The URL can be used to link to this page

Home My WebLink About2026-06-25 Finance Committee School Committee Select Board Joint Meeting Packet Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Finance CommitteeSelect BoardSchool Committee Date: 2026-06-25Time: 7:00PM Building: Reading Public LibraryLocation: Community Room Address: 64 Middlesex AvenueAgenda: Purpose:Joint Meeting Meeting Called By:Jacquelyn LaVerde on behalf of Chairs 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 Reading Public Library Community Room and remotely via Zoom: Join Zoom Meeting https://us06web.zoom.us/j/82263238278 Meeting ID: 822 6323 8278 AGENDA: Joint meeting of the Finance Committee, School Committee, and Select Board Call to order and welcome Public Comment (FINCOM) Discuss and Vote FY26 Finance Committee Reserve Transfer Requests Presentation and Discussion on Budget Proposals and Override Options Discuss additional information gathering and other next steps for budget and override planning (FINCOM) FY27 Meeting Calendar and Future Agendas (FINCOM) Approve 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. 1 Page | 1 Finance Committee: Request for FY26 Reserve Fund Transfer To: FINCOM From: Jayne Wellman, Town Manager Date: June 22, 2026 It is respectfully requested that a transfer of $15,000 be made from the Reserve Fund to the accounts shown below, which are unforeseen or extraordinary expenses: 12205524 524271 Fire Equipment Maintenance/Repairs $15,000 The fire department is requesting a $15,000 transfer into the expense account. The FY26 expense budget has been strained by increases in service and equipment costs, personnel hiring costs, and additional ambulance billing fees. Unfortunately, we have not avoided the universal cost increases affecting everyone. We budget for hiring 2 firefighters per year; this year, we hired 5 new firefighters. The average cost to outfit a new firefighter is almost $10,000. Some of the costs were mitigated through a successful application for the Firefighter Safety and Equipment grant. In September, our ambulance billing schedule was adjusted, resulting in additional collections and increased revenue. As a result, our billing fees have increased, as they are directly related to collections. Current FINCOM Reserve Fund balance: $200,000 Resulting balance if all items approved: $185,000 Town Manager Recommendation: Approve Disapprove Town Manager Signature: ________________________________ Date: June 25, 2026 By a vote of the FINCOM at a meeting held on June 25, 2026 2 the transfer(s) for the above purpose(s) in the amount of $15,000 was: Approved Denied by a vote of: ____________. Finance Committee Chair ___________________________________ 3 4 o TRAILS COMMITTEE EXPENSES 6,000.00 o HISTORICAL COMMISSION EXP 2,500.00 o TOWN FOREST COMM EXP 8,000.00 5 o CONSERVATION COMMISSION EXP 8,000.00 o CLIMATE ADVISORY COMMITTEE 500.00 $10K for Records Preservation Property and Casualty Insurance now covers two new buildings. Carried in Accommodated Costs. 6 7 8 9 10 11 PEER COMMUNITIES OVERRIDE ACTIVITY 3.00%3.75%3.00%3.00% Town of Reading Budget Summary One YrOne YrOne YrOne Yr 6/25/26 3:35 PMProjectedChngProjectedChngProjectedChngProjectedChng No.FY27FY27FY28FY28FY29FY29FY30FY30 Revenues A1Total Property Taxes98,668,1539.2%104,034,3185.4%109,239,2965.0%112,588,9373.1% A2Total Other Local Revenues12,791,75010.2%13,238,6743.5%13,620,8422.9%14,058,1953.2% A3Total Intergov't Revenues17,105,2662.5%17,532,8972.5%17,971,2202.5%18,420,5002.5% A4Total Transfers & Available4,407,2222.1%4,510,0192.3%4,605,0392.1%4,702,3892.1% A98Revs before Free Cash$ 132,972,391 8.11%$ 139,315,909 4.77%$ 145,436,398 4.39%$ 149,770,021 2.98% A5Free Cash6,475,0002.7%10,000,00054.4%11,850,00018.5%11,820,000-0.3% A6Extra for Capital0-100%0-100%0-100%0-100% A99Net Available Revenues$ 139,447,391 7.85%$ 149,315,909 7.08%$ 157,286,398 5.34%$ 161,590,021 2.74% Accommodated Costs B Benefits26,731,9056.9%29,127,1829.0%31,498,5688.1%33,491,1096.3% C Capital2,961,500-27.7%3,989,00034.7%4,742,60018.9%3,659,525-22.8% Debt (inside levy)3,061,89830.1%2,902,700-5.2%2,636,200-9.2%3,791,22543.8% D Debt (excluded)5,195,8377,375,1949,313,6949,315,194 E Energy2,500,904-3.5%2,748,4969.9%2,812,4422.3%2,872,7342.1% F Financial1,241,652-7.1%1,495,06920.4%1,524,8202.0%1,561,4152.4% G Education - Out of district5,848,828-7.3%6,047,4823.4%6,259,1443.5%6,475,1333.5% H Education - Vocational1,603,2612.9%1,663,0513.7%1,703,4472.4%1,763,9653.6% J Miscellaneous4,641,11823.7%4,416,989-4.8%4,581,0923.7%4,752,8263.7% K Community Priorities105,0000.0%1,772,0000.0%00.0%00.0% L1Accommodated Costs$ 53,891,902 14.28%$ 61,537,162 14.19%$ 65,072,007 5.74%$ 67,683,125 4.01% L2Net Accommodated Costs$ 53,891,902 14.28%$ 61,537,162 14.19%$ 65,072,007 5.74%$ 67,683,125 4.01% $ 1,051,280 $ 631$ 30,931$ 31,192 Operating Costs OC1Municipal Gov't Operating 29,513,8473.00% 30,407,306 3.75% 31,401,9253.00% 33,095,883 3.00% adjustments (205,600) 80,000 730,000 adjustments (EF+RF) 1,380,1913.00% 1,431,9483.75% 1,474,9063.00% 1,519,1543.00% TOTAL Muni Govt OPER 30,688,4382.31% 31,919,254 4.01% 33,606,8325.29% 34,615,037 3.00% OC2School Operating 53,590,7713.00% 55,833,862 3.75% 57,534,6283.00% 59,260,667 1.17% adjustments 225,000 25,000 1,042,000 - TOTAL School OPER 53,815,7713.43% 55,858,862 3.80% 58,576,6284.87% 59,260,667 1.17% OC4Operating Budgets$ 84,504,209 3.02%$ 87,778,116 3.87%$ 92,183,460 5.02%$ 93,875,704 1.84% Municipal Gov't Operating36.3%36.4%36.5%36.9% School Operating63.7%63.6%63.5%63.1% TOTAL SPENDING$ 138,396,111 7.13%$ 149,315,278 7.89%$ 157,255,467 5.32%$ 161,558,829 2.74% Muni Govt OPER$ 30,688,438 2.31%$ 31,919,254 4.01%$ 33,606,832 5.29%$ 34,615,037 3.00% Muni Govt ACCOM$ 7,286,26510.34%$ 8,270,70913.51%$ 7,775,514-5.99%$ 8,020,5633.15% Muni Govt TOTAL$ 37,974,7023.76%$ 40,189,9635.83%$ 41,382,3462.97%$ 42,635,5993.03% School OPER$ 53,815,7713.43%$ 55,858,8623.80%$ 58,576,6284.87%$ 59,260,6671.17% School ACCOM$ 5,873,828-6.94%$ 7,089,48220.70%$ 6,259,144-11.71%$ 6,475,1333.45% School TOTAL$ 59,689,5992.31%$ 62,948,3445.46%$ 64,835,7723.00%$ 65,735,8001.39% 12 ATown of ReadingOne YrOne YrOne YrOne Yr Revenues - Details ProjectedChngProjectedChngProjectedChngProjectedChng No.6/25/26 3:35 PMFY27FY26FY28FY28FY29FY29FY30FY29 Property Taxes Tax levy (within levy limit)93,429,0103.4%96,615,4853.4%99,902,1223.4%103,270,9253.4% New Growth830,000-0.6%850,0002.4%850,0000.0%850,0000.0% Tax levy (debt exclusion) 5,195,837 7,375,194 41.9% 9,313,694 26.3% 9,315,194 0.0% Abatements and exemptions(786,693)2.5%(806,361)2.5%(826,520)2.5%(847,183)2.5% A1Total Property Taxes98,668,1539.2%104,034,3185.4%109,239,2965.0%112,588,9373.1% Other Local Revenues Motor Vehicle Excise4,750,0005.2%5,000,0005.3%5,285,0005.7%5,550,0005.0% Meals and Room Tax706,0005.1%745,0005.5%765,0002.7%787,9503.0% Penalties/interest on taxes405,6004.0%421,8244.0%438,6974.0%456,2454.0% Payments in lieu of taxes495,0003.6%509,8503.0%525,1463.0%540,9003.0% Charges for services2,705,1507.2%2,850,0005.4%3,022,0006.0%3,173,1005.0% Licenses & permits175,0005.7%182,0004.0%190,0004.4%195,0002.6% Fines90,0005.9%95,0005.6%100,0005.3%105,0005.0% Interest Earnings3,295,00024.3%3,260,000-1.1%3,120,000-4.3%3,070,000-1.6% Medicaid Reimbursement170,00030.8%175,0002.9%175,0000.0%180,0002.9% A2Total Other Local Revenues12,791,75010.2%13,238,6743.5%13,620,8422.9%14,058,1953.2% Intergovernmental Revenue State Aid17,105,2662.5%17,532,8972.5%17,971,2202.5%18,420,5002.5% A3Total Intergov't Revenues17,105,2662.5%17,532,8972.5%17,971,2202.5%18,420,5002.5% Operating Transfers and Available Funds Cemetery sale of lots25,0000.0%25,0000.0%25,0000.0%25,0000.0% RMLD payment2,552,0312.0%2,603,0712.0%2,655,1332.0%2,708,2362.0% Enterprise Fund Support1,380,1913.0%1,431,9483.8%1,474,9063.0%1,519,1543.0% School Revolving Funds100,0000.0%100,0000.0%100,0000.0%100,0000.0% Premiums Reserve for Debt0#DIV/0!0#DIV/0!0#DIV/0!0#DIV/0! Overlay surplus350,0000.0%350,0000.0%350,0000.0%350,0000.0% A4Total Transfers & Available4,407,2222.1%4,510,0192.3%4,605,0392.1%4,702,3892.1% OPERATING REVENUES132,972,3918.11%139,315,9094.77%145,436,3984.39%149,770,0212.98% A5Free Cash6,475,0002.7%10,000,00054.4%11,850,00018.5%11,820,000-0.3% TOTAL REVENUES139,447,3917.85%149,315,9097.08%157,286,3985.34%161,590,0212.74% Town of Reading Acc. Costs - Summary One YrOne YrOne YrOne Yr 6/25/26 3:35 PMProjectedChngProjectedChngProjectedChngProjectedChng No.FY27FY27FY28FY28FY29FY28FY30FY28 BBenefits 26,731,905 6.9% 29,127,182 9.0% 31,498,568 8.1% 33,491,109 6.3% CCapital 2,961,500 3,989,000 4,742,600 3,659,525 Debt (inside levy) 3,061,898-6.6% 2,902,700 14.4% 2,636,200 7.1% 3,791,225 1.0% DDebt (excluded) 5,195,837 7,375,194 41.9% 9,313,694 26.3% 9,315,194 EEnergy 2,500,904-3.5% 2,748,496 9.9% 2,812,442 2.3% 2,872,734 2.1% FFinancial 1,241,652-7.1% 1,495,069 20.4% 1,524,820 2.0% 1,561,415 2.4% GEducation - Out of district 5,848,828-7.3% 6,047,482 3.4% 6,259,144 3.5% 6,475,133 3.5% HEducation - Vocational 1,603,261 2.9% 1,663,051 3.7% 1,703,447 2.4% 1,763,965 3.6% JMiscellaneous 4,641,118 23.7% 4,416,989-4.8% 4,581,092 3.7% 4,752,826 3.7% KCommunity Priorities$ 105,000 1,772,000 TOTAL Accomm. COSTS$ 53,891,90214.3%$ 61,537,16214.2%$ 65,072,0075.7%$ 67,683,1254.0% 13 Town of ReadingOne YrOne YrOne YrOne Yr Acc. Costs - Details ProjectedChngProjectedChngProjectedChngProjectedChng BFY27FY27FY28FY28FY29FY29FY30FY30 B1Contributory Retirement8,158,8475.0%8,628,9815.8%9,146,7206.0%9,695,5236.0% B3OBRA fees & OPEB study70,00075.0%70,0000.0%70,0000.0%70,0000.0% B4OPEB contribution200,0000.0%500,000150.0%500,0000.0%500,0000.0% B5Workers Compensation326,8924.0%339,9684.0%353,5674.0%367,7094.0% B6Unemployment Benefits130,00062.5%135,0003.8%135,0000.0%140,0003.7% B7Group Health / Life Ins./ Dental16,523,8467.2%18,096,2309.5%19,905,85310.0%21,299,2637.0% B8Medicare / Social Security1,187,32011.9%1,217,0032.5%1,247,4282.5%1,278,6142.5% B9Police / Fire Indemnification135,0003.8%140,0003.7%140,0000.0%140,0000.0% B99Acc. Costs - Benefits$ 26,731,9056.9%$ 29,127,1829.0%$ 31,498,5688.1%$ 33,491,1096.3% C99Acc. Costs - Capital$ 2,961,500-27.7%$ 3,989,00034.7%$ 4,742,60018.9%$ 3,659,525-22.8% D1Debt Service - Principal 3,605,000101.4% 4,680,00029.8% 6,580,00040.6% 7,840,00019.1% D2Debt Service - Interest 4,652,735725.7% 5,597,89420.3% 5,369,894-4.1% 5,266,419-1.9% D3Excluded debt (5,195,837) 0.0% (7,375,194) 41.9% (9,313,694) 0.0% (9,315,194) 0.0% Total Included Debt$ 3,061,89830.1%$ 2,902,700-5.2%$ 2,636,200-9.2%$ 3,791,22543.8% Premiums for general fund$ -#DIV/0!$ -#DIV/0!$ -#DIV/0!$ -#DIV/0! D99Acc. Costs -Debt$ 8,257,735250.9%$ 10,277,89424.5%$ 11,949,89416.3%$ 13,106,4199.7% E1Street Lighting (DPW)135,0000.0%135,0000.0%140,0003.7%140,0000.0% E2Electricty (FacCORE)971,600-11.3%1,074,21110.6%1,095,6952.0%1,117,6092.0% E3Natl Gas (FacCORE)914,3042.0%1,026,30712.3%1,051,9652.5%1,078,2642.5% E4Water/Sewer (FacCORE)240,0004.1%257,9787.5%264,4272.5%271,0382.5% E6Fuel - vehicles (DPW)240,0002.1%255,0006.3%260,3552.1%265,8222.1% E99Acc. Costs - Energy$ 2,500,904-3.5%$ 2,748,4969.9%$ 2,812,4422.3%$ 2,872,7342.1% F1Casualty Ins (AD SVC)936,652-7.4%1,190,06927.1%1,219,8202.5%1,256,4153.0% F2Vet's Assistance (PUB SVC)$ 105,000-16.0%$ 105,0000.0%$ 105,0000.0%$ 105,0000.0% F3FINCOM Reserve Fund200,0000.0%200,0000.0%200,0000.0%200,0000.0% F99Acc. Costs - Financial$ 1,241,652-7.1%$ 1,495,06920.4%$ 1,524,8202.0%$ 1,561,4152.4% G1SPED transp OOD (Sch)1,341,6817.0%1,388,6403.5%1,437,2423.5%1,487,5463.5% G2aSPED tuition OOD (Sch)6,328,4889.0%6,549,9853.5%6,779,2353.5%7,016,5083.5% G2bSPED contingency600,607-49.5%621,6283.5%643,3853.5%649,8191.0% G3SPED offsets OOD (Sch)(2,421,948)25.1%(2,512,771)3.8%(2,600,718)3.5%(2,678,740)3.0% G99Acc. Costs - OOD SPED$ 5,848,828-7.3%$ 6,047,4823.4%$ 6,259,1443.5%$ 6,475,1333.5% H1Voc School - NERMVS998,3084.0%1,038,2414.0%1,079,7704.0%1,122,9614.0% Voc School - NERMVS Capital337,560-0.6%347,5743.0%336,225-3.3%342,9502.0% H2Voc School - Minute Man56,8182.5%58,2382.5%59,6942.5%61,1872.5% Voc School - Essex North210,5754.0%218,9984.0%227,7574.0%236,8684.0% H99Acc. Costs - Vocational$ 1,603,2612.9%$ 1,663,0513.7%$ 1,703,4472.4%$ 1,763,9653.6% J1Rubbish (DPW) 3,068,70939.5% 2,822,144-8.0% 2,963,2525.0% 3,111,4145.0% J2Snow and Ice Control (DPW) 675,0000.0% 675,0000.0% 675,0000.0% 675,0000.0% J3State Assessments897,4092.5%919,8442.5%942,8402.5%966,4112.5% Cemetery (DPW) J99Acc. Costs - Misc.$ 4,641,11823.7%$ 4,416,989-4.8%$ 4,581,0923.7%$ 4,752,8263.7% 14 15 2.4%6.2%1.0%0.1%0.9%1.1%0.3%0.5%1.0%0.2%0.7%0.1%9.4%0.5%2.1%0.7%0.4%0.1%1.7%1.1%0.3%2.7%0.4%0.6% % 27.2%24.2%37.9% 17.5% Total Grand 4.8%3.7%0.0%5.8%3.7%4.4%0.6%3.5%3.6%6.6%4.4%2.4%1.7%0.0%0.0%2.7%5.1%5.5% 5.6%7.1%2.5%7.1% -8.0% 34.7%24.5%10.9%16.9%21.5%11.6%54.1% % chng $200,000 $581,100 $882,520 $347,000 $154,212 $851,402 $675,000 $135,000 $480,250 $616,688 $3,989,000 $1,663,051 $1,413,800 $1,866,340 $1,596,050 $1,201,400 $3,412,258 $1,099,000 $2,822,144 $1,904,250 $29,127,182 $10,277,894 $15,652,500 $62,948,344 Finance 4,499,049.00 Committee FY28 Budget $ 919,844 $ 45,257,127 $ 40,189,963 $ 148,395,434 $ 149,315,278 919,844 $200,000 $675,000 $135,000 $62,948,344 3,989,000.00 1,663,051.00 1,413,800.00 1,866,340.00 1,596,050.00 1,201,400.00 3,412,258.00 1,099,000.00 2,822,144.00 1,904,250.00 4,499,049.00 29,127,182.00 10,277,894.00 15,652,500.00 FY28 Budget 581,100.00 882,520.00 347,000.00 154,212.00 851,402.00 480,250.00 616,688.00 $ Town Manager $ 45,257,127 $ 40,189,963 $ 148,395,434 $ 149,315,278 % 1.9%5.3%1.0%0.1%0.9%1.0%0.4%0.5%1.0%0.2%0.7%0.1%9.4%0.5%2.1%0.7%0.4%0.1%2.0%1.2%0.3%2.6%0.3% FY24 Spending Scorecard 0.6% 17.8%26.1%24.3%38.2%88.6%89.2% Total Grand $200,000 $560,200 $845,200 $285,500 $148,875 $815,211 $675,000 $135,000 $456,750 $400,236 $2,961,500 $8,257,736 $1,603,261 $1,336,100 $1,595,923 $1,586,300 $1,160,700 $3,333,000 $1,080,500 $3,068,709 $1,854,550 $4,030,847 $27,781,905 $14,686,100 $59,689,599 FY27 Budget $ 897,409 Town Manager $ 40,804,402 $ 38,054,701 $ 138,548,702 $ 139,446,111 Total Shared Costs Total Municipal Gov't CategoryBenefitsCapitalDebt serviceEducation - VocationalFinance Committee ReservesAdministrative Svcs wagesAdministrative Svcs expensesTechnology wagesTechnology expensesPublic Services wagesPublic Services expensesFinance wagesFinance expensesPublic Safety wagesPublic Safety expensesPublic Works wagesPublic Works expensesPublic Works Snow & IcePublic Works Street LightsPublic Works RubbishLibrary wagesLibrary expensesCore FacilitiesTown BuildingsSchool DepartmentVOTED GENERAL FUND State Assessments TOTAL LineB99C99D99E99F99G91G92G91aG92aH91H92I91I92J91J92K91K92K93K94K95L91L92M91M92U99 16 17 18 19 20 21 22 23 TOWN OF READING FINANCE COMMITTEE MEETING SCHEDULE - FY27 ЋЉЋЏ LocationTime July TBDFINCOM: Regular Meeting & Annual ReorganizationTown Hall7:00 PM August 19thFINCOM: Regular MeetingTown Hall7:00 PM September 16thFINCOM: Regular MeetingTown Hall7:00 PM October 7thFinancial Forum ILibrary7:00 PM Vote on Recommendations/Guidance for FY28 Budget Town Hall October 14thVote on Warrant Articles for November Subsequent Town Meeting7:00 PM November 4thFINCOM: Regular Meeting (if needed)Town Hall7:00 PM November 9thSubsequent Town Meeting IRMHS PAC7:30 PM November 12thSubsequent Town Meeting IIRMHS PAC7:30 PM November 16thSubsequent Town Meeting IIIRMHS PAC7:30 PM November 19thSubsequent Town Meeting IVRMHS PAC7:30 PM December 2ndTown FY28 Budget Meeting with Select BoardTown Hall7:00 PM December 8thTown FY28 Budget Meeting with Select BoardTown Hall7:00 PM ЋЉЋА January 7thSchool FY28 Budget Night 1RMHS Library January 14thSchool FY28 Budget Night 2RMHS Library January 21stSchool Public Hearing: FY28 BudgetRMHS Library January 28thSchool FY28 Budget Final VoteRMHS Library February 24thSchool BudgetTown Hall7:00 PM March 3rdPublic Hearing: Town BudgetTown Hall7:00 PM March 10thTown Budgets (continued), Vote Budgets & TM ArticlesTown Hall7:00 PM March 17thVote Budgets & TM Articles (if needed)Town Hall7:00 PM April 6thTown ElectionRMHS Field House April 26thAnnual Town Meeting IRMHS PAC7:30 PM April 29thAnnual Town Meeting IIRMHS PAC7:30 PM May 3rdAnnual Town Meeting IIIRMHS PAC7:30 PM May 6thAnnual Town Meeting IVRMHS PAC7:30 PM June 16thFINCOM: Year-End Meeting (if needed)Town Hall7:00 PM July 21stFINCOM: Regular Meeting - ReorganizationTown Hall7:00 PM 24