Finance approved the following (see Report and watch the meeting video here):
Annual Comprehensive Financial Report and External Audit Reports FY23 (Item #204-24): The Committee accepted the “Annual Comprehensive Financial Report (ACFR), the Single Audit Report and the Management Letter. The ACFR had an unmodified opinion which is the best opinion.
The general fund balance was at $116 million at the end of the year. The unassigned fund balance which are funds without any restrictions or commitments was at $82 million, which includes $25 million in the Rainy-Day Stabilization Fund.
That number is compared to the City’s annual expenses. The ratio is at 15.1%, which is the best ratio that the City has had in the past 6 years. The enterprise funds and the internal service funds are also at healthy positive net positions.
The pension trust fund is reported as of 12/31/22, and 2022 was not a good year for the investment markets so that is reflected in the financial statements. There was a $53 million decrease in net position for that year, which impacts the net pension liability. The liability did increase from $250 million to $320 million.” (8-0)
Massachusetts Office of Travel and Tourism FY24 State Budget Earmark Grant (Item #190-24): Acceptance of a $50,000 grant for improvements at Pellegrini Field House, including new windows, doors, and other renovations. (8-0)
Transfer of $85,000 for Health and Human Services Nursing Staffing (Item #192-24): To cover costs due to vacancies in school nursing positions, using an agency for temporary staffing. (8-0)
Transfer of $125,000 for Law Department Legal Services (Item #197-24): To address increased workload due to the loss of a key staff member, with plans to hire additional legal support. (8-0)
Appropriation of $1,350,000 for Fire Rescue Overtime (Item #215-24): To manage increased overtime costs due to staff leave and emergency callbacks. Currently, 10 staff members are on leave. The Fire Department is in the process of hiring 5 new candidates. (8-0)
Five-Year Contract with a Substitute Staffing Vendor for Newton Public Schools (Item #222-24): To provide daily substitute staff for elementary and middle schools. (8-0)
Appropriation of $13,597.21 to Newton Public Schools (Item #223-24): From funds collected through the FY23 Helpsy textile collection and recycling program for environmental initiatives. (8-0)
Transfer of $5,000 for Additional Salary Expenses for the Presidential Primary (Item #217-24): To accommodate increased need for election workers due to a rise in mail voting. (8-0)
Finance held the following:
Appropriation of $450,000 for Police Department Overtime (Item #219-24): Held pending further discussion due to the absence of department representation. (8-0)