultant Hastings ConsultingCode ConsultantUECHazardous Materials KMAAccessibility ConsultantFSEnvironmental PM+CCost EstimatorLahlafGeotechnical Engineering MSBA MODULES June2021 March2022 Dec.2023 August2024 J. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 PRELIMINARY OVERALL PROJECT SCHEDULE* 20272028 2029 20232024 20252026 Design Construction Schematic FeasibilitySite Demo & Building Dev Documents StudyDesignConstruction Construction June Fall 2028 Sept 2024-August 2026 - Dec 2023 -Nov 2025 Oct Summer Feb 2025 October 2028 August 2024June 2026 2025 2029 Nov May JuneJune Fall Feb August August Architect PDP 2028 Town2028 PSRSD Bid Award Selection VoteSubstantial Move-In Completion *Assumes New Construction and Ch. 149 Procurement J. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 PROJECT UPDATE PROJECT/COMMUNITYGOALS 1.BUILT AROUND THE STUDENT 2.COMMUNITY CENTERED A PLACE WHERE 3.RESPONSIBLE SUSTAINABILITY EVERYONE BELONGS 4.SAFE AND HEALTHY 5.ASENSEOFBELONGING J. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 COMMUNITY/NEIGHBORHOOD MEETINGS January 11, 2024Project Charter February 29, 2024Sustainability Goals March 18, 2024Site & Traffic Listening Session April 1, 2024Site & Traffic Designs April 11, 2024Preliminary Design Alternatives J. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 EDUCATIONALVISIONINGPROCESS 3 School Tours 3 11 Educational Visioning Shadow Program Workshops DayWorkshop J. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 SPACE PROGRAM & ENROLLMENT OPTIONS Option 1Option 2 Existing 12 RISE4 RISE Total Enrollment453635515 Total Area GSF (Gross Square Feet) 60,558 122,649 102,954 EXISTING BUILDING CONDITIONS SUMMARY o Program spaces are undersized. o Building systems are at the end of their life and should be replaced. o Building envelope does not meet seismic or energy efficiency requirements and should be replaced. o Structure doesnotmeetcurrentseismic codesandis likely to require upgrades. o Interiors are at the end of their life and should be replaced. J. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 EXISTING SITE CONDITIONS SUMMARY o Environmental no concerns identified to date o Geotechnical-some unsuitablesoils; no concern with water table or ledge to date; shallow foundation recommended o Constrained Site available but limited space on the site for a field, parking, drop-off, play areas, geothermal wells, and construction lay-down o Town Departments met to review preliminary emergency access and site development o Survey full survey completed J. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 SPEED STUDY TRAFFIC ARRIVAL & DISMISSAL TRAFFIC OBSERVATIONS SUSTAINABILITY REQUIREMENTS SITE o MSBAGreenSchoolsPolicy IEQ Additional Reimbursement for LEED and for meeting the MA Opt-in Specialized Code o MA Stretch Energy Code Requires high degree of energy efficiency GOALS INCENTIVES ENERGY MATERIALS & RESOURCES WATER EVALUATION OF ALTERNATIVES B-1/B-2 A-1/A-2C-1/C-2 Compact/3-story Add-RenoNo demo 2-story E D-1/D-2 Extensive Demo Some Demo 2-story EVALUATION OF ALTERNATIVES A-1A-2B-1B-2C-1C-2D-1D-2E-1 Built Around the Student Classroom Neighborhoods+++ OOOOOO Educational Spaces OOOOO Community Centered ++++ Cost/Value OOO Neighborhood Context OOOO+++ Outdoor Space+++++ OO Responsible Sustainability Energy Efficient+++++++ Ease of Maintenance and Life Cycle Cost OOOOOOOOO Safe and Healthy +++++ Traffic and Access OO Safe and Secure OOOOOOOOO Phasing/Disruption++ OO A Sense of Belonging Warm and Welcoming+++ OOOO ++ Scale and Character OOOOO NEXT STEPS PDP Submittal to MSBA: May 20 Sustainability Committee: May 21 and July 9 initial system selection Next SBC Meetings: June 17 Evaluation of Alternatives July 8 Final Evaluation of Alternatives July 22 Joint Meeting with Town Committees August 5 Preferred Solution Next Community Meetings: July 15 Evaluation of Alternatives August 8 Preferred Solution J. WARREN KILLAM ELEMENTARY SCHOOL TOWN OF READINGSelect BoardMeeting | 5/21/2024 QUESTIONS? Reading Center for Active Living Qsftfoubujpo!up!uif!Gjobodjbm!Gpsvn Nbz!39-!3135 2017 Study Key Recommendations: 1.Improve the accessibility of the PSC. 2.Deepen public knowledge of existing programs and services throughout the community. 3.Explore the feasibility of significant expansion of for the PSC and for the human and elder services division. 4.Expand and diversify programming to align with the needs of the community. SFDBMD Ujnfmjof 3132! Tfmfdu!Cpbse!dsfbuft!boe!bqqpjout!SFDBMD!Dpnnjuuff! 3133! Uif!Upxo!pg!Sfbejoh!ijsft!VNBTT!Hfspoupmphz!Jotujuvuf!up!tuvez!offet!boe!tqfbsifbe!dpnnvojuz!fohbhfnfou/! Cftu!qsbdujdft;!!Tjuf!Wjtjut!bsf!dpoevdufe!up!pwfs!26!bsfb!dfoufst!cz!nfncfst!pg!SFDBMD!boe!Upxo!Tubgg Dpnnvojuz!Joqvu;!!4!dpnnvojuz!gpsvnt-!gpvs!tublfipmefs!gpdvt!hspvqt-!2-583!sftqpotf!dpnnvojuz!tvswfz!! 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Qmfbtbou!Tusffu!Dfoufs Engage community in need for, vision and plan to better serve the 60+ community in Reading. Information gathering Current center Community view of needs Benchmarking other communities Feasibility Study bh+aarchitects with deep experience in centers for active living, senior centers, community centers Site evaluation from needs perspective Prioritizing a Vulnerable Population Age 60+ OFFE;!Uif!Sfbejoh!Dfoufs!gps!Bdujwf!Mjwjoh!jt!b!+OFFE+!tvqqpsufe!cz! ebub!qspwjefe!cz!qspgfttjpobm!dpotvmubout!boe!!9,!zfbst!pg! fyqmpsbujpo/ JNQBDU;!39/7&!pg!Sfbejoh!Sftjefout!bsf!71,!boe!&!hspxjoh/ TQBDF;!Sfbdijoh!npsf!nfncfst!pg!pvs!71,!qpqvmbujpo!sfrvjsft!xf! dsfbuf!cfuufs!bddfttjcmf!boe!jodmvtjwf!tqbdft bdlopxmfehjoh!uibu! joejwjevbmt!xjmm!ibwf!b!wbszjoh!efhsff!pg!joufsftut!boe!qiztjdbm! dbqbcjmjujft/ PSC: NOT MEETING CURRENT NEEDS Pwfsgmpx!gspn!Dibjs!Zphb There is less than 4,000 feet of programmable space for current activities at the Pleasant Street Center Many programs have waitlists Increased Need for mental health services st No bathroom on 1floor There is no opportunity for outdoor recreation at the current Tpme!Pvu!Mvodi!'!Mfbso site, no bathroom on the main level, limited parking There is only one private office for staff and multiple staff members desks are in a program room Building systems are coming to the end of their useful life Recommendations from RECALC delivered to Select Board February 2023 1.Define and execute an immediate facility solution for replacing and/or expanding the current Senior Center 2.Continue to enhance (invest in) the programming/services for Seniors including new offerings and better accessibility (e.g. address transportation, evening programming, etc.) 3.Develop communications strategies and community outreach regarding the needs for Seniors. 4.The desire for an all-ages community center (with dedicated senior space) is real. 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Ijhi!tdippm! qspqptbmt!uibu!exbsg! dpoubnjobuft! bmsfbez!dbvtjoh! fyjtujoh!cvjmejoh!xijdi! po!mboe!xijdi! tpnf!dpodfsot xpvme!jo!uvso!opu!bmmpx! dpvme!cf!dptumz! SFDBM!up!ibwf!gvmm!dfoufs! offet Upqphsbqiz!dpvme! up!sfnfejbuf mjnju!dpotusvdujpo! Op!pqqpsuvojuz!gps! Wbsjpvt!vtfs! ps!nblf! pvuepps!sfdsfbujpo hspvqt!bsf! dpotusvdujpo!b! joufsftufe!jo!uif! ovjtbodf!boe0ps! Op!qpufoujbm!pqqpsuvojuz! tjuf gps!fyqbotjpo! dptumz! Tnbmmfs!Sppnt!boe!mftt! Bggpsebcjmjuz Bggpsebcjmjuz sppnt! Dmptf!up!bcvuufst Bggpsebcjmjuz An Overview: The Community Preservation Act October 2023 Benjamin Cares & Andrew MacNichol Public Services Department Town of Reading What is the Community Preservation Act (CPA)? The CPA allows communities to adopt a Ranges from 0.5% to 3% local property tax surcharge to fund: Open Space & Recreation Exemptions may include: -First $100,00 of residential property value Historic Preservation -First $100,000 of commercial & industrial property value Affordable Housing -Low income families; low/moderate income seniors -Full commercial and industrial exemption (with split tax rate only) -Existing property tax emptions apply to the CPA surcharge What is the Community Preservation Act? The State will provide a matching distribution from the Community Preservation Trust Fund which is administered by the Department of Revenue 10% Only communities that have adopted CPA are eligible for the distribution Housing 10% Funds can be leveraged through bonding and Open Space & leveraging Recreation 10% Communities are required to evenly allocate at least Historic 30% of funds raised each year across 3 categories: Optional Open Space & Recreation (10%) 65%5% Administrative Historic Preservation (10%) Flexible Affordable Housing (10%) The remaining 70% may be allocated across each categories, to budget reserves, and to optional administrative needs Example: What would this cost the average taxpayer in Reading with a 1% CPA Surcharge? Average Value of Single-Family Home: With $100,000 exemption (previous slide) -$100,000 Net House Value Surcharged: = $666,834 Municipal Tax Rate (per $1000) is %12.59$666,834 x 12.59% Amount Subject to Surcharge=$ 8,394 CPA Surcharge Rate at 1% $8,394 x _1% Amount Paid Towards CPA Fund (annually)=$84 Who Has Adopted the CPA? 195 Cities and Towns 55% of municipalities 70% of Massachusetts residents 0 communities have revoked What Could We Accomplish in Reading? CPA Eligible What Can We Accomplish? Open SpaceHistoric ResourcesRecreational LandCommunity Housing Actions Acquisition Creation Preservation Yes, funding for Support community affordable housing trust If Acquired or Rehabilitation and If Acquired or Created Created with CPA Restoration with CPA funds. funds. Open Space Walkers Brook Stream Bank (Preservation) Funding for preservation (erosion control) of the Walkers Brook stream Bank Lobs Pound (Create) Create a new Lobs Pound greenspace along the Ipswich River Acquisition of 1310 Main Street, 0 Timber Neck, Lot 5 Grove Street (Acquire) For transition to conservation land and open space Recreation Pickleball Courts Acquisition of land for pickleball courts Construction of pickleball courts Historic Resources Pleasant Street Center (Rehabilitation, Restoration) ADA Accessibility Utility Upgrades Façade Maintenance Station One (Rehabilitation, Restoration) ADA Accessibility Utility Upgrades Façade Maintenance Venue for Arts & Culture 186 Summer Avenue (Acquisition) National historic structure Housing Rehabilitation & Restoration How Do We Adopt CPA? Learn and Build Consensus This group will be tasked with fact finding and information regarding: Community needs Possible surcharge amounts Outreach strategy to public (residents, Town Meeting, broader community) The goal is to achieve consensus around: The necessity for adopting the CPA The composition and role of a Community Preservation Committee The types of projects that may be funded We Vote! A municipality adopts CPA through passage of a ballot question at the voting booth How can it be placed on the ballot? Option 1: Vote during Town Meeting Option 2: Have 5% of registered voters sign a petition How Do We Oversee and Spend CPA Funds? Establish a Community Preservation Committee Via a Community Preservation Committee Bylaw/Ordinance Consists of 5 Statutory Members Conservation Commission Community Planning & Development Commission Reading Housing Authority Parks and Recreation Historical Commission Optional At Large Members May contain additional 4 At-Large Members (appointed or elected) for a maximum committee size of 9 individuals Roles of the Community Preservation Committee Accept and review Get input from the Recommend CPA CPA needs on a regular project proposalspublic and projects to Town basisboards/committeesMeeting/Selectboard Questions? Town of Reading Meeting Minutes 2016-09-22 LAG Board -Committee -Commission -Council: Finance Committee Date: 2024-03-13Time: 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, Geoffrey Coram, Endri Kume (remote), Marianne McLaughlin Downing (7:16 pm), Joe McDonagh, Emily Sisson, John Sullivan, Mark Zarrow Members -Not Present: Vice Chair Joe Carnahan Others Present: Town Manager Matt Kraunelis, Chief Financial Officer Sharon Angstrom, Library Director Amy Lannon, Facilities Director Joe Huggins (remote), Assistant Facilities Director Kevin Cabuzzi(remote), Town Clerk Laura Gemme (remote), DPW Director Chris Cole, Human Resources Director Sean Donahue (remote), Minutes Respectfully Submitted By:Jacquelyn LaVerde Topics of Discussion: This meeting was held in-person in the Town Hall Select Board Meeting Room and remotely via Zoom. Chair Ed Ross called the meeting to order at 7:02 pm. Budget Presentations: FY25 Town Manager Recommended Budget & Town Departments (Continued) Finance Department Chief Financial Officer Sharon Angstrom reviewed the proposed FY25 budget for the Finance Department, which is increasing 3.9% overall. There is a 4.2% increase in wages, as all staff arenon-union, whichincludes a 1.25% cola, a 2.35% step increase for non- management staff, and 2.5%step increasefor managementstaff. Expenses increase 2.1%, largely due to an increase to the Regional Assessor contract. Department of Public Works DPW Director Chris Cole reviewed grants the department has received in the last year, including an annual MassWorks DEP Sustainable Materials Recovery grant for $5,460, an earmark for Laurel Hills Cemetery gravestone restoration for $35,000, an earmark for Laurel HillCemeterywall restorationfor $25,000, aMassDOT Local BottleneckReduction grant for $309,000,aMassDOT Complete Streetsgrantto install sidewalks on Auburn streetand Parkview Avenuefor $500,000, a MassDOT Safe Routes to School grant for pedestrian and roadway improvements at Oakland Road for $2.2 million, and the MIIAFY24 Risk Management grant to mitigate grease buildup in sewer mains for $9,500. Page | 1 The general fund wages increase 4%, which is all contractual. General Fund expenses were all level-funded. Highway and equipment maintenance increased 8% due to increases in gravel crushing, cost of parts, and cost of fuel. Water, Sewer, & Storm Water Enterprise Funds Water wages increase by 3.9%. Expenses increase by 4%. Some increased costs include $3,000 for hazardous waste disposal, $5,000 for fuel, $5,000 for software licenses and support, $10,000 for water supplies, $3,000 for general supplies, and an estimated 3% increase to the MWRA draft water assessment. Sewer wages increase 2.8%. Expenses increase 4%. Increases to costs include $4,000 for hazardous waste disposal, $5,000 for software licensing and support, $5,000 for supplies, $3,000 for fuel, and an estimated 3% increase to the MWRA draft water assessment. Storm water wages increase contractually 3.8%. Expenses increase 4%. Increases are due $10,000 for professional and technical services to fund hauling and testing of street sweepings. Fuel increased $4,000 due to increases in costs. Library Library Director Amy Lannon presented the Library budget which increased 3.6% overall. Of that increase, 3.3% is salaries, and 4.9% is expenses. The increase in expenses is due to an increase in programming. Facilities Facilities Director Joe Huggins gave a brief overview of the department, which maintains roughly 1.1 million square feet of space for the Town across nineteen buildings. The budget for FY25 overall increases 8.1%. Wages increase 4.9% for Core Facilities and Town Buildings due to step increases for union contracts and non-union personnel. The expense budget increases 9.2%, including 9.6% for Core Facilities and 0% for Town Buildings. Energy expenses increase 11.8%, core maintenance and repairs increase 7.2%, and core HVAC expenses increase 7.7%. All other expense lines are level funded. Liaison Reports Chair Ed Ross shared an update from the Killam School Building Committee. The Committee discussed the website, and upcoming community events. The designer and OPM are ramping up for a submission to the MSBA in May. Other upcoming events include more community outreach sessions, building plans will start to be developed, and the School Building Committee will be visiting energy efficient schools. Mr. Ross also prepared a statement regarding comments from the Select Board meeting on th March 12 Committee, and proceeded to review the sequence of events over the last few years which debunked that accusation. He stated that he was embarrassed by the recent events, and apologized to Town Manager Matt Kraunelis that his first days as Town Manager have started like this. He expressed his disappointment in the audience members who were cheering, and in the elected officials who did nothing to calm the situation. Discussion and Vote on FY25 Budget and Annual Town Meeting Warrant Articles Town Manager Matt Kraunelis reviewed the Articles on the Annual Town Meeting Warrant. Article 1: Elections. No action is needed by the Finance Committee. Article 2: Written reports. No action is needed by the Finance Committee. Article 3: Instructional motions. No action is needed by the Finance Committee. Article 4: Changes to the Capital Improvement Plan. Changes include the Coolidge alarm panel and the Field House floor, which have separate articles later in the warrant. Article 5: Amend the FY24 Budget. Page | 2 bills at this time. Article 7: Other Post-Employment Benefits (OPEB). This years request is to allocate $300,000 for OPEB, instead of $500,000 as in prior years, due to an increase in health insurance. Article 8: Move 40R Funds into Smart Growth Stabilization Fund. There are no funds currently, and the article will be indefinitely postponed if no funds are received prior to Town Meeting. Article 9: Direct excess funds from the Parker roof project to the Coolidge fire alarm panel project. Article 10: Field House floor replacement. The article requests excess funds from the Parker roof project, plus $100,000 from free cash, for the design of the field house floor replacement, in addition to borrowing $1.7 million for the construction of the floor and bleachers. Article 11: Approval of revolving funds. There are some amendments to projects for the Inspections Revolving Fund. Article 12: Adoption of the FY 2025 Operating Budget. Article 13: Request for $75,000 for technical assistance and consulting support for MBTA Communities. Article 14: Haven Street Infrastructure. This article is expected to be indefinitely postponed due to volatility in the market and potential grants. Article 15: Easement for RMLD for Gazebo Circle Pump Station. Article 16: Remove Town Meeting Members. Article 4 On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 8-0-0 to recommend the content of Article 4 to Town Meeting as presented. Roll call vote: Endri Kume Yes, Marianne Downing Yes, Joe McDonagh Yes, Emily Sisson Yes, Mark Zarrow Yes, John Sullivan Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report on Article 4 to Town Meeting assigned to Endri Kume. Article 5 On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 8-0-0 to recommend the content of Article 5 to Town Meeting as presented. Roll call vote: Endri Kume Yes, Marianne Downing Yes, Joe McDonagh Yes, Emily Sisson Yes, Mark Zarrow Yes, John Sullivan Yes, Geoffrey Coram Yes, Ed Ross Yes. Finance Committee report on Article 5 to Town Meeting assigned to Geoffrey Coram. Article 7 On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 8-0-0 to recommend the content of Article 7 to Town Meeting as presented. Roll call vote: Endri Kume Yes, Marianne Downing Yes, Joe McDonagh - Yes, Emily Sisson - Yes, Mark Zarrow Yes, John Sullivan - Yes, Geoffrey Coram - Yes, Ed Ross Yes. Finance Committee report on Article 7 to Town Meeting assigned to John Sullivan. Article 9 On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 8-0-0 to recommend the content of Article 9 to Town Meeting as presented. Roll call vote: Endri Kume Yes, Marianne Downing Yes, Joe McDonagh - Yes, Emily Sisson - Yes, Mark Zarrow Yes, John Sullivan - Yes, Geoffrey Coram - Yes, Ed Ross Yes. Finance Committee report on Article 9 to Town Meeting assigned to Mark Zarrow. Article 10 On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 8-0-0 to recommend the content of Article 10 to Town Meeting as presented. Page | 3 Roll call vote: Endri Kume Yes, Marianne Downing Yes, JoeMcDonagh -Yes, Emily Sisson - Yes, Mark Zarrow Yes, John Sullivan - Yes, Geoffrey Coram - Yes, Ed Ross Yes. Finance Committee report on Article 10 to Town Meeting assigned to Emily Sisson. Article 11 On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 8-0-0 to recommend the content of Article 11 to Town Meeting as presented. Roll call vote: Endri Kume Yes, Marianne Downing Yes, Joe McDonagh - Yes, Emily Sisson - Yes, Mark Zarrow Yes, John Sullivan - Yes, Geoffrey Coram - Yes, Ed Ross Yes. Finance Committee report on Article 11 to Town Meeting assigned to Marianne Downing. Article 13 On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 7-0-1, with John Sullivan abstaining, to recommend the content of Article 13 to Town Meeting as presented. Roll call vote: Endri Kume Yes, Marianne Downing Yes, Joe McDonagh - Yes, Emily Sisson - Yes, Mark Zarrow Yes, John Sullivan - Abstain, Geoffrey Coram - Yes, Ed Ross Yes. Finance Committee report on Article 13 to Town Meeting assigned to Joe McDonagh. Endri Kume left the meeting at 8:45 pm. Article 12 On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount as presented in line B99 to Town Meeting. On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount as presented in line C99 to Town Meeting. On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount as presented in line D99 to Town Meeting. On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount as presented in line E99 to Town Meeting. On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount as presented in line F99 to Town Meeting. On a motion by Marianne Downing, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line G91 to Town Meeting as presented. On a motion by Marianne Downing, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line G92 to Town Meeting as presented. On a motion by Marianne Downing, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line G91A to Town Meeting as presented. On a motion by Marianne Downing, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line G92A to Town Meeting as presented. On a motion by Marianne Downing, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line H91 to Town Meeting as presented. Page | 4 On a motion by Marianne Downing, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line H92 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line I91 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line I92 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line J91 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line J92 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line K91 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line K92 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line K93 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line K94 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line K95 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line L91 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line L92 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line M91 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line M92 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line U99 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line W99 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line X99 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line Y99 to Town Meeting as presented. On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line Z99 to Town Meeting as presented. Page | 5 On a motion by Joe McDonagh, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to recommend the amount in line ZZ9 to Town Meeting as presented. The Finance Committee report to Town Meeting for Article 12 was assigned to Joe Carnahan. Discuss FINCOM Report to Town Meeting Town Manager Matt Kraunelis asked Mr. Ross to send the Finance Committee report to staff st by March 21 so it can be included in the Report on the Warrant. Future Agendas The Finance Committee will only meet ahead of Town Meeting if there is a need to re-vote th on any warrant articles. The meeting scheduled for next Wednesday, March 20, will not be held, as the Committee was able to complete their budget review and vote on Annual Town Meeting articles tonight. At a future meeting, the Committee would like to hear an update from RMLD, and other meeting dates can be decided after Town Meeting. Approval of Prior Meeting Minutes On a motion by Emily Sisson, seconded by John Sullivan, the Finance Committee voted 7-0-0 to approve the meeting minutes of March 6, 2024 as presented. On a motion by Geoffrey Coram, seconded by John Sullivan, the Finance Committee voted 7-0-0 to adjourn at 9:01 pm. Page | 6