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2025-10-08 Finance Committee Packet - Financial Forum
Town of Reading Meeting Posting with Agenda Board - Committee - Commission - Council: Finance Committee Date: 2025-10-08 Time: 7:00 PM Building: Reading Public Library Location: Community Room Address: 64 Middlesex Avenue Agenda: 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 Saturdays, Sundays and Legal Holidays. Please keep in mind the Town Clerk's hours of 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 not be accepted. Topics of Discussion: This meeting will be held in the Community Room of the Reading Public Library and remotely via Zoom: Join Zoom Meeting https://us06web.zoom.us/j/84222671315 Meeting ID: 842 2267 1315 AGENDA: • Call to order and Welcome • Public Comment • Discuss and Vote on Finance Committee Reserve Fund Transfer Request • Presentation on Free Cash Projections, Financial Forecasting, and Long-Term Financial Obligations (Pension, OPEB) • Presentation and Request for Feedback from the Ad Hoc Community Preservation Act Study Committee • Discussion of School Outlook and Impact of Federal Funding Reductions • Discussion on Budget Guidance and Usage of Free Cash in FY27 Budget • Liaison Reports • Future Agendas • Approve Prior Meeting Minutes: September 17, 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 1 Finance Committee: Request for FY26 Reserve Fund Transfer To: FINCOM From: Matt Kraunelis, Town Manager Date: October 1, 2025 It is respectfully requested that a transfer of$50,000 be made from the Reserve Fund to the accounts shown below, which is an unforeseen or extraordinary expense: 12205524 524270 Radio Maintenance/Repairs $50,000 The $50k is for radio amplification work that needs to be done at the RMES to enable the police and fire radios to function throughout the building. Please see Chief Nelson's memo attached. Current FINCOM Reserve Fund balance: $200,000 Resulting balance if all items approved: $150,000 Town Manager Recommendation: Ave Disapprove Town Manager Signature: Date: October 8, 2025 By a vote of the FINCOM at a meeting held on October 8, 2025 the transfer(s) for the above purpose(s) in the amount of$50,000 was: Approved Denied by a vote of: Finance Committee Chair 2 lip MEMO r� To: Finance Committee From: Richard Nelson, Fire Chief/David Clark, Police Chief Date: October 1, 2025 Subject: Fire and Police Radio at RMHS Earlier this year through a series of events the Fire and Police Departments became aware of our portable radios not working within parts the RMHS. The portable radios were evaluated by our radio vendor and found to be operating properly. The next step taken was to bring the radio vendor in and did to conduct an evaluation of radio signal strength. The results found that parts of the building dropped to levels that render the radio inoperable. Following the evaluation, options to address the problem were researched. As a result, we found that a Bi-Directional Amplifier(BDA) must be installed. Without this system firefighters and police are unable to communicate via the radio. We are also working with AT&T to address a parallel problem of cellular phones not working. This cellular phone problem will be addressed without cost to the Town. Due to the immediacy of the radio problem, we are requesting$50,000 to install the BDA. The funds will be used to cover the BDA system, installation by the radio vendor, and installation by an electrical vendor. 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I Illuuulllllllll /IIII% III IIII .III � ������(��IIIIIIIIIIIIIIIIII I I I IIII III I � lllll I 1 I ,� IIII �II 1 W � I I � ull I I� I/ I/ I I I U I I �f � IIII �lr 1 1� �� �I IIIIIII III I U " q) -u -uo � � o o U 06 O N m m 0 a� c -Q No v vOi c4iCo O — _ — 3 O 0 - � Z O � ', N , � N D D N U O O, � O N c D o o o u D > > = :) Oar 0) 0 0 0 D Dm mm, om Nc c c c CO CO N N N N N N N N N N • N//�� • v �' U N U- � �D D D D a- m O O O000 m coN N N N O O O —NNN N N 00 0 z D > > D o o 0 o 0 o 0 U D 0 0 IIII i INEWE Memo To: Select Board From: Sharon Angstrom, CFO/Town Accountant cc: FINCOM Date: 9/30/25 Re: FY27 Budget Savings In the interest of reducing free cash needed for the FY27 budget, I am proposing the following: • Reduce Capital/Debt from 5% of the budget to 4.75%, which will reduce spending by $336,550. We have reduced this requirement in the past when budgets were tight. • Move the 5 Stormwater employees from the General Fund budget to the Stormwater budget, which would save the General Fund $180,600. A Town Meeting vote would be required. On April 24, 2006, the Town Meeting voted to establish a Stormwater Enterprise Fund. The Town Meeting Warrant Report is attached for your review. It was agreed at that time that the five employees working in the stormwater department would continue to be paid out of the General Fund, with only new costs to be covered from the Stormwater Enterprise Fund. If the Town Meeting approves this article, the Select Board will likely need to increase the Stormwater rate by $20 per year to cover these costs. (From $60 annually to $80 annually). This would be done when water and sewer rates are set. We haven't increased Stormwater fees for many years, and a $20 annual increase would save the General Fund $180,600, which will reduce the free cash needed in FY27 by that amount. I am interested in hearing your thoughts on these cost-saving proposals. 19 Bylaw Committee Re ort. No report. ARTICLE 8 To see if the Town will vote to accept the provisions of Chapter 44, Section 53F1/2 of the Massachusetts General Laws establishing the Town's Storm Water Utility as an Enterprise Fund effective Fiscal Year 2007, or take any other action with respect thereto. Board of Selectmen Background. The Town of Reading is required to comply with the NPDES Phase II Storm Water General Permit established by the United States Environmental Protection Agency (EPA). This permit requires the Town to develop and implement a Storm Water Management Plan that reduces the discharge of pollutants to the storm drain system. f After obtaining coverage under the Permit, the Board of Selectmen instructed the Water, Sewer and Storm Water Management Advisory Committee to evaluate and recommend a method to properly fund this program. After looking at a number of options, the Committee recommended that a Storm Water Enterprise Fund (SWEF) be established and funded. V Storm Water Utilities have been used throughout the country as a -means to V properly fund the operation, maintenance and improvement of storm water drainage systems. Since the early 1970's, over 500 Storm Water Utilities have been established. Throughout their history, Storm Water Utilities have been challenged in court arguing that the storm water fee is a tax. A substantial body of case law has been developed nationally that supports the collection of storm water fees. Town Counsel has reviewed the proposed Storm Water Utility and has rendered an opinion that the imposition of the storm water charge is a valid fee and not a tax. Because there was still a question as to whether a Storm Water Utility is permitted to establish fees, the Town tabled the subject matter of this Article in the Fall of 2005, and sought and has received an opinion from the Massachusetts Department of Revenue that the Storm Water Enterprise is in fact permitted under State law, and that the Town's proposed methodology of setting up the enterprise is in fact legal, including the setting of a flat fee for single family, two-family, and three-family homes. The FY 2007 Budget is set up with a Storm Water Enterprise Fund, and proposes to charge only new cost items to that enterprise. 'These new costs include additional staff (two FTE laborers) for ditch cleaning and maintenance, some small expense items and capital items. All current and routine efforts of the DPW on storm water related work remain as part of the tax supported efforts of the Town — things like street sweeping, catch basin cleaning, etc. The chart below shows the proposed funding from the SWEF for new costs, and what the cost would be if all costs of Storm Water Management were charged to the SWEF. I. 8 20 t Storm Wgter Enterprise Fund §WEB Martial(new) Full coasts Wages paid by the SWEF $ 60,029.00 $ 191,014.00 Wages paid by general fund* $ 130,985.00 $ - Benefit costs paid by the SWEF $ - $ 40,000.00 Benefit costs paid by the general fund* $ 40,000.00 $ - Expenses paid by the SWEF $ 17,500.00 $ 89,500.00 Expenses paid by general fund* $ 72,000.00 $ Overhead costs paid by the SWEF $ 40,000.00 Overhead costs from general fund* $ 40,000.00 $ Capital paid b the SWEF $ 280,000.00 $ 280,000.80 TOTAL STORM WATER COSTS $ 640,514.00 $ 640,514.00 TOTAL PAID BY ENTERPRISE FUND(SWEF) $ 357,529.00 $ 640,514.00 V 56% 100% i Annual 0t-toa-eced Est pr hodshdld, cad: $, 4 . ► 737 � ulFa 8,73 hdu n Finan e Committee Re a� Action pending. Bylaw Commift a Report. Action pending. ARTICLE 9 To see if the Town will vote to authorize the Board of Selectmen to sell, or exchange, or dispose of, upon such terms and conditions as they may determine, various items of Town tangible property, or take any other action with respect thereto. Board of Selectmen l ackground: The followings list of intangible property with a value in excess of $5,000 is proposed for disposition under this Article. Between now and Town Meeting, there may be a couple of items added to the list: Police 2 Ford Crown Victoria Police Cruisers ( � School Miscellaneous items of furniture and a ui ment Fire 1987 Ford E350 Cut Van Ambulance Fire 1986 Chevrolet D30 Pioku Truck DPW 1987 International 1954S Dum, Truck wlSander DPW 1993 John Deere Front End Loader DPW International Rack Bod Dum " DPW 199OGMC Blazer DPW 1990 Ford F250 Pioku Truck ` DPW 1990 Ford Taurus DPW 1993 John Deere 300D Backhoe/Loader 9 21 L. d O 00 d' Ln O p t Ln to O O d' to k�o O 00 to r, O d' Ln Ln co O p i0 N c O y ^ O 0C is NOp M M t0 O p n N y Q a Cy ON I � OM O1� O 01 rlO � � LnN O L NIL 0P " n co p-1L N rn N i rlMrn U� C N O a' ,-4 O to d' +-4 to O O d' io p 00 to O O to an d N O p "o I, O is CO O Ln N r, co O o n y ,4 O OLn �i0 ^ O�iO ^ r�vOp �ii Q 0 Lp OI M O M M w ,-� N ON1 Ol l0 M N � NI ^ Q a y N rj 00 u� 1L N Ol N O tOOO NM ^ nN d' > to M N CO 60 rl d' O N d' N N1 of 0 000 +-A Ln CO Ln Ln O Ol Ol N Ol o jp O N N l0 l0 M M O N N CO M Ps.4 14 i0 M a U N0) 00 N n O 000 01 d' OM CON N OIsOl L i0 to O Ln p O n +-4 O 01 M d' to Ln to Il f0 O q' Ln N p O n +--i O p n d I, It n m �'I n 01 CO d' 6O 110 Lnff OO ff nCO to NpM M M Ln N M N Ol �N a, Ol - M NI Ln M Ol O O p Ln N a y N Oi ,-i ,-i Ln,4 W t0 t0 Ol 1L rl 1-4 N 1-4 rl Ln n O OOO N NO to +4 't O OIsN N M O OOO to LnO 4 OlIl It OMko L O to O Ln O O p Ol O p d' N N Ln N O y r, N1 Ln COOO ^ l0O Nr, MM I, rn rn � � M � � � LMn � Nrn � m 0 U N Cl � N M � +-i � � I� � N l0�Ol 1L L Ln M O N 000 to d' O 01 110 Ol p N M Ln CO 01 O Ln 000 N N O .' 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I- a r, W LL LL U 3.50% -1.70% 1.70% 1.55% Town of Reading Budget Summary One Yr One Yr One Yr One Yr 10/2/251:53 PM Projected Chng Projected Chng Projected Chng Projected Chng No. FY26 FY26 FY27 FY27 FY28 FY28 FY29 FY29 Revenues Al Total Property Taxes 90,382,748 2.0% 98,197,316 8.6% 105,505,112 7.4% 108,771,352 3.1% A2 Total Other Local Revenues 11,608,500 6.0% 12,516,250 7.8% 12,917,082 3.2% 13,373,842 3.5% A3 Total Intergov't Revenues 16,688,064 3.7% 17,105,266 2.5% 17,532,897 2.5% 17,971,220 2.5% A4 Total Transfers&Available 4,316,982 0.5% 4,344,242 0.6% 4,417,675 1.7% 4,490,501 1.6% A98 Revs before Free Cash $122,996,294 2.52% $132,163,074 7.45% $140,372,766 6.21% $144,606,915 3.02% A5 Free Cash 6,000,000 68.5% 3,000,000 -50.0% 3,000,000 0.0% 3,000,000 0.0% A6 Extra for Capital 0 -100% 0 -100% 0 -100% 0 -100% A99 Net Available Revenues $128,996,294 3.84% $135,163,074 4.78% $143,372,766 6.07% $147,606,915 2.95% Accommodated Costs B Benefits 25,009,633 11.9% 27,781,905 11.1% 29,966,074 7.9% 32,146,022 7.3% C Capital 4,096,000 8.2% 3,026,500 -26.1% 3,890,000 28.5% 4,424,000 13.7% Debt(inside levy) 2,353,475 -16.5% 3,316,500 40.9% 2,511,625 -24.3% 2,272,250 -9.5% D Debt excluded 0 -100.0% 4,725,000 8,845,988 8,845,750 E Energy 2,457,001 -4.2% 2,498,904 1.7% 2,552,153 2.1% 2,611,657 2.3% F Financial 1,336,368 0.4% 1,341,652 0.4% 1,367,569 1.9% 1,394,133 1.9% G Education-Out of district 6,311,716 4.6% 5,848,828 -7.3% 6,047,482 3.4% 6,259,144 3.5% H Education-Vocational 1,557,435 40.2% 1,603,261 2.9% 1,663,051 3.7% 1,703,447 2.4% J Miscellaneous 3,750,562 1.3% 4,328,689 15.4% 4,488,939 3.7% 4,656,639 3.7% K Community Priorities 150,000 0.0% 0 0.0% 0 0.0% 0 0.0% L1 Accommodated Costs $ 47,022,190 4.20% $ 54,471,239 15.84% $ 61,332,880 12.60% $ 64,313,043 4.86% L2 Net Accommodated Costs $ 47,022,190 4.20% $ 54,471,239 15.84% $ 61,332,880 12.60% $ 64,313,043 4.86% $ (49,983) $ 42,759 $ 19,775 $ 2,450 Opeirabling Costs 29,278,710 OC1 Municipal Gov't Operating 28,589,220 3.50% 28,167,099 -1.70% 28,436,844 1.70% 28,877,615 1.55% adjustments 65,000 (205,600) adjustments(EF+RF) 1,339,991 3.50%1 11317,211 -1.70% 1,339,604 1.70% 1,360,368 1.55% TOTAL Muni Govt OPER 29,994,211 3.72%1 29,278,710 -2.39%1 29,776,448 1.70% 30,237,983 1.55% OC2 School Operating 51,879,875 3.50% 51,145,367 -1.70% 52,243,663 1.70% 53,053,440 1.55% adjustments 150,000 1 225,000 TOTAL School OPER 52,029,875 3.80%1 51,370,367 -1.27%1 52,243,663 1.70% 53,053,440 1.55% OC4 Operating Budgets $ 82,024,086 3.77% $ 80,649,077 -1.68% $ 82,020,111 1.70% $ 83,291,423 1.55% Municipal Gov't Operating 36.6% 36.3% 36.3% 36.3% School Operating 63.4% 63.7% 63.7% 63.7% TOTAL SPENDING J $129,046,276 3.93% $135,120,315 4.71% $143,352,991 6.09% $147,604,465 2.97% Muni Govt OPER $ 29,994,211 3.72% $ 29,278,710 -2.39% $ 29,776,448 1.70% $ 30,237,983 1.550X Muni Govt ACCOM $ 6,468,410 0.04% $ 7,071,836 9.33% $ 7,288,816 3.07% $ 7,519,589 3.17% Muni Govt TOTAL $ 36,462,622 3.05% $ 36,350,546 -0.31% $ 37,065,264 1.97% $ 37,757,572 1.870/, School OPER $ 52,029,875 3.80% $ 51,370,367 -1.27% $ 52,243,663 1.70% $ 53,053,440 1.550X School ACCOM $ 6,311,716 4.58% $ 5,848,828 -7.33% $ 6,047,482 3.40% $ 6,259,144 3.50% School TOTAL $ 58,341,591 3.88% $ 57,219,195 -1.92% $ 58,291,145 1.87% $ 59,312,584 1.750/, 24 A Town of Reading One Yr One Yr One Yr One Yr Revenues-Details Projected Chng Projected Chng Projected Chng Projected Chng No. 10/2/251:53 PM FY26 FY26 FY27 FY26 FY28 FY28 FY29 FY29 Property Taxes Tax levy(within levy limit) 90,315,249 3.3% 93,429,010 3.4% 96,615,485 3.4% 99,902,122 3.4% New Growth 835,004 20.5% 830,000 -0.6% 850,000 2.4% 850,000 0.0% Tax levy(debt exclusion) - -100.0% 4,725,000 8,845,988 87.2% 8,845,750 0.0% Abatements and exemptions (767,506) 2.5% (786,693) 2.5% (806,361) 2.5% (826,520) 2.5% Al Total Property Taxes 90,382,748 2.0% 98,197,316 8.6% 105,505,112 7.4% 108,771,352 3.1% Other Local Revenues Motor Vehicle Excise 4,515,000 4.3% 4,770,000 5.6% 5,000,000 4.8% 5,285,000 5.7% Meals and Room Tax 672,000 -3.9% 705,500 5.0% 740,000 4.9% 765,000 3.4% Penalties/interest on taxes 390,000 3.2% 405,600 4.0% 421,824 4.0% 438,697 4.0% Payments in lieu of taxes 478,000 4.8% 495,000 3.6% 509,850 3.0% 525,146 3.0% Charges for services 2,523,000 3.7% 2,705,150 7.2% 2,843,408 5.1% 2,995,000 5.3% Licenses&permits 165,500 -4.3% 175,000 5.7% 182,000 4.0% 190,000 4.4% Fines 85,000 -24.8% 90,000 5.9% 95,000 5.6% 100,000 5.3% Interest Earnings 2,650,000 18.0% 3,000,000 13.2% 2,950,000 -1.7% 2,900,000 -1.7% Medicaid Reimbursement 130,000 8.3% 170,000 30.8% 175,000 2.9% 175,000 0.0% A2 Total Other Local Revenues 11,608,500 6.0% 12,516,250 7.8% 12,917,082 3.2%r 13,373,842 3.5% Intergovernmental Revenue State Aid 1 16,688,064 3.7% 17,105,266 2.5% 17,532,897 2.5% 17,971,220 2.5% A3 Totallnter ov'tRevenues 1 16,688,064 3.7%1 17,105,266 2.5%1 17,532,897 2.5% 17,971,220 2.5% Operating Transfers and Available Funds Cemetery sale of lots 25,000 0.0% 25,000 0.0% 25,000 0.0% 25,000 0.0% RMLD payment 2,501,991 -0.8% 2,552,031 2.0% 2,603,071 2.0% 2,655,133 2.0% Enterprise Fund Support 1,339,991 3.5% 1,317,211 -1.7% 1,339,604 1.7% 1,360,368 1.6% School Revolving Funds 100,000 0.0% 100,000 0.0% 100,000 0.0% 100,000 0.0% Premiums Reserve for Debt 0 -100% 0 #DIV/0I 0 #DIV/0I 0 #DIV/0I Overlay surplus 350,000 0.0% 350,000 0.0% 350,000 0.0% 350,000 0.0% A4 Total Transfers&Available 4,316,982 0.5% 4,344,242 0.6% 4,417,675 1.7% 4,490,501 1.6% OPERATING REVENUES 122,996,294 2.52% 132,163,074 7.45% 140,372,766 6.21% 144,606,915 3.02% A5 Free Cash 6,000,000 40.8% 3,000,000 -50.0% 3,000,000 0.0% 3,000,000 0.0% TOTAL REVENUES 128,996,294 3.84% 135,163,074 4.78% 143,372,766 6.07% 147,606,915 2.95% Town of Reading Acc.Costs-Summary One Yr One Yr One Yr One Yr 10/2/251:53 PM Projected Chng Projected Chng Projected Chng Projected Chng No. FY26 FY26 FY27 FY27 FY28 FY28 FY29 FY28 B Benefits 25,009,633 11.9% 27,781,905 11.1% 29,966,074 7.9% 32,146,022 7.3% C Capital 4,096,000 3,026,500 3,890,000 4,424,000 Debt(inside levy) 2,353,475 -2.4% 3,316,500 -1.7% 2,511,625 0.9% 2,272,250 4.6% D Debt(excluded) -100.0% 4,725,000 8,845,988 87.2% 8,845,750 0.0% E Energy 2,457,001 -4.2% 2,498,904 1.7% 2,552,153 2.1% 2,611,657 2.3% F Financial 1,336,368 0.4% 1,341,652 0.4% 1,367,569 1.9% 1,394,133 1.9% G Education-Out of district 6,311,716 4.6% 5,848,828 -7.3% 6,047,482 3.4% 6,259,144 3.5% H Education-Vocational 1,557,435 40.2% 1,603,261 2.9% 1,663,051 3.7% 1,703,447 2.4% J Miscellaneous 3,750,562 1.3% 4,328,689 15.4% 4,488,939 3.7% 4,656,639 3.7% KTOCommunity Priorities $ 150,000 TAL Accomm.COSTS $ 47,022,190 4.2% $ 54,471,239 15.8%1$ 61,332,880 12.6%1$ 64,313,043 4.9 25 Town of Reading One Yr One Yr One Yr One Yr Acc.Costs-Details Projected Chng Projected Chng Projected Chng Projected Chng B FY26 FY26 FY27 FY27 FY28 FY28 FY29 FY29 31 Contributory Retirement 7,768,860 8.4% 8,158,847 5.0% 8,628,981 5.8% 9,146,720 6.0% B3 OBRA fees&OPEB study 40,000 0.0% 70,000 75.0% 40,000 -42.9% 40,000 0.0% B4 OPEB contribution 200,000 0.0% 300,000 50.0% 500,000 66.7% 500,000 0.0% B5 Workers Compensation 314,320 -21.4% 326,892 4.0% 339,968 4.0% 353,567 4.0% B6 Unemployment Benefits 80,000 6.7% 130,000 62.51%% 135,000 3.8% 135,000 0.0% B7 Group Health/Life Ins. 15,415,654 15.9% 17,573,846 14.0% 19,067,622 8.5% 20,688,370 8.5% B8 Medicare/Social Security 1,060,800 2.0% 1,087,320 2.5% 1,114,503 2.5% 1,142,366 2.5% B9 Police/Fire Indemnification 130,000 4.0% 135,000 3.8% 140,000 3.7% 140,000 0.0% B99 Acc.Costs-Benefits $ 25,009,633 11.9% $ 27,781,905 11.1% $ 29,966,074 7.9% $ 32,146,022 7.3 C99 Acc.Costs-Ca pit al $ 4,096,000 8.2% $ 3,026,500 -26.1% $ 3,890,000 28.5%1$ 4,424,000 13.7% D1 DebtService-Principal 1,790,000 -48.7% 4,874,000 172.3% 6,764,000 38.8% 6,784,000 0.3% D2 DebtService-Interest 563,475 -7.3% 3,167,500 462.1% 4,593,613 45.0% 4,334,000 -5.7% D3 Excluded debt - -100.0% (4,725,000) 0.0% (8,845,988) 87.2% (8,845,750) 0.0% Total Included Debt $ 2,353,475 -16.5% $ 3,316,500 40.9% $ 2,511,625 -24.3% $ 2,272,250 -9.5% Premiums for general fund $ - 0% $ - #DIV/01 $ - #DIV/01 $ - #DIV/01 999 Acc.Costs-Debt $ 2,353,475 -42.6% $ 8,041,500 241.7% $ 11,357,613 41.2% $ 11,118,000 -2.1% E1 Street Lighting(DPW) 135,000 0.0% 135,000 0.0% 135,000 0.0% 140,000 3.7% E2 Electricty(FacCORE) 960,000 -12.3% 969,600 1.0% 988,992 2.0% 1,008,772 2.0% E3 Natl Gas(FacCORE) 896,376 2.0% 914,304 2.0% 937,161 2.5% 960,590 2.5% E4 Water/Sewer(FacCORE) 230,625 2.5% 240,000 4.1% 246,000 2.5% 252,150 2.5% E6 Fuel-vehicles(DPW) 235,000 2.2% 240,000 2.1% 245,000 2.1% 250,145 2.1 E99 Acc.Costs-Energy $ 2,457,001 4.2% $ 2,498,904 1.7% $ 2,552,153 2.1% $ 2,611,657 2.13 F1 Casualty Ins(AD SVC) 1,011,368 2.5% 1,036,652 2.5% 1,062,569 2.5% 1,089,133 2.5% F2 Vet's Assistance(PUB SVC) $ 125,000 -13.8% $ 105,000 -16.0% $ 105,000 0.0% $ 105,000 0.0% F3 FINCOM Reserve Fund 200,000 0.0% 200,000 0.0% 200,000 0.0% 200,000 0.0% F99Acc.Costs-Financial $ 1,336,368 0.4% $ 1,341,652 0.4% $ 1,367,569 1.9% $ 1,394,133 1.9% G1 SPED transp OOD(Sch) 1,253,636 12.0% 1,341,681 7.0% 1,388,640 3.5% 1,437,242 3.5% G2a SPED tuition OOD(Sch) 5,804,636 -3.7% 6,328,488 9.0% 6,549,985 3.5% 6,779,235 3.5% G2b SPED contingency 1,190,046 134.1% 600,607 -49.5% 621,628 3.5% 643,385 3.5% G3 SPED offsets OOD Sch 1,936,602 19.4% 2,421,948 25.1% 2,512,771 3.8% 2,600,718 3.5% G99 Acc.Costs-OOD SPED $ 6,311,716 4.6% $ 5,848,828 -7.3% $ 6,047,482 3.4% $ 6,259,144 3.5% H1 VocSchool-NERMVS 959,912 36.7% 998,308 4.0% 1,038,241 4.0% 1,079,770 4.0% VocSchool-NERMVSCapital 339,615 112.3% 337,560 -0.6% 347,574 3.0% 336,225 -3.3% H2 VocSchool-Minute Man 55,432 2.5% 56,818 2.5% 58,238 2.5% 59,694 2.5% VocSchool-Essex North 202,476 4.0% 210,575 4.0% 218,998 4.0% 227,757 4.0% H99 Acc.Costs-Vocational $ 1,557,435 40.2% $ 1,603,261 2.9% $ 1,663,051 3.7% $ 1,703,447 2.4% A Rubbish(DPW) 2,200,041 5.0% 2,756,280 25.3% 2,894,094 5.0% 3,038,799 5.0% J2 Snow and Ice Control(DPW) 675,000 0.0% 675,000 0.0% 675,000 0.0% 675,000 0.0% J3 State Assessments 875,521 -5.9% 897,409 2.5% 919,844 2.5% 942,840 2.5% Cemetery DPW J99 Acc.Costs-Misc. $ 3,750,562 1.3% $ 4,328,689 15.4% $ 4,488,939 3.7% $ 4,656,639 3.7% 26 V O c� 4� f:14 >1 .j b.0 W cu .................CD 0 U • �l M ca '03 w,m ,,,,, � c ra "m C' Co p CO p ra ry �p 3,w m u �, „,,,,,,,,, ca .... .... 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A ......... ca ............ ............ .......... �> �> m 0 0 0 0 Town of Reading Meeting Minutes Board - Committee - Commission - Council: Finance Committee Date: 2025-09-17 Time: 7:00 PM Building: Reading Town Hall Location: Select Board Meeting Room Address: 16 Lowell Street Session: Open Session Purpose: General Business Version: Draft Attendees: Members - Present: Chair Joe Carnahan, Vice Chair Emily Sisson, Geoffrey Coram, Endri Kume, Joe McDonagh (remote), Marianne McLaughlin-Downing, Ed Ross (remote), John Sullivan, Mark Zarrow Members - Not Present: Others Present: Town Manager Matt Kraunelis, CFO Sharon Angstrom, Assistant Town Manager Jayne Wellman, Facilities Director Joe Huggins (remote), Assistant Facilities Director Kevin Cabuzzi (remote), Karen Rose-Gillis (remote), Nancy Docktor, Angela Binda, Chris Haley, Karen Gately Herrick 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: Ed Ross (remote), Joe McDonagh (remote), Emily Sisson (remote), Geoffrey Coram, Mark Zarrow, John Sullivan, Marianne McLaughlin-Downing, Joe Carnahan. Endri Kume arrived shortly after roll call at 7:04 pm. Public Comment Nancy Docktor of Pearl Street, and Precinct 1 Town Meeting Member, expressed her concerns about the use of funds not approved by Town Meeting for building projects. Angela Binda, also a Town Meeting Member, of Orchard Park Drive, also expressed her concern about the additional spending on the field house floor project and noted that the discussion at Town Meeting was only about the floor and bleachers. Chris Haley of 71 Tennyson Road reviewed the text of the article which read "for the purposes of making improvements, including full replacement of the floor at the Reading Memorial School Field House," and opined that the improvements, other than the scoreboard, fall within the purview of the article. Liaison reports 39 Page 1 1 Marianne McLaughlin-Downing shared updates from the Select Board meeting. The Subsequent Town Meeting Warrant was closed, which includes a snow shoveling bylaw. There was an override discussion that focused on generating revenue by allowing valet parking, but due to concerns expressed by the Police Department, they decided they were not interested in moving forward with it. The Select Board discussed the trash contract which will cost about $2 million. The Town will be receiving $80,000 and $16,000 from two opioid settlements. The Board voted to extend the RCTV contract for another three months. They were not able to appoint a representative to negotiate with the Burbank Ice Arena due to a 2-2 vote. John Sullivan provided an update on new growth items from the Community Planning and Development Commission (CPDC). They approved the mixed-use development on Main Street, which includes twelve housing units and 2,100 square feet of commercial space. They closed the hearing for the Primrose School on Main Street, but have not voted yet. Emily Sisson shared that the Council on Aging discussed strategies to notify residents of participation fees for programs once ARPA funds run out. The Recreation Committee is planning to develop an operational plan and working with a contractor to get some projections for operational costs for the Reading Center for Active Living (ReCAL). There was concern from Rec Committee members about a request to use Recreation funds for conservation projects. Ed Ross updated the Committee on the latest from the Killam School Building Committee. The project continues to be on budget and on time. Some site work will begin at the location soon. Outreach to neighbors, Killam parents, and the wider community will continue over the next few weeks and months. Geoffrey Coram shared updates from the School Committee. The School Meals Department received an award for their summer meal program. The School Department will be returning $50,000 to the General Fund and will be placing $225,000 into the Special Education Reserve Fund. The School Committee had reservations about a proposed school at Mattera Cabin and did not approve their accreditation. Endri Kume noted that Reading Municipal Light Department (RMLD) appointed another Interim General Manager. The RMLD Board of Commissioners heard an update on the benefits of being part of Energy New England (ENE). They also had some capital purchases for two large bucket trucks for a total of $1.4 million. Joe Carnahan stated that the Community Preservation Act (CPA) Study Committee hosted a table at the Fall Street Faire, where they distributed lots of information. They also solicited feedback on what surcharge rate people would recommend, with most participants favoring 1%. Karen Gately Herrick of the Select Board provided an update to the Finance Committee. The Fire Department proposed raising fees to come more in line with other communities and raise revenue. The Board continues to discuss slowing spending to delay an override. She stated that an important document was overlooked by the Killam Owner's Project Manager, potentially putting the town at risk of losing state reimbursement, but the issue has since been resolved. She praised the FINCOM Chair and Vice Chair for trying to draft a policy for project spending protocols. Discussion of policies and practices for oroiects that come in under budget Chair Joe Carnahan recalled the presentation from the last meeting on the High School Field House Floor, and the various items included in it, and noted that several residents expressed their surprise at what was considered within the project scope. He and Emily Sisson prepared a draft policy intended to outline how the Finance Committee can help manage oversight of project funds. 40 Page 1 2 The Committee focused on discussing the Field House renovation project and addressing concerns about project management and communication between Town staff and Town Meeting. They acknowledged that while a policy might not be the right tool for addressing these concerns, better communication and transparency could help manage Town Meeting's expectations on how approved project funds are spent, particularly when a project comes in under budget. Town Manager Matt Kraunelis noted a policy like this is likely not enforceable, but he appreciated the guidance in it and will work to ensure that in the future, presentations to Town Meeting are more descriptive and include information about additional things that can be done should project bids come in under what was allocated by Town Meeting. Discussion of financial oolicv review Chair Joe Carnahan shared that he sent a memo to the Select Board this past Monday asking them to request the Financial Management Resource Bureau of the Division of Local Services to perform a free review of Reading's financial policies. It is a way to show the community that the Finance Committee is committed to fiscal responsibility. The Select Board has not had the chance to discuss the matter yet, but Mr. Carnahan will report back. Future Agendas/ Review agenda for Financial Forum on October 8, 202S Chair Joe Carnahan reviewed the proposed agenda for the upcoming Financial Forum on October 81", including public comment, presentation on free cash projections and financial forecasting, presentation on long-term financial pension and OPEB obligations, discussion on budget guidance, and a presentation by the CPA Study Committee. Other suggested topics include economic development outlook and prospects for new growth, and a discussion with school staff and the School Committee about the impact of federal events. Approve minutes for August 13, 202S On a motion by Emily Sisson, seconded by Endri Kume, the Finance Committee voted 8-0-1 to approve the meeting minutes of August 13, 202S, as presented, with Joe McDonagh abstaining, as he was not present at that meeting. Roll call vote: Ed Ross — Yes, Joe McDonagh — Abstain, Geoffrey Coram — Yes, Mark Zarrow — Yes, John Sullivan — Yes, Endri Kume — Yes, Emily Sisson — Yes, Marianne McLaughlin-Downing — Yes, Joe Carnahan — Yes. On a motion by Geoffrey Coram, seconded by Marianne McLaughlin-Downing, the Finance Committee voted 9-0-0 to adjourn at 8:S9 pm. Roll call vote: Ed Ross — Yes, Joe McDonagh — Yes, Geoffrey Coram — Yes, Mark Zarrow — Yes, John Sullivan — Yes, Endri Kume — Yes, Emily Sisson — Yes, Marianne McLaughlin-Downing — Yes, Joe Carnahan — Yes. 41 Page 1 3