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HomeMy WebLinkAbout2026-06-10 Finance SummitFinancial Summit Select Board, School Committee, Appropriation Committee, Capital Expenditures Committee Wednesday, June 10, 2026 A Financial Summit was called to order by Select Board Chair Jill Hai at 7:00p.m. on Wednesday, June 10, 2026, via Zoom hybrid meeting platform in Estabrook Hall, Cary Memorial Building, 1605 Massachusetts Avenue. Present for the Select Board (SB): Ms. Hai, Chair; Mr. Pato; Mr. Lucente; Mr. Sandeen; and Ms. Kumar as well as Mr. Bartha, Town Manager; Ms. Impink, Budget Director; and Ms. Kosnoff, Deputy Town Manager for Finance. Present for the School Committee (SC): Mr. Freeman, Chair; Ms. Carter; Ms. Jay; Ms. Lenihan; and Ms. Roy; and Dr. Hackett, Superintendent of Schools. Present for the Appropriation Committee (AC): Mr. Parker, Chair; Mr. Padaki; Mr. Ahuja; Mr. Levine; Mr. Michelson; Ms. Verma; Mr. Bartenstein; and Ms. Yan Present for the Capital Expenditures Committee (CEC): Mr. Lamb, Chair; Mr. Boudett; Mr. Rubenstein; Ms. Rhodes; and Mr. Cole All boards and committee called their groups to order. ITEMS FOR INDIVIDUAL CONSIDERATION 1. Discussion: Long Term Budget Challenges and Policy Considerations Ms. Hai (SB) explained that in 2019 the Town adopted financial guidelines which expressly drove the removal of Free Cash from the operating budget, increased the budget forecasting projections from three years to five years, emphasized the need to build fiscal reserves, established a new prioritized rating system for major capital expenditures, outlined the anticipated transfer of pension funding to OPEB funding (which is still in process), built the capital stabilization funding for the High School, reaffirmed the use of the allocation model with the new addition of dedicated LHS funding, and recommended creation of a new debt management policy. Ms. Hai (SB) reviewed the list of policy topics submitted by members of the summit as those to be reviewed, including the revenue allocation/the history of the split/and revising it, the continued use of one time funds for one-time expenses (not operating expenses), the reserve and safety nets and the usage thereof, the capital stabilization fund post-LHS project, energy rebates and how they are used, pension liability following full funding date, and the override policy and levy limit decisions. She also noted an additional list of topics of concern that can be addressed in terms of costs that are outpacing the levy growth. These include compensation, the capital plan debt service issues after the high school, residential development and declining commercial development. The groups discussed other potential policy discussion topics. Mr. Michelson (AC) stated that the Minuteman budget as a driver should be added to the list. Dr. Hackett (SC) stated that she would like to see shared expenses on the list. Mr. Levine (AC) stated that he would like to include property assessment, specifically assessing apartments and the capitalization rate. Mr. Bartenstein (AC) suggested including potential program trimming as a way to trim the budget. Mr. Michelson (AC) stated that he would like to include commonalities between the municipal and school sides to potentially combine staffing and provide services in common. Ms. Jay (SC) stated that she would like the group to consider which services are mandated, which are essential, and which are contractual. Mr. Levine suggested a discussion on new sustainability initiatives. Mr. Padaki (AC) suggested reviewing the different buckets of reserve funds across all departments and budget lines. There was agreement that the revenue allocation should be further discussed. Mr. Padaki (AC) asked about a maintenance and replacement schedule for vehicles and equipment. Mr. Lamb (CEC) stated that the Public Safety and DPW Departments have such schedules. He noted that the Town funded the ladder truck purchase this year with debt of $675,000. This is a clear example of why the Town should not use free cash for operating. It brings up the question as to how to prioritize public safety versus other operating items. There was discussion regarding creating shared target ranges for total compensation and comparable ways to display the information. Ms. Yan (AC) suggested a study comparison of neighboring communities and how their tax on rental properties compare to owner occupied homes. There was discussion regarding OPEB funding. The groups discussed what members would like to see occur during the Summit meetings moving forward. There was discussion regarding the School Department presenting its White Book to the AC, CEC, etc., if the various groups would find this helpful. Ms. Hai suggested a meeting of the Chairs of the Summit groups in order to bring topics back to the full groups at a future Summit meeting. Mr. Boudett (CEC) suggested a closer coordination between the different financial staff. DOCUMENTS: Summit Presentation; Ref: 2019 Fiscal Guideline Recommendations.pdf; Ref: 2009-07- 10 AdHocFiscalTaskForce-RPT ADJOURN Upon a motion duly made and seconded, the Select Board voted 5-0 by roll call to adjourn the meeting at 9:04p.m. The Appropriation Committee, Capital Expenditures Committee and School Committee followed suit. A true record; Attest: Kristan Patenaude Recording Secretary