Town keeps triple-A rating
Learning that the town has retained its AAA bond rating, the selectmen helped key school projects move forward by voting to support the sale of nearly $36 million in bonds and notes.
The sum, among the larger borrowings in town history, is to help pay for renovating the former Gibbs School ($26 million), putting an addition on the Thompson School ($4 million) and adding to the Hardy School ($3.5 million).
Selectmen on Nov. 20 supported the $30,955,000 general-obligation municipal loan based on the sale of 2017 bonds closing Dec. 7 to Bank of America Merrill Lynch for $34,529,754.29 plus accrued interest as well as the sale of a $1.4-million, 1.27-percent general-obligation bond-anticipation note closing Dec. 7, and payable Nov. 30, 2018, to Century Bank and Trust Co.
Treasurer Dean Carman, pleased at Standard & Poor’s continuing the town at an AAA bond rating, said that officials sought the large borrowing because interest rates could rise on the next two years.
He said that, under the 2.54-percent interest rate secured, he expected the town to pay about $2 million less in interest.
Carman said that Arlington has what is regarded as minimum wealth for triple-A rating consideration, but being a well-managed town has helped a great deal in this effort.
Departure spurs larger financial discussion
In other business, word about how to respond in the light of the the soon-to-depart town comptroller led selectmen toward a larger discussion — one financial-services department.
Richard Viscay began as town comptroller in August 2015 following the retirement the preceding May by longtime comptroller Ruth Lewis. His initial contract called for an annual salary of $122,000. He had been the city auditor in Everett. He gave notice Nov. 17 and is to work through Jan. 8. The town will use interim services until a full-time replacement is found.
“This decision was not an easy one and involved many hours of thoughtful consideration, particularly with regard to my family and my future,” he wrote in his resignation letter. “The opportunity to serve the city in which my family and I live, where we own property, and where my daughter attends high school, was one that I could not pass.
“Serving the Town of Arlington has been very rewarding and I am sad [to] leave many of the great friends I have made. Working with the great leadership team of the Town over the past two and a half years will definitely serve me well as I continue my career in municipal finance.”
Viscay is leaving to work for the City of Revere as its auditor/budget director. He has been asked to comment.
Selectmen open to conversation
In a Nov. 20 memo, Town Manager Adam Chapdelaine asked the board to “entertain a discussion of using this vacancy as an opportunity to move the Comptroller under the authority of the Town Manager and thereby allow for the creation of Town Finance Department. As you know, this has been a longtime goal of mine ….”
The comptroller, who oversees the town’s day-to-day bill-paying, has long reported to the selectmen. Viscay was undergoing a performance review with Selectmen Joseph A. Curro Jr. and Steven A. Byrne when he gave notice.
During discussion Nov. 20, Chapdelaine said he is “not wedded to one solution.” He suggested looking at how other municipalities handle finances, including Lexington, Needham and Brookline. He said there is no hurry.
“Let’s keep ourselves flexible,” Selectman Dan Dunn said.
Selectman Diane Mahon said she is open to having the conversation, noting it would be a “concession” for the board to give up oversight of the comptroller.
Curro said he thought the conversation would not focus on the structure of the job. “How do we exercise our oversight?” he asked. “Maybe there are things we should be doing.”
Selectman Kevin Greeley said that, before discussion of a finance department, “we need to focus first on treasurer position.” That matter is expected to be addressed with a ballot question during the spring election. The issue is whether the job should continue to be elected or become an appointment. Read last spring’s Town Meeting discussion about this >>
The board voted, 5-0, to bring forward at least two candidates for comptroller.
Alton St. loading zone
Selectmen also voted unanimously to support a revised proposal for hours affecting a loading zone on Alton Street — from 8 a.m. through 3 p.m. Monday through Friday.
In a Nov. 17 memo, Ali Carter, economic-development coordinator, recommended the hours and provided a list detailing the complaints received about trucks parked illegally on Alton Street through last August and September. Read it here >>
“While conducting this survey,” she wrote, “many of the business owners stated that an earlier ending to the designated loading time frame would incentivize their vendors to deliver earlier in the day ….”
Chapdelaine said he had made clear to Chief Fred Ryan that the town can issue tickets for violations of the loading zone and that Ryan is committed to follow through.
That did not satisfy Alton Street resident Michael Ruderman, who said he does not support a loading zone for Alton. He said he thought violations would continue without consequences. He suggest moving the loading zone to Medford Street.
If the zone is to remain on Alton, he asked that the hours be returned to 8 a.m. through 6 p.m. Monday through Saturday, that it be enforced with bollards and that leaflets about the hours be given to truckers.
The selectmen approved Carter’s recommendation, 5-0.
This news summary was published Wednesday, Nov. 29, 2017.
