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Home My WebLink About2020-09-23 Finance Committee Financial Forum Packet Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Finance Committee Date: 2020-09-23Time: 7:00PM Building: Location: Address: Agenda: Purpose:Financial Forum Meeting Called By:Jacquelyn LaVerde on behalf of Chair Edward 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 remotely via Zoom: WƚźƓ ƚƚƒ aĻĻƷźƓŭ ŷƷƷƦƭʹΉΉǩƚƚƒ͵ǒƭΉƆΉВЎВЉЍЎЏЎЏЎЋ aĻĻƷźƓŭL5ʹ ВЎВ ЉЍЎЏ ЎЏЎЋ hƓĻ ƷğƦ ƒƚĬźƌĻ њЊЏЍЏЎЊБВБЉЎͲͲВЎВЉЍЎЏЎЏЎЋϔ { ΛbĻǞ ƚƩƉΜ њЊЏЍЏЎЎББЏЎЏͲͲВЎВЉЍЎЏЎЏЎЋϔ { ΛbĻǞ ƚƩƉΜ 5źğƌ ĬǤ ǤƚǒƩ ƌƚĭğƷźƚƓ њЊ ЏЍЏ ЎЊБ ВБЉЎ { ΛbĻǞ ƚƩƉΜ њЊ ЏЍЏ ЎЎБ БЏЎЏ { ΛbĻǞ ƚƩƉΜ aĻĻƷźƓŭ L5ʹ ВЎВ ЉЍЎЏ ЎЏЎЋ CźƓķ ǤƚǒƩ ƌƚĭğƌ ƓǒƒĬĻƩʹ ŷƷƷƦƭʹΉΉǩƚƚƒ͵ǒƭΉǒΉğĭ.aǒźЊ Agenda: Assembled Boards and Committees Call to Order Introductions FINCOM Liaison Assignments FINCOM and Select Board to vote to authorize Spending in Revolving Funds Overview of FINCOM meeting schedule FINCOM Chair Ed Ross Revenues Review of FY21 Revenues Town Accountant Sharon Angstrom Draft Projection of FY22 and Future Revenues Sharon State FY21 Budget update Town Manager Bob LeLacheur 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 Meeting Posting with Agenda Spending Review of FY21 Budget adjustments in June 2020 Town Meeting Bob Preview of November 2020 Town Meeting Bob Discussion of FY21 Budget adjustments given additional revenue FINCOM Discussion offuture Financial Forums All Other topics Minutes for Approval: September 9, 2020 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 | 2 TOWN OF READING Finance Committee Liaisons FY21 Name/Address/Email Telephone Liaison Assignments Schools & School Committee 82 Johnson Woods Drive Audit Committee jmborawski@gmail.com - 781-325-2887(C) DPW 161 Belmont Street Facilities ejburkhart@gmail.com -, Vice Chair 781-944-2440 (W) Administrative Services 519B Main Street 978-337-0520 (C) Permanent Building Committee danieldewar@me.com Select Board 508-265-4214(C) Select Board 13 Heather Drive 781-944-3447(H) Public Services Mariannemdowning.fincom@gmail.com - 781- 258-1273(C) Library & Trustees 88 Bay State Road Schools & School Committee Seanjacobs23@gmail.com Andrew Mclauchlan 9-28) 781-507-5241(C) Permanent Building Committee 128 High Street Select Board Mclauchlan.andrew@outlook.com Public Services Edward Ross 19-228), Chair 781-944-7488(H) Audit Committee 16 Kensington Avenue 617-699-7542(C) Schools & School Committee ejross33@yahoo.com RMLD Mark Zarrow 781-942-2353(H) RMLD 34 Boswell Road Public Safety mzarrow@comcast.net ADMINISTRATION Sharon Angstrom 942-6604(W) Town Accountant sangstrom@ci.reading.ma.us John Doherty 944-5800(W) Superintendent of Schools jdoherty@reading.k12.ma.us Gail Dowd 944-5800(W) Chief Financial Officer, Schools Gail.Dowd@reading.k12.ma.us Bob LeLacheur 942-6636(W) Town Manager blelacheur@ci.reading.ma.us 942-9805(H) Town of Reading Meeting Minutes 2016-09-22 LAG Board -Committee -Commission -Council: Finance Committee Date: 2020-09-09Time: 7:00PM Building: Location: Address: Session: Open Session Purpose: Public MeetingVersion: Draft Attendees:Members -Present: Jeanne Borawski, Eric Burkhart, Dan Dewar, Marianne Downing, Sean Jacobs, Andrew Mclauchlan, Ed Ross, Mark Zarrow Members -Not Present: Nick Boivin Others Present: Bob LeLacheur, Sharon Angstrom, John Parks, Karen Herrick, Tom Wise Minutes Respectfully Submitted By:JacquelynLaVerde Topics of Discussion: This meeting was heldremotely via Zoom. Mr. Burkhart called the meeting to order at 7:03 pm and welcomed new members Marianne Downing and Mark Zarrow. Reorganization Mr. Burkhart opened the floor for nominations for Chair. Ms. Borawski made a motion to nominate Ed Ross for Chair, seconded by Ms. Downing. Mr. Dewar made a motion to nominate Eric Burkhart for Chair. Mr. Burkhart stated that he respectfully declined the nomination having been Chair the past few years,and is ready to letsomeone else fill the position. The Finance Committee voted to select Ed Ross as Chair by a roll call vote of 8-0-0. Mr. Burkhart turned the meeting over to Mr. Ross, who opened the floor for nominations for Vice Chair. On a motion byMs. Downing to nominate Dan Dewar for Vice Chair, seconded by Mr. Mclauchlan, the Finance Committee voted to select Dan Dewar as Vice Chair by a roll call vote of 8-0-0. Liaison Assignments The Committee discussed the role of liaisonsto be a contact forTown Boards, Committees, and Departments from a financial perspective, and report back to the Finance Committee. Members were assignedas follows: Jeanne Borawski: School Department and School Committee, Audit Committee Eric Burkhart: Department of Public Works, Facilities Department Dan Dewar: Administrative Services Department, Permanent Building Committee, Select Board Marianne Downing: Select Board, Public Services Department Page | 1 Sean Jacobs: Library and Board of Library Trustees, School Department and School Committee Andrew Mclauchlan: Permanent Building Committee, Select Board, Public Services Department Ed Ross: Audit Committee, School Department and School Committee, RMLD Mark Zarrow: RMLD, Public Safety Department Mr. Ross did not want to assign anything to Mr. Boivin without his input and noted that the Committee could make adjustments in the future. FY21 Meeting Schedule The Committee reviewed and discussed the draft FY21 meeting schedule. They agreed to meet every two weeks, and to schedule three Financial Forums throughout the fall. Financial Forums provide the public an opportunity to engage with the Committee, and give the Committee an opportunity to provide budget guidance to Town departments. In the past, Finance Committee meetings were scheduled to begin at 7:30 pm to give members who worked in Boston or Cambridge time to commute. However, with most members now working their jobs remotely due to COVID, members agreed that a 7:00 pm start time is preferable. FY21 Budget Updates Mr. LeLacheur shared an update on the FY21 budget so far. The bad news is the projected local revenues appear to be $500,000 too high, and need to be reduced. The good news is new growth came in $367,000 higher than projected, and state aid looks like it will be $1.1 million higher than projected. The state aid numbers are derived from math that is not understood and possibly relying on federal aid that is not there yet. Mr. LeLacheur noted that he is cautious about using these figures on the bottom line of the operating budget. Minutes On a motion by Ms. Borawski, seconded by Mr. Dewar, the Finance Committee voted to approve the meeting minutes of May 12, 2020 by a roll call vote of 8-0-0. On a motion by Ms. Borawski, seconded by Mr. Mclauchlan, the Finance Committee voted to approve the meeting minutes of May 18, 2020 by a roll call vote of 8-0-0. On a motion by Mr. Dewar, seconded by Ms. Borawski, the Finance Committee voted to adjourn at 8:25 pm by a roll call vote of 8-0-0. Page | 2