The Fall Schedule for Finance Committee Meetings

‭CAMBRIDGE CITY COUNCIL‬ ‭Patricia Nolan‬ ‭Paul F. Toner‬ ‭City Councillor‬ ‭City Councillor‬ ‭To:‬‭The Cambridge City Council‬ ‭Date:‬‭October 17, 2024‬ ‭Subject:‬‭Fall Schedule for Finance Committee Meetings‬ ‭To the Honorable Mayor, the City Council:‬ ‭As co-chairs of the Finance Committee, we are providing an update on upcoming meetings so‬ ‭that we may have a productive and collaborative fall.

We intend to build upon the work of the‬ ‭last two budget cycles, which offered the council and the community opportunities to give input‬ ‭before the budget was presented and essentially finalized. Over the last two budget cycles, we‬ ‭have held meetings earlier in the fiscal year which have allowed for deeper discussions with City‬ ‭staff on budget priorities and long-term fiscal planning.

By holding additional meetings this fall‬ ‭we will be able to give more constructive input into the formation of the FY26 budget.

We are‬ ‭grateful to the Mayor, the City Manager, and the entire City Council for the commitment to‬ ‭goal-setting this term and we hope that the transparency provided through the budget process‬ ‭will help us further this collaboration.‬ ‭Through meetings this fall, we will work with City staff to continue to inform the Council and‬ ‭the public about the City’s financial planning and sense of the future financial picture for the city.‬ ‭We expect to discuss how the decisions we make throughout the year affect our long-term‬ ‭financial planning.

We will not be able to fund everything we want. We will have to prioritize‬ ‭spending, be judicious in choices on spending, and be aware of options to economize.

This fall,‬ ‭we will be holding Finance Committee meetings that seek to build on that long-term financial‬ ‭planning and outline many of the choices we will have to make as we enter a new‬ ‭macroeconomic climate.‬ ‭In addition to the statutorily required budget hearings next May, which will be scheduled at a‬ ‭later date, we have worked with the City Manager and his staff to schedule the first two Finance‬ ‭Committee meetings.

We are also open to suggestions on how to have an earlier opportunity for‬ ‭the public to weigh in on the budget.‬ ‭CITY HALL, CAMBRIDGE, MASSACHUSETTS 02139‬ ‭Wednesday, November 20, 2024, at 1:00pm‬‭– The Finance Committee will hold a public‬ ‭meeting to review and discuss the Operating Budget in advance of the FY26 budget season.‬ ‭Wednesday, December 11, 2024, at 3:00pm‬‭– The Finance‬‭Committee will hold a public‬ ‭meeting for an update and discussion on Public Investment Planning.‬ ‭Additionally, Mayor Simmons will be hosting a roundtable discussion in lieu of the regular City‬ ‭Council meeting on Monday, October 28 to have a discussion on macroeconomic trends and how‬ ‭they will affect City finances.

We hope that discussion, which will build on the Finance‬ ‭Committee discussion from February 28, 2024, will provide an appropriate framework for our‬ ‭later discussions in November and early December.‬ ‭If you have any questions or comments on this schedule, please let us know.‬ ‭Sincerely,‬ ‭Patricia Nolan‬ ‭Paul F. Toner‬ ‭Finance Committee Co-chairs‬ ‭Cambridge City Council‬ ‭2‬