Finance Commission

10/19/2023 - Minutes I. Call to Order Call to Order: Peter (6:35 PM) Attendees: Municipal Infrastructure Commission: Micayla Schambura (in person) / Peter Wernsdorfer, Michelle Metzler, & Adam Jacobs (online) – quorum Finance Commission: Angela Aldieri, Ashley Lucht, Januka Acharya (in person) / Moe Matt , Maggie Hazard (online) – quorum City Council Liaisons/Staff: Mayor Kristine Lott, Councilor Oakleaf, Jon Rauscher, Director of Public Works Minutes recorded by: Micayla Schambura II. Public Comment None III. City Council Liaison Updates Councilor Bryn Oakleaf – attended the bridge committee’s second meeting. The next public meeting will be in January to present initial design items for folks to respond to. Additionally, the airport was renamed the Patrick Leahy Burlington International Airport. The airport had their first technical advisory meeting last week. Public hearings will not occur until the Spring in 2024 (March/April TBD). Updates will be sent out through Front Porch Forum. Mayor Kristine Lott – the Planning Commission completed work on a new historical local registry. They are holding a public hearing on November 9 th . The housing commission is starting to work on draft ordinates for short term rental regulations. Jon Rauscher – work next to CCV on Winooski Falls Way/Abenaki Way is in progress. There will be a city parking garage built on the property with a hotel (south end) and rental housing (north end) on the lot. The garage is slated to be finished October 2024 and the hotel/housing to follow; construction to begin in Spring. Additionally, city wide, line striping is backed up and work is unpredictable; the contractor may not finish dependent on the weather. IV. Inclusion & Belonging Commission Update N/A V. Discussion: Capital Needs Review The attached memorandum was discussed tonight. The following are short details about discussed Unfunded Must Do’s/Really Should Do’s. Unfunded Must Do’s: 1. Water Fund – Deferred Maintenance Short term Water Lines – $3,400,000 The attached memorandum was discussed tonight. The following are short details about discussed Unfunded Must Do’s/Really Should Do’s. Unfunded Must Do’s: 1. Water Fund – Deferred Maintenance Short term Water Lines – $3,400,000 ¡ ~10-20 mains should be replaced in the next 5-10 years. Long term, next 10-20 years more replacements need made. Proposed sequence: Hickock, LaFountain, Malletts Bay, Barlow. Work is slightly behind schedule, putting away money for projects. 2. Winooski River Bridge Replacement - $3,000,000 ¡ Will need to go for a bond vote Unfunded Really Should Do’s: 1. Hood’s Crossing Signalization - $2-3,000,000 – per East Allen Scoping Study ¡ Applying to VTrans grant program – Class 2 pavement 2. Landry Park / Landry Park field stormwater management ¡ Plans to combine parking lot into single lot, fence in softball field, replace halogen lights (upgrade to LED), and construct a pavilion in place of previously torn-down restrooms. 1. Tangentially, West Allen Park is already in queue for updates to their park. ¡ Future adjustments for draining, crowning, and maybe underdrainage for stormwater management. This past summer, there were many days where sports were cancelled due to flooded fields. 3. Bridge replacements including Main Street Railroad Bridge and Weaver Street Railroad Bridge ¡ Two future big capital costs. Funding through grants is needed here. Wastewater Fund Annual 1. Stormwater – stormwater is currently funded by the sewer fund. Will have a number of stormwater projects over the next couple years. Expecting to receive a potential grant agreement that could cover up to 80% of it in the next few weeks. ¡ Phosphorus Control Plan not yet approved by DEC. ¡ Have until 2023 to implement stormwater projects (a couple projects with some funding have already been identified) ¡ Landry Park is identified as a potential place for gravel wetlands/bioretention. General Maintenance/Construction: 1. Lead Service Line Inventory – staff have not come across a huge number of lead pipes – most have been copper and ductile pipes. Some pipes are galvanized. The current inventory has been submitted but the project is not flagged as a huge priority for the next few years. 2. Vehicle Fleet – plow trucks, etc. are currently in good shape. Need to make sure that TIF district information is up to date in the CIP. 3. Priorities for residents commonly include bike paths, roads, sidewalk work, traffic calming, and line striping. Grant Opportunities/Funding 1. Community Change Grant – potential funding source ¡ Application not yet released through Office of Environmental Justice ¡ Targets EJ/under-resourced communities  Grant Opportunities/Funding 1. Community Change Grant – potential funding source ¡ Application not yet released through Office of Environmental Justice ¡ Targets EJ/under-resourced communities ¡ Could use for any climate adaptation/ water line/ parks & rec work 2. Protect Grants through DOT – potential funding source ¡ funding for transportation if green infrastructure is incorporated. 3. New Investment Policy implemented to grow interest on money in general capital reserve fund (5.2% rate of return, ~$100,000 in earnings. This would be equal to ~2% increase in taxes to the public, but has instead been raised through interest). This investment policy did not exist pre-covid. It will create opportunities for additional funds, and the deposits are fully collateralized. 4. For the first time in over 5-8 years, there is a projected positive fund in the water budget. *The next Joint FC/MIC meeting will be on November 14 th at 6 PM. It will be a hybrid meeting at City Hall. FC will provide Zoom link. The Master Plan will be presented and discussion on where to put any remaining money will occur (e.g. sidewalks, traffic calming, line striping). It is suggested to revisit the COVID-19 survey and Equity Assessment/Equity Aduit tool in this next meeting for assessing the CIP. VI. Adjourn Motion: Micayla Second: Adam Time Adjourned: 7:39 PM