The URL can be used to link to this page

Home My WebLink About2025-08-13 Finance Committee Packet Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Finance Committee Date: 2025-08-13Time: 7:00PM Building: Reading Town Hall Location: Conference Room Address: 16 Lowell StreetAgenda: Revised Purpose:General Business 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: This meeting will be held in the Conference Room of Town Hall and remotely via Zoom: Join Zoom Meeting https://us06web.zoom.us/j/82163409293 Meeting ID: 821 6340 9293 Dial by your location AGENDA: Call to Order and Welcome Public Comment Vote to Reorganize Liaison Reports Discuss FY26 Liaison Assignments Discussion on funding status of past and current large capital projects: Field House floor, ReCAL, Killam, Birch Meadow phase 2, Haven Street, pickleball courts* Discuss Financial Forum I Topics Review Discuss FY26 FINCOM Meeting Schedule Future Agendas Approve Prior Meeting Minutes *Revised 8/11/2025 to clarify the past and current projects in scope for discussion. Originally posted at 9:12 am, Aug 07, 2025. 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 FINANCE COMMITTEE LIAISON ASSIGNMENTS - FY25 NAMELIAISON ASSIGNMENTS Audit Committee Chair Community Preservation Act Study Committee Joseph Carnahan ('24-'27; '33) Facilities Schools & School Committee Geoffrey Coram ('24-'27; '32) Public Safety Select Board Vice Chair Charter Review Committee Marianne Downing ('23-'26; '32) Library & Library Trustees RMLD Administrative Services Endri Kume ('24-'27; '33) Public Works RMLD Joseph McDonagh ('22-'25; '31) Library & Library Trustees Killam School Building Committee Reading Ice Arena Authority Ed Ross ('22-'25; '28) Select Board Public Services/Community Services Emily Sisson ('22-'25; '31) Public Safety Public Services/Community Development John Sullivan (`23-`26; `32) Permanent Building Committee/ReCAL Audit Committee Public Services/Recreation Mark Zarrow ('23-'26; '29) School Committee To contact the Finance Committee, email:finance@ci.reading.ma.us Ϋ5ĻƦğƩƷƒĻƓƷƭ ğƩĻ ǒƓķĻƩƌźƓĻķ TOWN OF READING FINANCE COMMITTEE MEETING SCHEDULE - FY26 ЋЉЋЎ LocationTime August 13thFINCOM: Regular MeetingTown Hall7:00 PM September 17thFinancial Forum ILibrary7:00 PM Vote on Recommendations/Guidance for FY27 Budget October 22ndTown Hall7:00 PM Vote on Warrant Articles for November Subsequent Town Meeting October 29thFinancial Forum IILibrary7:00 PM November 5thFINCOM: Regular Meeting (if needed)Town Hall7:00 PM November 10thSubsequent Town Meeting IRMHS PAC7:30 PM November 13thSubsequent Town Meeting IIRMHS PAC7:30 PM November 17thSubsequent Town Meeting IIIRMHS PAC7:30 PM November 20thSubsequent Town Meeting IVRMHS PAC7:30 PM December 3rdTown FY27 Budget Meeting with Select BoardTown Hall7:00 PM December 9thTown FY27 Budget Meeting with Select BoardTown Hall7:00 PM TBDSchool FY27 Budget Meeting with School CommitteeRMHS Library ЋЉЋЏ January 7thSchool FY27 Budget Night 1RMHS Library January 14thSchool FY27 Budget Night 2RMHS Library January 21stSchool Public Hearing: FY27 BudgetRMHS Library January 28thSchool FY27 Budget Final VoteRMHS Library February 25thSchool BudgetTown Hall7:00 PM March 4thPublic Hearing: Town BudgetTown Hall7:00 PM March 11thTown Budgets (continued), Vote Budgets & TM ArticlesTown Hall7:00 PM March 18thVote Budgets & TM Articles (if needed)Town Hall7:00 PM April 7thTown ElectionRMHS Field House April 27thAnnual Town Meeting IRMHS PAC7:30 PM April 30thAnnual Town Meeting IIRMHS PAC7:30 PM May 4thAnnual Town Meeting IIIRMHS PAC7:30 PM May 7thAnnual Town Meeting IVRMHS PAC7:30 PM June 17thFINCOM: Year-End Meeting (if needed)Town Hall7:00 PM Town of Reading Meeting Minutes 2016-09-22 LAG Board -Committee -Commission -Council: Finance Committee Date: 2025-06-25Time: 7:00PM Building: Reading Town Hall Location: Berger Room Address: 16 Lowell StreetSession: Open Session Purpose: General BusinessVersion: Draft Attendees:Members -Present: Chair Joe Carnahan, Vice Chair Marianne McLaughlin-Downing, Endri Kume, Joe McDonagh (remote 7:58 pm) Ed Ross (remote), Emily Sisson (remote), John Sullivan (remote), Mark Zarrow Members -Not Present: Geoffrey Coram Others Present: Town Manager Matt Kraunelis, CFO/Town Accountant Sharon Angstrom (remote), Police Chief David Clark, Fire Chief Rick Nelson, CTO Kevin Furilla, DPW Director Chris Cole, Karen Gately Herrick Minutes Respectfully Submitted By:Jacquelyn LaVerde Topics of Discussion: This meeting was held in-person in the Berger Conference Room of Town Hall and remotely via Zoom. Call to Order and Welcome Chair Joe Carnahan called the meeting to order at 7:02 pm. Roll call attendance: John Sullivan (remote), Ed Ross (remote), Emily Sisson (remote), Endri Kume, Mark Zarrow, Marianne McLaughlin-Downing, Joe Carnahan. Public Comment There was no comment from the public. Liaison Reports EdRoss reported on the Killam School Building Committee's progress, including schematic design and estimated timeline for student occupancy. EmilySissonshared that the Recreation Committee's Birch MeadowPhase 2 project is proceeding smoothly, with no additional costs incurred so far. The Recreation Division has expanded summer programming. The Recreation Committee just greenlit anexpansion of the Sturgiswalkwaythrough the woods. Marianne McLaughlin-Downing providedanupdate on CPDC's approval of the MBTA community submission, which could have had financial implications if it was not approved. Joe Carnahan shared that the Audit Committee meeting for RMLD was rescheduleddue to staffchangesand additional questions by the auditors. The CPA Study Committee heard presentations from all four pillar groups. Next steps are reportingto Town Meeting in the Page | 1 fall, gettingCPA on the warrant for April Town Meeting, then on the ballot in the November 2026 election. The Study Committee is leaning toward recommending a 1% surcharge. Select Board member Karen Gately Herrick shared that the Burbank Ice Arena is expected to give a report to the Select Board at the next meeting. She also shared news from the Massachusetts Municipal Association (MMA) Fiscal Policy Committee meeting including an anticipated 2.2% increase in unrestricted government aid. Town Manager Matt Kraunelis shared that the Select Board recently voted to not increase water or stormwater rates, and to decrease sewer rates. Finance Committee Reserve Fund Transfer Request Chief Financial Officer/Town Accountant Sharon Angstrom presented a transfer request totaling $120,000 for various expenses, including a new leaf sweeper ($31,000), snow and ice costs ($20,000), Police arbitration ($31,000), Technology capital ($13,000), ambulance billing ($10,000), and health insurance premiums ($15,000). Police Chief David Clark explained the complex case involving a disagreement between the Patrol Officers and Supervisors unions over how to fill details and overtime, which led to arbitration. Though neither union was seeking damages, the arbiter awarded damages to the Patrol Officers Union. As it was binding arbitration, Town Counsel advised paying the damages. Fire Chief Rick Nelson explained the impacts of an explosion on power to the Fire Station and fiber optic lines that support the radio and communication systems, and subsequent repairs that were needed. Sharon Angstrom explained that ambulance billing expenses by a third party are trending high due to varied services month-to-month. On a motion by Marianne McLaughlin-Downing, seconded by Mark Zarrow, the Finance Committee voted 7-0-0 to approve the Finance Committee Reserve Fund transfer request as presented. Roll call vote: Emily Sisson Yes, John Sullivan Yes, Ed Ross Yes, Endri Kume Yes, Mark Zarrow Yes, Marianne McLaughlin-Downing Yes, Joe Carnahan Yes. Improving Communication between the Finance Committee and the Select Board The committee discussed communication challenges with the Select Board and School Committee, particularly regarding budget oversight and capital project tracking. The Committee requested quarterly financial updates to better track capital project progress and spending. Sharon Angstrom explained that recent years' tight budgets required keeping departmental expenses flat, leading to increased reliance on free cash and income reserves for unexpected expenses. She also provided an overview on short-term, long-term and internal borrowing for upcoming projects including the High School field house floor replacement, Birch Meadow Phase 2, Killam School, Reading Center for Active Living, and pickleball, and efforts to line them all up on one long-term borrowing. Joe McDonagh joined the meeting remotely at 8:07 pm. Following a lengthy discussion on borrowing and building projects, Ms. Angstrom offered to prepare an update on remaining funds available from projects that have been completed. The Finance Committee and Karen Gately Herrick of the Select Board agreed to keep each other apprised of budgeting discussions that are on their respective agendas. Discussion of Finance Committee policies and how to review them Joe Carnahan shared information from an MMA seminar he attended on developing financial policy. The presenters outlined various policies for planning and operations. The Committee could create an informal process of reviewing their own policies or ask the Select Board to ask the Division of Local Services (DLS) Financial Management Bureau for help reviewing Page | 2 policies. Sharon Angstrom offered to ask DLS to review the policiesand make recommendations. She also noted that every time the Town borrows money, the policies are given to S&P so they can issue a new bond rating, and S&P has not had any negative comments, just a recommendation to strengthen their debt policy with more specific borrowing parameters. Following discussion, the Committee agreed to ask the Select Board for support to engage DLS in the policy review process. Future Agendas th The next meeting is scheduled for August 13, and the first fall Financial Forum is scheduled th for September 17. Future agenda items will include an update on funds available left over from previous building projects, a discussion on the outreach, a discussion of policy review, and reorganization. Approve Prior Meeting Minutes On a motion by Endri Kume, seconded by Marianne McLaughlin-Downing, the Finance Committee voted 8-0-0 to approve the meeting minutes of March 19, 2025 as presented. Roll call vote: Emily Sisson Yes, Ed Ross Yes, John Sullivan Yes, Joe McDonagh Yes, Endri Kume Yes, Mark Zarrow Yes, Marianne McLaughlin- Downing Yes, Joe Carnahan Yes. On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee vote 6-0-2, to approve the meeting minutes of April 2, 2025 as presented, with John Sullivan and Endri Kume abstaining, as they were not present at that meeting. Roll call vote: Ed Ross Yes, John Sullivan Abstain, Joe McDonagh Yes, Emily Sisson Yes, Endri Kume Abstain, Mark Zarrow Yes, Marianne McLaughlin- Downing Yes, Joe Carnahan Yes. On a motion by Emily Sisson, seconded by Mark Zarrow, the Finance Committee voted 8-0-0 to adjourn at 9:04 pm. Roll call vote: Ed Ross Yes, John Sulivan Yes, Joe McDonagh Yes, Emily Sisson Yes, Endri Kume Yes. Mark Zarrow Yes, Marianne McLaughlin- Downing Yes, Joe Carnahan Yes. Page | 3