City Council - Finance Committee

Finance Committee Minutes May 19, 2025 Members present: Chair Tom Peake, Councilor Koni Denham, Councilor Peg Conni Members absent: None Also in Attendance: Maureen Binienda, Interim Superintendent; Michael Owens, Treasurer; Meghan Harvey, School Committee - Finance Chair; Linda Markee, School Committee-Finance; Laura Scott, School Committee Chair; Julia Saari-Franks, Director of Business Services for the School Department; Dr. Michelle Balch, Incoming Superintendent; Hetal Patel, City Auditor; Salem Derby Meeting called to order by Councilor Peake at 5:33 pm 1. Public Speak Time: No one from the public chose to speak 2. Approval of the Prior Meeting Minutes: None to approve 3. Mayor’s Communications: None 4. New Business: FY 2026 Budget review and discussion: 4.1 EDUCATION A. Julia Saari-Franks spoke rst: “The budget proposal that was put together and presented to the school committee and passed by the school committee the FY26 budget is 22,794,154. that is a 25% increase from the prior year.” B. 2 Grant funded positions - Bright Grant Meant to serve students with prolonged medical issues and need transitioning back into high school. 3 year Grant. Year 1 fully funded, year 2 half funded and year 3 no funding. C. Addition of a special ed teacher. As middle school students age out of the life skills program they will need to add the classroom to the high school. D. World Languages has been cut but there is a desire to get that back in the curriculum E. High School has the most open Choice spots F. Mountain View is a full capacity G. 55% of faculty are in the top 3 steps. This is an indicator that there will be more retirements over time. H. Reviewed the sources of funding. Concern about the future federal landscape. Discussed special ed students and funding. EL students needs are being met by the sta ng we currently have. Discussed the future of an ADA accessible playground. ff fi ffi  4.2 DEBT & INTEREST A. Mayor LaChapelle explained that Debt and Interest is how the city manages their money. It involves managing investments based on markets and ensuring a robust return. With debt it is important to ensure timely payment of debt. The Mayor praised the nance team for coming together in the absence of a treasurer. B. Easthampton has a current bond rating of AA+. The regional economy will impact this rating as will consolidating some of our debt to get better rates. 5. Next Meeting: 5/20/25 @ 5:30pm No additional business to discuss. Councilor Conni made motion to adjourn, Councilor Denham seconded. Vote: 3-0. Meeting adjourned at 6:25 PM Respectfully submitted, Councilor Peg Conni fi ff ff