From the city's PDF, word for word.
City of Malden
Malden City Hall
215 Pleasant Street Malden, MA 02148
Meeting Minutes - Final Finance Committee
Councillor McDonald, Chair Councillor Taylor, Vice Chair
- Councillor Condon
- Councillor Luong
- Councillor Sica
Councillor Simonelli
Tuesday, March 24, 2026
5:45 PM
- City Hall, Room 105
- 215 Pleasant Street
- Malden, MA 02148
Watch the meeting with Teams: https://tinyurl.com/mvxnjffm
Roll Call
Present: 5 - Carey McDonald, Ari Taylor, Paul Condon, Michelle Luong and Chris Simonelli
Absent: 1 - Jadeane Sica
Also Present: Council President Linehan, Councillors Colon Hayes, Crowe, Winslow
- Zaheer Samee-Assistant City Solicitor
- Alicia McNeil-City Solicitor
- Charles Ranaghan-Controller/CFO
- Dan Grover-Treasurer
Councillor McDonald called the meeting to order at 5:57 PM.
Minutes to be Approved
163-26
Minutes of March 10, 2026, to be approved.
A motion was made by Councillor Luong, seconded by Councillor Simonelli, that the Committee Minutes of March 10, 2026 be approved. The motion carried by a unanimous vote.
Business
160-26
Order: That Three Hundred Ninety-Eight Thousand Six Hundred Seventy-Four Dollars and Twenty Five Cents ($398,674.25) is appropriated from available Water Sewer Enterprise Fund retained earnings to fund principal only debt payments due to the MWRA in May 2026.
Sponsors: Carey McDonald
Councillor McDonald asked Charles Ranaghan, Controller/CFO to recap on Paper #160-26.
Finance Committee
Meeting Minutes - Final
March 24, 2026
Chuck said the Paper is pretty self-explanatory and gave a brief overview to the committee. Over the last several years we have had numerous MWRA authorizations for borrowing on the 0% Loan for water main and lead line replacement. When preparing the F/Y26 Water & Sewer Enterprise Fund Budget we were all of the mindset that we would not have to draw down any of those previously approved authorizations until July. If we waited till July to draw that down they wouldn't be due till F/Y27. The bid packages for the third year of the 5 year water main projects went out and came back favorably and engineering was in a position to start work earlier than previously anticipated. In mid May, we had requested from the MWRA, the Council had already approved the authorizations, the ability to draw down several million dollars. Because of that request in May 2025 we now have 4 separate payments due 3 are due on May 19th and one is due June 9th. These were already approved 3 related to water and one related to lead. So in order to pay those bills we need to appropriate money from retained earnings totally $398,674.25.
Councillor McDonald asked Chuck if he could give the break down of which of those goes to water and which goes to lead
Chuck answered Water main replacement is the following three payments; $121,000, $49,424.25, and $205,750 all due on May 19th and the Lead payment of $22,500 due on June 9th totaling $398,674.25.
Councillor McDonald asked could you let us know how much we currently have in the Water & Sewer Enterprise Fund
Chuck said recently we made an appropriation and this would bring it down to $400-$500
Councillor McDonald said this is the purpose of having this fund is to pay down these funds. Is it properly called a fund or is it a reserve of the fund?
Chuck said it's the retained earnings of the Fund it's a Fund
Councillor McDonald entertained a motion to adjourn.
A motion was made by Councillor Simonelli, seconded by Councillor Condon, that the Order be recommended favorably to the City Council. The motion carried by the following vote:
Yea: 5 - Councillor McDonald, Councillor Taylor, Councillor Condon, Councillor Luong and Councillor Simonelli
Other Business
Adjournment
A motion was made by Councillor Simonelli, seconded by Councillor Luong, that this meeting be adjourned at 6:04 PM. The motion carried unanimously.
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