Town Treasurer/Collector CJ Paquette updated the Select Board on the status of the town’s investments and bank accounts at its meeting Tuesday night, demonstrating financial stability.

Paquette noted that the general fund deposit balance as of Sept. 30 was $78,282,281. Interest income for the three months of the reporting period was $973,143, a slight decrease of $1,328 from the prior quarter. He explained that this was due to the decrease in the interest rate of the town’s money market accounts, adding that this is “pretty standard across the board.” The town’s general fund balance increased by 1.24% in the first quarter of fiscal year 2025, he noted, and by 5.05% on an annual basis.

While the town’s largest cash account, the Massachusetts Municipal Depository Trust (MMDT) account, decreased during the quarter, it still generated $630,668 over that period, he added. This accounted for 64% of the total interest earned over the quarter.

The town’s investments experienced first-quarter gains, in line with current market trends. All general fund investments are invested in accordance with the town’s policy of safety, liquidity and yield, in accordance with state law.

“In total, investments were up 3.9% for the quarter and 15.61% annually,” said Paquette. “While all of the returns were positive, the income is not as high as we’ve seen in the past.”

Declining interest rates also affected the town’s bank partners, according to Paquette. He continually monitors the interest rates to “let them compete a bit” so that the town can get the best rate.

Chief Financial Officer Kyla LaPierre added that the banks have been calling the Finance Department to decrease the rates they had previously given to the town. Prime rates and interest rates have been falling slowly, Paquette commented.

Paquette also said that if a Town Meeting article on prudent investment passes in May, the town can diversify its investments outside the parameters of a legal investment list that restricts the town to investing from a list of 22 stocks. These investments are reviewed on a monthly basis.

Chair Brian Herr asked LaPierre and Paquette if they were looking into a town investment committee. Because of the limited investment list, Paquette said a committee would not be advisable at this time.

“I’m impressed with the diversity of accounts,” said vice chair Mary Jo LaFreniere. “I think you two are spot-on together.”

CPC wants guidance on Center School

Community Preservation Committee chair Ken Weismantel requested that the committee appear before the Select Board at its next meeting on Dec. 3 to discuss the potential to allocate Community Preservation Act funds for the rehabilitation of Center School.

He noted that the Dan McIntyre, the chair of the Permanent Building Committee, would be appearing along with CPC members to discuss the Center School building’s future. McIntyre has spoken previously about potentially rehabbing the building for use in a public/private partnership between the town and the Hopkinton Center for the Arts, which is looking to expand. In addition to the building hosting HCA programming, there could be a public meeting area as well as space for the Parks & Recreation Department and Youth & Family Services. McIntyre proposed that the façade of the 1928 structure be retained.

There is a CPC request under review for $600,000 to fund a feasibility study for the project. The CPC is meeting Thursday to continue its review of FY 26 funding requests.

“If CPC borrowing for the construction phase is not supported by the Select Board, which would be in a couple of years or a year or two,” said Weismantel, “then CPC would not support funding the architectural costs at this Annual Town Meeting. So we’re looking for your input on what we’re going to do with Center School.”

Herr asked Town Manager Elaine Lazarus to put this on the next agenda.

New employees approved

The board approved the recommendation by Hopkinton Police Department Chief Joseph Bennett presented for Lucille Creedon to be offered an HPD contract on her completion of police academy training. The Milford resident had been working as a police officer in South Burlington, Vermont, for about 16 months but wanted to work closer to home.

Lieutenant Scott van Raalten said that the department attempted to get Creedon’s certifications transferred from Vermont to Massachusetts. Because of a two-year minimum service requirement, Creedon must attend police academy training here. Van Raalten noted that Creedon was enthusiastic about attending the police academy for 22 weeks. She is slated to start training Dec. 9.

The board also confirmed Lazarus’s appointment of Len Kopec as a part-time van driver for the Senior Center.

Lazarus noted that there are vacancies for a full-time administrative assistant at the library and a full-time procurement and grants manager for the town. The board voted 3-0-1 to post these positions. Member Amy Ritterbusch abstained, saying that she believed voting on this was “micromanagement” because they are budgeted one-to-one replacements.

Applicants sought for water/sewer committee

Member Shahidul Mannan told the board that only one person has applied for the new Water and Sewer Advisory Committee. Because of the town’s pending projects, he encouraged people to become involved. He also suggested loosening requirements for applicants and allowing for representatives from stakeholder committees to join.

Ritterbusch agreed, saying that the momentum for the committee has languished for six months. The town is considering a connection to the Massachusetts Water Resources Authority and could use input from this committee.

Committee appointments, resignations approved

The board appointed Latha Kalpana, Jacquelyn Murphy and Dave Roberts to the Sustainable Green Committee. They will serve three-year terms expiring on June 30, 2027. The board also approved changing member Thomas Donahue’s term to the one-year youth term ending in June 2025 from his current three-year term as a full member. Board members complimented the candidates for their enthusiasm and willingness to serve.

The board also accepted the resignations of Gale Leone from the Council on Aging and Stacy Spies from the Historical Commission and the Hopkinton Historic District Commission, thanking them for their service.

Conservation restriction approved for Echo Trail

The board approved granting a conservation restriction to the Hopkinton Area Land Trust for Echo Trail as part of its consent agenda. The two parcels of land comprising 5.291 acres off Granite Street on which the trail is situated were purchased by the town in 2015 with Community Preservation Act funds.