2026-10-05 - Finance Committee

Summary

Built from official minutes.

Committee chair Councilor Govan reviewed FY2026 June (year-end) Revenue and Expenditure Report with Comptroller Patrick Burns and FY2027 August report.
FY2026 year-end showed $9.2M budget surplus: $3.8M favorable revenue, $5.4M expenditure savings. City to submit to Department of Revenue in November for FY2026 free cash certification.
Revenue favorable variances: $2.9M motor vehicle excise tax, $3.3M charges for services (including $544K from sale of 135-155 Lyman Street property, $6.4M municipal Medicaid, $1.5M McKinney-Vento transportation), $2.3M investment earnings.
Expenditure savings: $2.7M salaries ($670K Police, $197K Fire).
Grants reviewed: $75K Massachusetts Gaming Commission for gambling-related harms research, $75K Greening the Gateway Cities Implementation for tree watering/maintenance, Crisis Intervention Team training, Jail Arrest Diversion Program funding, $48 prior-year Labor Relations bill, $100 Library donation.
$6M bond authorization for first year of City's five-year Vehicle Replacement Plan: 73 vehicles across Police, Fire, General Fund, Enterprise Fund. Plan previously reviewed at Joint Maintenance & Development/Finance Committee.
Meeting adjourned 5:13 PM.