Below is a summarized version of the Finance Committee, organized by timestamps and speakers, focusing on key points raised during the discussion in Reading, Massachusetts. This summary condenses the discussion into major themes, speaker contributions, and decisions, avoiding excessive detail while retaining the essence of the conversation. Timestamps correspond to the video linked at the bottom.
- 📋 Summary
- 📑 Agenda Overview
- 🗣️ Public Comment
- 🔗 Liaison Reports – Highlights
- 🏗 Capital Project Updates
- 🏫 FY27 School Department Budget Presentation
- 🗳 Discussion – School Budget: Enrollment, Demographics, and Cost Drivers
- 🏗 Discussion – Capital Plan Clarifications
- 🗳 Discussion – Per-Pupil Expenditure Metrics
- 🗳 Discussion – Health Services Salary Adjustment
- 🗓 Future Agenda Items
- ✅ Meeting Minutes Approved
- 🔑 Key Summary
📅 February 25, 2026 Finance Committee Meeting
🕒 Meeting Start: 00:04:10
⏰ Meeting End: 01:32:34
💻 Format: Hybrid
👤 Chair: Joseph Carnahan
👥 Attendees: Joseph Carnahan, Emily Sisson, Geoffrey Coram, Endri Kume, Joseph McDonagh, Marianne McLaughlin-Downing, Edward Ross, John Sullivan, Mark Zarrow, Sharon Angstrom, Jacquelyn LaVerde
🚫 Absent: None noted
📋 Summary
The Finance Committee met in a hybrid format and received public comment regarding recent Select Board actions, including the Town Manager separation agreement, ongoing closure of Mattera Cabin, and concerns about a proposed stabilization fund tied to Burbank Ice Arena revenues. Committee members then provided liaison updates covering progress on major capital projects, Select Board warrant development, and CPA Study Committee activities heading toward Town Meeting.
The committee reviewed detailed capital project updates showing several major initiatives progressing under budget, followed by an extensive FY27 School Department budget presentation. The proposed school budget reflects a 2.01% increase with level services, no staffing additions, and reliance on one-time revenues. The latter portion of the meeting focused on in-depth questions regarding enrollment trends, demographics, per-pupil spending, capital planning assumptions, and specific salary adjustments. The meeting concluded with future agenda planning, approval of prior meeting minutes, and adjournment.
📑 Agenda Overview
| ⏰ Start Time | Topic |
|---|---|
| 00:04:10 | Call to Order & Roll Call |
| 00:05:43 | Public Comment |
| 00:08:26 | Liaison Reports |
| 00:15:03 | Capital Project Updates |
| 00:30:45 | FY27 School Department Budget Presentation |
| 01:15:00 | School Budget Q&A – Enrollment & Demographics |
| 01:20:37 | Capital Plan Clarifications |
| 01:21:52 | Per-Pupil Expenditure Discussion |
| 01:26:16 | Health Services Salary Inquiry |
| 01:28:23 | Future Agenda Items |
| 01:30:18 | Approval of Minutes |
| 01:32:15 | Adjournment |
🗣️ Public Comment
⏰ 00:05:49 – 00:08:13
👤 Presenter(s): Karen Herrick (Select Board)
- Announced the Select Board’s separation agreement with the Town Manager and appointment of Jayne Wellman as Interim Town Manager.
- Expressed appreciation for Matt Kraunelis’s service.
- Raised concerns about the continued closure of Mattera Cabin and potential future funding needs.
- Requested further Finance Committee discussion regarding the proposed stabilization fund associated with Burbank Ice Arena lease revenues, citing uncertainty about revenue reliability and fund purpose.
🔗 Liaison Reports – Highlights
⏰ 00:08:26 – 00:15:03
👤 Presenter(s): Edward Ross, Geoffrey Coram, Committee Members
- Killam School Building Committee
- Early electrical and generator bid packages came in under budget.
- 90% construction documents submitted to MSBA.
- Construction bids anticipated in late March, with award targeted for May and summer start.
- Select Board / Warrant Preview
- Town Meeting warrant still in development.
- Ongoing questions regarding Article 14 and park grant-related items.
- Continued ambiguity regarding unified versus adaptive sports stabilization fund intent.
- CPA Study Committee
- Presentation delivered to the Select Board with positive engagement.
- Minor report revisions underway.
- Warrant article submitted and expected to proceed to Town Meeting.
🏗 Capital Project Updates
⏰ 00:15:03 – 00:30:42
👤 Presenter(s): Jayne Wellman (Interim Town Manager), Edward Ross
Killam School
- Sub-bid prequalification underway using BidDocs.
- General contractor bids due May 19.
- Project remains on schedule and within budget expectations.
Reading Center for Active Living (ReCal)
- Construction bids received at $18.9M, approximately $3M (11.8%) under the $21.95M budget.
- Contract awarded to J&J Construction.
- Includes Range Road improvements and rooftop solar installation.
- Mobilization anticipated mid-March.
Pickleball Courts
- Ten bids received; low bidder Quirk at $1.158M including all alternates.
- Net borrowing cost to the town estimated at $533K (or $633K without park grant), after RPPA, Burbank, Recreation, and grant funding.
- Construction expected to begin in early March.
Other Capital
- High Street infrastructure project bid slightly over budget; scope and funding options under review.
🏫 FY27 School Department Budget Presentation
⏰ 00:30:45 – 01:15:00
👤 Presenter(s): School Department Leadership
Overview
- FY27 recommended budget reflects a 2.01% increase with level services.
- No new staffing additions; limited internal position adjustments.
- Approximately $800K gap addressed through one-time measures and revenue strategies.
Key Themes
- Increased reliance on school choice revenue, including use of two years of receipts.
- Special education costs declining due to more in-district placements and use of reserve funds.
- Transportation costs increasing significantly despite fewer out-of-district placements.
- Non-personnel budgets level-funded, raising inflation-related sustainability concerns.
- METCO program financially strained due to flat state funding and rising costs.
- Food service program facing increased grocery costs with a continued break-even goal.
- Capital plan includes technology upgrades, security barriers, and Wi-Fi improvements at the PAC.
🗳 Discussion – School Budget: Enrollment, Demographics, and Cost Drivers
⏰ 01:15:00 – 01:20:37
👤 Presenter(s): School Administration; Finance Committee Members
Key Discussion Points
- Demographic study suggests potential future enrollment growth, though uncertainty remains.
- Overall enrollment declining, with improved attrition rates from 8th to 9th grade.
- High percentage of Reading residents continue to attend Reading Public Schools.
- Student service needs increasing, particularly in special education and English learner programs.
- Long-term per-student cost comparisons are complicated by shifting demographics.
🏗 Discussion – Capital Plan Clarifications
⏰ 01:20:37 – 01:21:52
👤 Presenter(s): School Administration; Finance Committee Members
- FY29 HVAC project discussed, with follow-up details requested.
- Carpet replacement identified as a placeholder item.
- Vehicle barriers likely envisioned as boulders for aesthetic reasons.
- Several capital items previously deferred and may be phased if necessary.
🗳 Discussion – Per-Pupil Expenditure Metrics
⏰ 01:21:52 – 01:26:16
👤 Presenter(s): Sharon Angstrom; Finance Committee Members
- DESE per-pupil expenditure data used as a comparative benchmark.
- Reading historically ranks around the 30th percentile among comparable communities.
- Rising costs attributed to special education, transportation, and competitive labor markets.
- Committee expressed general confidence in outcomes relative to spending levels.
🗳 Discussion – Health Services Salary Adjustment
⏰ 01:26:16 – 01:28:23
👤 Presenter(s): Emily Sisson; School Administration
- Most health services staff covered by collective bargaining agreements.
- Director of Health Services is not part of a bargaining unit.
- Salary adjustment reflects effort to maintain parity with nurses and other department directors.
🗓 Future Agenda Items
⏰ 01:28:23 – 01:30:18
👤 Presenter(s): Joseph Carnahan
- Upcoming meeting to review the full town budget.
- Anticipated discussion of the Town Meeting warrant, including CPA-related articles.
- Goal to complete budget and warrant review during the first two Wednesdays in March.
✅ Meeting Minutes Approved
⏰ 01:30:18 – 01:32:15
👤 Presenter(s): Joseph Carnahan
- February 4, 2026 Minutes: Approved as presented.
- Roll call vote conducted due to hybrid format.
- Vote: Unanimous approval.
🔑 Key Summary
- Finance Committee received public comment on Town Manager transition, Mattera Cabin, and proposed Burbank-related stabilization funding.
- Major capital projects, including Killam School, ReCal, and pickleball courts, are progressing under budget.
- FY27 School Department budget proposes a 2.01% increase with level services and reliance on one-time revenues.
- Enrollment trends show modest decline with improved retention and increasing student service needs.
- Transportation and non-personnel cost pressures remain significant long-term concerns.
- Capital plan assumptions and salary adjustments were clarified during detailed budget discussion.
- The committee outlined an intensive schedule for upcoming town budget and warrant reviews.
- February 4, 2026 meeting minutes were unanimously approved, and the meeting adjourned.
