The Finance Committee voted to approve the following (read the report and watch the meeting video):
- Authorization to appropriate and expend $28,763 for Veterans Services legal settlement (6-0)
The Mayor’s request to appropriate $28,763 from Certified Free Cash to settle a veterans’ benefit case. Although the City pays the settlement upfront, it will be fully reimbursed by the Commonwealth. The funds will be allocated to the surviving spouse of a veteran who previously resided in Westborough, where benefits were incorrectly calculated. Perry Rosenfield (Financial Planning & Analysis) explained that the state mandated the retroactive payment. - Authorization to accept and expend a gift of up to $59,400 for playground improvements at Angier Elementary School (6-0)
The committee approved accepting a donation from the Angier PTO to fund a new swing set and playground improvements. The plan includes an accessible swing and a toddler swing, with installation expected over the summer. Councilors expressed gratitude for the PTO’s contribution and emphasized the community benefit. - Acceptance of the Annual Comprehensive Financial Report (ACFR) and external audit reports for FY2024 (6-0)
04-14-25 Backup – Signed ACFR 2024
04-14-25 Backup – Internal Control Report 2024
04-14-25 Backup – Signed Management Letter 2024
Auditor Jim Piotrowski from CLA presented an unmodified opinion, the highest level, on the City’s FY24 financial statements. Highlights included a $128 million general fund balance, of which $65 million is unassigned (including $26 million in the rainy-day fund). The lower fund balance ratio (11.3% vs. 15.1% last year) was due to a $22 million transfer to the Education Stabilization Fund. Enterprise fund net positions were positive, including a $5.6M gain in the Water Enterprise Fund. The Pension Trust Fund net position was $531 million (63% funded), and the Other Post Employment Benefit Trust Fund was $38 million. Five findings were noted in the Single Audit, and corrective actions are currently underway. The Management Letter cited continued needs for improvement in internal service fund review, financial close practices, and integration of Police Details billing.
Present: Councilors Gentile (Chair), Malakie, Grossman, Bixby, Humphrey, and Greenberg
Absent: Councilors Micley and Lipof
City staff present: Comptroller Steve Curley; Financial Planning & Analysis Manager Perry Rosenfield;
Financial Analyst II Trevor Goehring; Commissioner of Parks, Recreation & Culture Nicole Banks and Deputy Comptroller Stela Zaloshnja