Committee Report - Finance - 11-12-14 — File 197987

November 12, 2014 Finance Committee Page 1 of 4 Printed 11/13/2014 REPORT OF THE FINANCE COMMITTEE Attendee Name Title Status Arrived Tony Lafuente Chair Present Maryann M. Heuston Vice Chair Present Katjana Ballantyne Ward Seven Alderman Present John M. Connolly Alderman At Large Present William A. White Jr. Alderman At Large Present Others present: Peter Forcellese, Jr. (Treasurer), Marc Levye (Assessing), Ed Bean (Finance), Michael Glavin (OSPCD) 195734 - That the Administration provide this Board with a breakdown of special events (festivals, concerts, road races, etc.), indicating if they are/were city sponsored and/or privately sponsored, and including city expenditures for each.: There appears to have been a communications beak-down regarding this item. Mr. Bean will provide the information. RESULT: KEPT IN COMMITTEE 196116 - That the Chief Assessor and the Director of SPCD appear before this Board’s Finance Committee to discuss the increase in commercial and residential property valuations and real estate taxes, especially for restaurants, and its impact on existing businesses and future development.: Members had issues with the dates, locations and lack of BOA involvement in scheduling the community meeting to discuss this matter. Alderman Ballantyne’s motion that the Administration work with the Board of Alderman to reschedule the community meetings, currently set for November 19th and 20th, was approved. Alderman Heuston’s motion that the Administration hold off from advertising the proposed community meetings and immediately direct the Communication Department to cease any advertising of same, was approved.

Committee Meeting November 12, 2014 Finance Committee Page 2 of 4 Printed 11/13/2014 The increase to residential properties will be greater than the increase to commercial properties. RESULT: WORK COMPLETED 196146 - That the Chief Assessor appear before this Board to answer questions about tax bills.: RESULT: WORK COMPLETED 196268 - City Assessor responding to Finance Committee questions raised at its meeting on February 4.: RESULT: WORK COMPLETED 196588 - That the Recreation Superintendent appear before this Board to provide an update of all expenditures for the current fiscal year.: Chairman Lafuente asked that the new director provide a response on this item, along with figures on the new football league. RESULT: KEPT IN COMMITTEE 196640 - That the Chief Assessor provide the Committee on Finance with a list of all Somerville property owned by Tufts with their assessments, the taxes they would pay if they paid taxes, and their actual payments to the city.: RESULT: WORK COMPLETED 196759 - That the Administration consider purchasing 2 additional radar feedback signs to provide additional capability to monitor traffic speeds.: RESULT: WORK COMPLETED 196859 - Director of Finance submitting a report on SPCD Professional & Technical Services Accounts.: Alderman White's motion to amend the item by including FY-15, was approved. RESULT: KEPT IN COMMITTEE 196974 - That the Director of Finance provide the Board of Aldermen's Finance Committee with a breakdown of expenditures under the first DIF bond tronch and the background

Committee Meeting November 12, 2014 Finance Committee Page 3 of 4 Printed 11/13/2014 regarding the authorization for such money to be used to purchase real estate from Federal Realty Investment Trust to layout highways and sidewalks.: RESULT: WORK COMPLETED 197058 - DIF Governing Board conveying that it ordered the Director of Finance to provide this Board's Finance Committee with a breakdown of expenditures under the first DIF bond tranche and the background regarding the authorization for such money to be used to purchase real estate from FRIT to lay out highways and sidewalks.: RESULT: WORK COMPLETED 197186 - Requesting acceptance of a mitigation payment of $94,744.75 to establish the Open Space Improvements Stabilization Fund.: Alderman White’s motion that the Director of Finance create a database to track developers’ contributions to stabilization funds and how those funds are utilized, was approved. RESULT: WORK COMPLETED 197349 - That the Commissioner of Public Works provide this Board with the invoices for electric light poles as they are purchased in FY15.: RESULT: KEPT IN COMMITTEE 197431 - That the Director of SPCD, the Chief Assessor and the Director of Finance provide this Board with a 5 year revenue projection, to include real estate taxes by building type and specific projections for Assembly Square, Assembly Square (expanded), Union Square, East Somerville, Central Somerville, and West Somerville.: Chairman Lafuente stated that the city does not have to go to the full 2 ½% levy every year, adding that he feels the Administration is being irresponsible. RESULT: WORK COMPLETED 197833 - City Assessor responding to #197431 re: revenue projections.: RESULT: WORK COMPLETED 197880 - That the Director of Finance and the Chief Assessor provide a 5-year projection of new commercial office and new commercial retail revenues.: RESULT: KEPT IN COMMITTEE

Committee Meeting November 12, 2014 Finance Committee Page 4 of 4 Printed 11/13/2014 197923 - That the Administration provide approximately $1,500 in funding to repair the obelisk in the historic Milk Row Cemetery.: This is a time sensitive item and Alderman Heuston requested that it be submitted to the BOA at it's November 13th meeting, as a late item. RESULT: KEPT IN COMMITTEE