Investment Policies Overhauled as Town Reports Healthy First-Quarter Finances
Key Points
- Town receives positive first-quarter financial report, with revenues and expenses on track for FY26.
- Select Board adopts revised OPEB Trust and Cash & Investment policies to align with modern standards.
- RTF pilot program allowing 100 non-resident permits is confirmed to begin on January 1st.
- Captain's Hideway was granted a new entertainment license for live music.
- The Willcutt Park cell tower project is proceeding through permitting, with groundbreaking anticipated next summer.
- Annual Town Meeting has been tentatively scheduled for Monday, May 4, 2026.
The Cohasset Select Board convened on December 2, 2025, tackling a full agenda that included a positive fiscal update, the adoption of revised financial policies, and the final green light for the Residential Transfer Facility (RTF) pilot program. The meeting began on a somber note as Chair Ellen Maher led a moment of silence for long-time town employees Mary Snow and Jane Pescatori, who recently passed away.
The board received a comprehensive FY26 first-quarter financial update, which showed the town in a strong fiscal position. The presenter noted that revenues were slightly ahead of last year's pace, and while police and fire overtime are being closely monitored, spending in those areas is trending better than the previous year. "There's nothing really standing out at this point to be concerned about from a revenue perspective," the finance department representative assured the board. The board also formally adopted two key financial documents after a presentation from OPEB Committee member Tim Davis and the Town Treasurer, Linda. The new policies separate the town's cash management from its long-term OPEB trust investments, allowing for a more aggressive growth strategy for the retirement benefits fund. "The OPEB trust fund is intended to be a forever fund and not to be called on," Davis explained, underscoring its role in maintaining the town's AAA bond rating.
Local business and infrastructure projects also moved forward. The board unanimously supported a new entertainment license for Captain's Hideway. Applicant Jill Salomini described the plans as low-key, saying, "We're just looking to have live music… just guitar guys, you know, just small bands, nothing huge." The application received a positive endorsement from member Chris Plecs, who remarked, "I live nearby. I didn't know there was music until 11, which is a good sign." Interim Town Manager Michelle Leary also provided an update on the Willcutt Park cell tower, stating it is moving through the permitting process with an expected groundbreaking next summer. Maher highlighted the project's broader benefits, calling it "a public improvement project" that will enhance the park entrance and improve public safety communications.
Looking ahead, the board reaffirmed its decision to launch the RTF pilot program on January 1st, which will offer 100 permits to non-residents. The program's impact on traffic and operations will be closely tracked. Member David Farrag commented on the town's broader future, noting the significance of upcoming hires. "It's really going to be a total reset of our town leadership with finance director, town manager... and then some of the other positions," Farrag said. "It's an exciting time and the important thing is to get it right." When asked for comments, Clerk Julie Rollins stated she had "nothing" to add.
The board approved several items, including the Motion Made by David Farrag to approve the entertainment license for Captain's Hideway. Motion Passed 5-0. Later, the board voted on the financial policies with a Motion Made by Chris Plecs to approve the Town of Cohasset OPEB trust investment policy statement of October 1st 2025. Motion Passed 5-0. This was followed by a Motion Made by David Farrag to approve the Town of Cohasset cash and investment policy statement dated September 25th, 2025. Motion Passed 5-0. Finally, the board took up the minutes from a previous meeting with a Motion Made by Chris Plecs to approve the minutes of November 18th, 2025. Motion Passed 4-0, with Julie Rollins abstaining. The meeting was adjourned at 8:54 p.m.