Malden City Hall

215 Pleasant Street

Malden, MA 02148

City of Malden

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:

Absent:

5 - Carey McDonald, Ari Taylor, Paul Condon, Michelle Luong and Chris Simonelli

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.

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:

5 -

Yea:

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.

If you would like to request a reasonable accommodation, please contact Maria Luise, ADA

Compliance Coordinator at mluise@cityofmalden.org or 781-397-7000 Ext. 2005

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