Finance Committee Tables Override Phasing Plan
Reading's Finance Committee voted 8-0 to table a decision on phasing in a $6.5 million override until after November's election.
Finance Committee · Meeting of August 19, 2026
Reading's Finance Committee voted 8-0 to table a decision on phasing in a $6.5 million override until after November's election. Chief Financial Officer Sharon Angstrom said the town's structural deficit is $9.8 million, leaving a gap beyond the override request that will require cuts or additional free cash. The committee also learned that the general contractor's bid for the Killam Elementary School project came in $25 million under budget, letting the town return about $15 million while keeping a $10 million contingency, with a groundbreaking set for September 18.
Town Manager Jane proposed limiting free cash use to the capital portion of the annual budget, citing state guidance that free cash "should be restricted to paying one-time expenditures." Finance Committee member Christopher Cook said voting on override phasing now puts "the car before the horse."
In the full story:
- Who Was There
- Organizations And Documents Referenced
- The complete report — 2,654 words
Source: the Finance Committee meeting of August 19, 2026, reported from the official video recording and transcript.
Members read the rest of this story and every Reading meeting we cover, in full.
Become a memberAlready a member? Sign inA 30-day free trial needs a payment method. After it, your membership renews at the price shown at checkout until you cancel, which you can do anytime from your account. Subscription terms
Share this story
Know someone in Reading who follows town government? Share Townbrief Reading: they can sign up free.