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Home My WebLink About2024-10-30 Finance Committee Minutes� OrR Town of Reading -` Meeting Minutes r 1: 3 1 Board - Committee - Commission - Council: ` Finance Committee Date: 2024-10-30 Time: 7:00 PM Building: Reading Public Library Location: Conference Room Address: 64 Middlesex Avenue Session: Open Session Purpose: Financial Forum Version: Final Attendees: Members - Present: Chair Joe Carnahan, Vice Chair Marianne McLaughlin -Downing, Geoffrey Coram, Endri Kume, Joe MCDonagh, Emily Sisson (remote), John Sullivan, Mark Zarrow Members - Not Present: Ed Ross Others Present: Town Manager Matt Kraunelis, Chief Financial Officer Sharon Angstrom, Elder/Human Services Administrator Chris Kowaleskl, Assistant Town Manager Jayne Wellman, Fire Chief Greg Burns, Assistant Fire Chief Rick Nelson, School Superintendent Tom Milaschewski, Interim School Director of Finance Phil Littlehale (remote), Community Services Director Jenna Wood, Killam SBC Chair Carla Nazzaro, PBC Chair Pat Tompkins, School Committee Chair Tom Wise, Chuck Adam of Turner & Townsend Heery (OPM for ReCAL); Select Board Members: Carlo Bacci (remote), Mark Dockser, Chris Haley (remote), Karen Herrick, Melissa Murphy (remote); Nancy Ziemlak, Marilyn Shapleigh,)oanne Wooldridge, Anne Marie Bourque, Carolyn Whiting (remote), Tom Mottl (remote), Tara Gregory (remote), Jack (remote), Carol D'agostino (remote), John C (remote 7:52pm) Minutes Respectfully Submitted By: Jacquelyn LaVerde Topics of Discussion: This meeting was held in -person In the Conference Room of the Reading Public Library and remotely via Zoom. Due to technical difficulties in the Community Room, the meeting was moved across the hall to the Conference Room of the Reading Public Library. Chair Joe Carnahan called the meeting to order at 7:36 pm. Roll call attendance: Emily Sisson (remote), Joe MCDonagh, John Sullivan, Endri Kume, Mark Zarrow, Geoffrey Coram, Marianne McLaughlin -Downing, Joe Carnahan. Select Board Chair Carlo Bacci called the Select Board to order at 7:38 pm. Roll call attendance: Mark Dockser, Karen Herrick, Chris Haley (remote), Melissa Murphy (remote), Carlo Bacci (remote). Killam School Buildina Proiect overview Carla Nazzaro, Chair of the Killam School Building Committee, provided an overview of the progress of the Killam school building project. The project is in the schematic design phase, Page I 1 with the Massachusetts School Building Authority (MSBA) board unanimously approving Its move from feasibility study to schematic design this morning. She also reviewed the proposed site plan, community uses, and Floor plans. She also reviewed the funding options and the proposed designs that were considered, as required by the MSBA. The MSBA has indicated that they will participate in funding the construction of 20 Grade K-5 classrooms, specialist offices, multi -language learner classrooms, adaptive physical education, and 12 RISE preschool classrooms. However, the MSBA will not participate in funding the extra gym space, larger staff lunchroom, larger conference room, non -classroom RISE space, and an office and storage for Extended Day. The MSBA will partially fund 2,000 square feet of 4,800 square feet of "front porch" supplemental classroom space in the hallway. The next steps include a decision on the HVAC system at the November 20th building committee meeting and a design update on December 2nd. The current total project cost estimate is $135 million, and is based on building full geothermal wells for the HVAC system. The MSBA current estimated reimbursement rate Is 51% of eligible costs, which is an estimated total reimbursement of approximately $38.5 million to $40 million., though the definite reimbursement rate will be determined right before the project goes to bid. Readina Center for Active Livina (ReCAL) Proiect Overview The Reading Center for Active Uving (ReCAL) project update was presented by Mark Dockser, a member of the Select Board and the Permanent Building Committee related to the ReCAL project. The project, which aims to serve the 60-plus community in Reading, has transitioned from the ad hoc Reading Center for Active Living Committee to the Permanent Building Committee (PBC). The PBC has hired an owner's project manager (OPM), Turner and Townsend Heery (TTH), and an environmental study is currently underway at Symonds Way, the site recommended by the Council on Aging and ReCALC. The next step is to finalize the site selection and move forward with schematic drawings and clear cost estimates. The goal is to bring a funding article to April 2025 Town Meeting. He provided an overview of the work conducted by ReCALC that has led to this point, including exploring the needs of the 60-plus community, identified and researched site opportunities, benchmarked other communities and highlighted best practices, and recommended Symonds Way as the preferred site, before sunsetting in August 2024. The PBC accepted the ReCAL project, hired a project manager, and is currently reviewing the site selection materials to make their recommendation. Chuck Adam, VP and Regional Manager of TTH, introduced himself as the OPM and shared his enthusiasm for the project. The future of the current Pleasant Street Senior Center (PSC) will be discussed at an upcoming Select Board meeting. Ms. McLaughlin -Downing asked about communities with similar populations that recently completed Senior Center projects with less square footage, and expressed concern that the project might not be approved by voters, if it is asking for too much. Mr. Dockser explained that other communities indicated that If they could do their projects differently, they would have added a gym, and proposing the project as a Community Center, rather than just a Senior Center would appeal to more of the community. Grant opportunities are being explored, and the non-profit organization Friends of Reading 60-plus is vigorously fund- raising and advocating for the seniors in town. On a motion by Mark Dockser, seconded by Karen Herrick, the Select Board voted 5-0-0 to adjourn at 8:47 pm. Roll call vote: Karen Herrick - Yes, Mark Dockser - Yes, Melissa Murphy - Yes, Chris Haley - Yes, Carlo Bacci - Yes. Vote on Amended Subsequent Town Meeting Warrant Article 41 Vote on Amended Subsequent Town Meeting Warrant Article 5 Paqe 1 2 Chief Financial Officer Sharon Angstrom explained that Article 4 of the Subsequent Town Meeting Warrant, amendments to the current Capital Improvement Program, needed to be amended. At the Subsequent Town Meeting last November, $130,000 was voted to be reallocated from the Parker Roof surplus to fund a new fire truck, which will be delivered soon. Because those funds were never encumbered, and they closed out to free cash yesterday, the CIP needs to be amended by increasing line C99 by $130,000 to be funded from free cash. Article 5, for prior years bills, does not need to be amended after all. There was a bill from a prior year that was received earlier today, but a purchase order was found, held over from a previous year, that is available to pay for it. On a motion by Marianne McLaughlin -Downing, seconded by Endri Kume, the Finance Committee voted B-0-0 to recommend the substance of Article 4 to Town Meeting as amended. Roll call vote: Emily Sisson - Yes, Joe McDonagh - Yes, John Sullivan - Yes, Endri Kume - Yes, Mark Zarrow - Yes, Geoffrey Coram - Yes, Marianne McLaughlin - Downing - Yes, Joe Carnahan - Yes. Discuss Finance Committee Policies The Committee discussed the management of reserves and the potential for moving more funds into the stabilization fund. They also considered the implications of the bond rating agencies' views on reserves and the need for accurate representation of free cash. The discussion also touched on the use of reserves for one-time capital projects and the potential for a debt stabilization fund. Future Meeting Dates and Agenda Items The Finance Committee will be posted for Select Board budget meetings in December, and School Committee Budget Hearings in January. The next regular FINCOM meeting will be when budget reviews begin at the end of February. Approval of Prior Meeting Minutes On a motion by Geoffrey Coram, seconded by Mark Zarrow, the Finance Committee voted 7-0-1 to approve the meeting minutes of October 9, 2024 as presented, with Endri Kume abstaining, as he was not present at that meeting. Roll call vote: Emily Sisson - Yes, Joe McDonagh - Yes, John Sullivan - Yes, Endri Kume - Abstain, Mark Zarrow - Yes, Geoffrey Coram - Yes, Marianne McLaughlin - Downing - Yes, Joe Carnahan - Yes. On a motion by Marianne McLaughlin -Downing, seconded by Geoffrey Coram, the Finance Committee voted B-0-0 to adjourn at 9:29 pm. Roll call vote: Emily Sisson - Yes, Joe McDonagh - Yes, John Sullivan - Yes, Endri Kume - Yes, Mark Zarrow - Yes, Geoffrey Coram - Yes, Marianne McLaughlin - Downing - Yes, Joe Carnahan - Yes. Page 1 3