Construction Outlook June 2014

A publication of the Utility Contractors’ Association of New England, Inc.

JUNE, 2014

UCANE’s 40th Annual Scholarship Awards Night

to

UCANE’s 2014 Scholarship Recipients

(L-R) Brady Greene, Fallon Greene, Lindsay Gioioso, Carolyn Schwartz , New England Patriots Defensive End Rob Ninkovich, Caitlyn Feeney, Patrick MacFee, Alyssa Cellucci, Steven Harrington, Abbey Kingston, Meghan Hartnett, Rita Peirce, and Elizabeth Gilbert. (Not present : Anthony Naslas.)

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W AT E R , W A S T E W AT E R & S T O R M W AT E R S O L U T I O N S

JUNE, 2014

IN THIS ISSUE

OFFICERS President AL MORTEO FED. CORP. President Elect TONY BORRELLI Celco Construction Corp.

Treasurer JOHN OUR Robert B. Our Co., Inc. Secretary PAUL SCENNA Albanese D&S, Inc.

BOARD OF DIRECTORS MARCELLA ALBANESE Albanese Bros., Inc. JEFF BARDELL Daniel O’Connell’s Sons, Inc. VINCENT BARLETTA Barletta Heavy Division NICK BIELLO J. D’Amico, Inc. KEVIN COLE J. F. White Contracting Co. STEVE COMOLETTI P. Caliacco Corp.

STEPHEN J. CONNOLLY ATS Equipment, Inc. MAUREEN DAGLE Dagle Electrical Const., Corp.

THOMAS DESCOTEAUX R. H. White Const. Co., Inc. ALEX DUNN Travelers JERRY GAGLIARDUCCI Gagliarducci Construction, Inc. MARCO GIOIOSO P. Gioioso & Sons, Inc. BILL IRWIN C.J.P. & Sons Const. Co., Inc. PHIL JASSET Honorary Board Member RICHARD PACELLA, JR. R. M. Pacella, Inc. BRIAN RAWSTON J. Cashman, Inc. KENNETH STEVENS A. H. Harris & Sons, Inc. DAVID ZOPPO R. Zoppo Corp.

KLAYMAN ANNE Executive Director

3 President’s Message:

On a Mission to Save the Cape: One Size May Not Fit All

5 Legislative Update: • Senate Passes Fiscal Year 2015 Budget • Springfield and Chicopee: Water and Sewer Rates Increase to Meet Infrastructure Needs • Patrick Administration Awards $1.7 Million for Clean Energy Projects at Municipal Water Facilities • Massachusetts Department of Revenue Sees Tax Collections Increase from Same Period Last Year • House Unveils Economic Development Legislation with Focus on Job Development

15 Proud to be a Part of Cleaner Water 17 Eastham Passes Town Water Plan 19 Summit Explores Cape Cod’s Economic Path Protecting the Region’s Water is a Guiding Force Going Forward

23 Water Measures Pass in Falmouth Election 25 UCANE Interview:

Senator Jason M. Lewis, (D-Winchester)

31 Save the Date...UCANE’s 60TH Gala Banquet 32 UCANE’s 40TH Annual Scholarship Awards Night 51 Financial Management: • The Risks of Riskless Investing • How Inherited Assets Differ From Gifts • Prime Points for Your Buy-Sell Editor: Anne Klayman, Associate Editor: Suzanne Savage, Graphic Designer: Sherri Klayman Construction Outlook Chairman: Al Morteo Editorial Board: Al Morteo, Tony Borrelli, John Our, and Paul Scenna CONSTRUCTION OUTLOOK published monthly by the Utility Contractors’ Association of New England, Inc., 300 Congress Street, Suite 101, Quincy, MA 02169; Tel: 617.471.9955; Fax: 617.471.8939; E-mail: aklayman@ucane.com; Website: www.ucane.com. Statements of fact and opinion are those of the authors alone and not necessarily those of UCANE and the Construction Outlook editorial board and staff.

Subscriptions are included in dues payments for UCANE members. Presorted Standard postage paid at Abington, MA. POSTMASTER, please send form #3579 to Construction Outlook, Crown Colony Office Park, 300 Congress Street, Suite 101, Quincy, MA 02169.

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On a Mission to Save the Cape: One Size May Not Fit All Cape Codders, including all residents from the Bourne Bridge to the tip of Provincetown, understand completely that their beloved Cape and tourist mecca is changing in many ways, including the increased number of year-round residents making the Cape their home and the struggle to keep the Cape rural and picturesque.

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hile tourism and the increased number of residents put a strain on the Cape’s water infrastructure, everyone that enjoys what the Cape has to offer realizes that tourism is the economic engine that keeps the Cape an affordable place to live, while allowing businesses to grow and offer good paying jobs. Cape tourism is also important to every Massachusetts resident because it represents a large part of the state’s tax revenue. So, it is a fact that what happens on the Cape is important to all of us. And it’s this precarious balance of interests that keeps Cape Codders on alert and active in their communities.

But over the years, a majority of Cape residents have questioned what life factors and environmental issues are most important to their vision of an idyllic way of life. One issue that is drawing much attention and debate is the need to keep all waterways, including inlets, rivers, marshes, and beaches, free of pollution as these are considered the essence of Cape life and are what attracts tourists to the Cape.

For many years Cape Codders have debated the extent of the problem and what to do about it. They have met locally and as members of the Cape Cod Commission, which was formed by various districts to study the problems and bring alternative water pollution control and treatment plans to the table. And while to some it may be taking longer than it should, many residents have taken the time to observe and learn about cleaning polluted waters from the history of the Boston Harbor cleanup project.

JUNE, 2014

I have confidence that Cape residents will tackle, and ultimately resolve, their water pollution problems as they are on a mission to save the Cape. Because each Cape district is so different in the character of their residents and the extent of the problem, finding a consensus is very challenging. However, it has become clear that a “one size fits all” single pollution control solution may not be possible. Many pollution control plans are on the table for discussion, including centralization and decentralization, and newer types of technology. Cape Codders will ultimately make the final decisions regarding what option is in their best interest.

The only bit of advice I’d like to offer to Cape Cod residents is to learn as much as possible from past experiences and to take a centralized approach whenever it is feasible. History has shown that it works, is efficient, and is cost effective. Using this approach, most of the major water pollution problems faced by Boston, Worcester, Springfield, and the surrounding towns are close to being resolved and it’s only a matter of a few years before they will also have the cleanest waterways in the country. Now it’s time for those people living on, and visiting the Cape, to enjoy the same benefits.

In this issue of our magazine, beginning on page 15 we have included articles regarding Cape Cod towns and their plans for the future. n

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Senate Passes Fiscal Year 2015 Budget

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n the last weeks of May, the Senate passed a $36.38 billion Fiscal Year 2015 budget proposal, which would increase state spending by over $1.8 billion. While the budget includes no new taxes, to balance the books, it does rely on $20 million in anticipated slot parlor revenues, $53 million from casino licensing fees, $250 million from one-time revenue solutions, and $140 million will be from the rainy day fund. Funding addressed various priorities, including substance abuse services and education, law enforcement and child welfare services, including substantial increases to funding for the Department of Children and Families. The Senate budget also includes the largest year-to-year increase of pension fund contributions in the last ten years in an effort to accelerate the timeline to fully fund the Commonwealth’s pension obligation in 2036.

After two full days of debate, during which the Senate charged through 948 amendments, several areas that are of particular interest to UCANE include: • Rate Relief. Although the House appropriated $1.1 million for the Rate Relief line-item (1231-1000), the Senate followed the Governor’s lead and cut the line-item altogether. Amendments to increase funding on the Senate budget were not adopted.

• WPAT Contract Assistance. The Senate matched both the House and the Governor’s recommendation of $63,143,440 for line-item 1599-0093. Last year, the final appropriation was a bit lower at $62,830,731.

• DEP Administration. The Senate adopted several amendments that added JUNE, 2014

earmarks and increased funding for 22000100, ultimately bringing the line-item to $28,861,667. The House fell about $200,000 short of that at $28,638,668.

• Safe Drinking Water Act. The Senate, House, and Governor all agree with a recommended appropriation of $1,504,682 for 2250-2000. This would result in an increase of over $14,000 to the line-item when compared to FY14.

• Watershed Management Program.

The Senate matched the House and Governor’s original recommendations for DCR’s watershed management program with a $1.02 million appropriation to line-item 2800-0101. The House, however, adopted several amendments to increase funding and divert such funds to earmarked programs. The House’s final appropriation to the line-item was $1,310,149.

• Stormwater Management. The Senate matched the House’s original recommended appropriation of $409,385 to 28000401, but later adopted an amendment to increase the funding by $100,000.

At this stage, a conference committee made up of Senators Brewer, Flanagan, and Ross, and Representatives Dempsey, Kulik, and DeMacedo has been appointed to negotiate the differences between the House and Senate budgets.

The conference committee report is expected to emerge late June in an effort to give the Governor ten days to review before signing prior to the end of FY14. continued on page 7

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Legislative Update continued from page 5

Springfield and Chicopee: Water and Sewer Rates Increase to Meet Infrastructure Needs

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he Springfield Water and Sewer Commission recently proposed a nearly 10 percent increase for water and sewer rates for the next fiscal year.

This increase is to help replace the old lines and continue implementing regulatory mandates. According to an interview published in the Springfield Republican, Ms. Joyce Mulvaney, Communications Manager Springfield Water and Sewer Commission, stated, “[a] lot of our infrastructure, some of the underground pipes, date back to the late 1800s in Springfield. I think it’s pretty well proven that it’s better to be proactive with this type of repair opposed to reactive. It’s more cost effective, it’s less of a disruption to people as well.” The proposed increase of 9.9 percent will add, on average, about $6.50 per month to customer bills. If approved, the rate increase will be applied beginning July 1.

A bit north of Springfield, the City of Chicopee voted to raise water rates from the current rate of $3 per every 100 cubic feet of water used to $3.60 per 100 cubic feet. As also reported by the Springfield Republican, water conservation efforts by residents and businesses, combined with an increase in infrastruc-

ture improvement projects, are causing water rates to increase by 20 percent. The minimum fee charged to residents will also increase from $10 to $20.

Sewer rates have been rapidly rising mostly because of a federal EPA mandate requiring the city to stop dumping raw sewage into the Connecticut and Chicopee Rivers. The City of Chicopee has already spent $120 million separating sewer pipes from storm drains.

The total project cost is expected to exceed $225 million. Since the work began, sewer rates and fees have increased dramatically and are to rise again to $5.40 per 100 cubic feet on July 1. Rates are $6.20 per 100 cubic feet of water above 1,000 cubic feet of usage.

There are 270 miles of water pipes in the City of Chicopee. Between 60-70 percent of the pipes are at least 50 years old while some are 100 years old or more. The Board of Water Commissioners also recently issued a bond for $3.3 million to replace water pipes in 14 to 15 streets in north Willimansett, where a sewer separation project is also happening. The largest upcoming project to install a new pipe that brings in all the water to the city will cost $9 million. continued on page 9

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Legislative Update continued from page 7

Patrick Administration Awards $1.7 Million for Clean Energy Projects at Municipal Water Facilities

T

obligation to purchase a sufficient percentage of rehe Massachusetts Executive Office of Ennewable energy. vironmental Affairs and Energy recently announced that it had awarded more than For a listing of municipalities receiving an award, $1.7 million to help fund 31 clean energy projects please visit: http://www.mass.gov/eea/pr-2014/water-facilities.html at drinking water and wastewater facilities across the Commonwealth. The projects aim to cut energy continued on page 11 costs and reduce emissions at municipal water facilities, the second largest consumer of municipal electricity.

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Legislative Update continued from page 9

Massachusetts Department of Revenue Sees Tax Collections Increase from Same Period Last Year

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he Massachusetts Department of Revenue (DOR) recently announced that the preliminary revenue collections for May totaled $1.624 billion, which is $109 million or 7.2 percent more than last May. Income tax payments with returns and extensions were below the same month last year continuing the trend of weakness in that area, reported in April, due to acceleration of capital gains realization in 2012 in anticipation of federal tax changes. Better than expected corporate and business collections, withholding and sales and use tax collections and estate tax payments combined to offset the shortfall in income tax payments with returns and extensions to end the month $62 million above the monthly benchmark.

According to a press release from the DOR, total year-to-date collections of $20.842 billion are $1.183 billion or 6 percent above that of a year ago and $183 million above the year-to-date revised benchmark.

Income tax payments with returns or extensions totaled $100 million, down $62 million or 38 percent from the same time last year and $51 million below the monthly benchmark. Income tax withholding totaled $804 mil-

lion for the month, 15 million ahead of benchmark.

With no quarterly payments due, May is generally not a significant month for corporate and business tax collections. Collections for the month totaled $62 million, up $12 million over last year and $18 million above the monthly benchmark, mostly attributable to one-time, judgment and settlement and related payments, a portion of which will be refunded in June.

Sales tax collections totaled $473 million for May, up $36 million or 8.2 percent from the same time last year and $11 million above benchmark for the month.

Year-to-date sales and use tax collections total $5.009 billion, up $299 million or 6.3 percent from the same period last year but $5 million below what was anticipated.

Estate tax collections totaled $103 million this month, up $82 million from the same period last year largely attributable to a one-time estate tax payment of more than $80 million. The unemployment insurance surcharge, a non-DOR tax category, was weaker than the same time last year and $10 million below benchmark due to a timing related shift of premiums into June.

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Legislative Update continued from page 11

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House Unveils Economic Development Legislation with Focus on Job Development

ouse Speaker Robert DeLeo unveiled a comprehensive economic development proposal aimed at creating more jobs in the high tech and manufacturing industries while supporting the growth of programs already focused on project development. Drafted by House Chairman Joe Wagner of the Joint Committee on Economic Development, the legislation is expected to be taken up in the month of June.

Among items included in the legislation were: • Transformative Development Fund.

The bill creates a Transformative Development Fund at MassDevelopment to enable equity investments and technical assistance to support transformative development in Gateway Cities. The bill appropriates $8 million to the fund.

• Working Cities. Building on the new program unveiled by the Federal Reserve Bank of Boston earlier this year, the bill appropriates $1.5 million to the Working Cities Challenge. The bill further requires a private match of at least $1-for-$1.

• Housing Development Incentive Program (HDIP). The bill expands HDIP, which currently provides developers in Gateway Cities with tax credits of up to 10 percent for market rate and mixed income housing units. The bill eliminates the 50-unit per development cap on the number of units permitted per development and increases the tax credits available from $5 million to $10 million for the next four years.

• Brownfields Redevelopment Fund.

Appropriates $10 million to encourage development by providing loans and grants for environmental site assessment and cleanup.

• Housing Preservation and Stabilization Trust Fund. Appropriates $5 million to the trust fund, which provides a flexible method for funding affordable housing for low-income families and individuals in the Commonwealth Among items that were not included in the leg-

JUNE, 2014

islation, but were included in the Governor’s economic development package were proposals to ban “non-compete” agreements and the reconfiguring of the state’s alcohol establishment licensing process.

The non-compete prohibition proposed by Governor Patrick met fierce resistance from many individuals and corporate entities throughout the Commonwealth. With respect to changing the process for licensing establishments selling alcohol by ceding greater local control, the filed matter leaves the current system intact whereby such decisions are controlled by the legislature.

It is unclear what the Governor’s reaction to the House’s economic development package will be should it reach his desk in this form. The Massachusetts Senate is expected to undertake its own economic development legislation shortly after the House. n

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By Wendy K. Northcross and Gary Sheehan ach year the Cape Cod Chamber of Commerce surveys its members on a broad range of economic issues facing the Cape's business community. Protection of the natural environment and the need for wastewater infrastructure have scored at the top of the survey for the past four years. The business community recognizes that our environment is our economy. We also recognize that unless we act to halt polluting our water and treat our wastewater, all of Cape Cod will suffer.

This year it is great to report to our members that the Cape has made great progress on these top two issues, largely through an imaginative and transparent planning process orchestrated by the Cape Cod Commission and sometimes simply referred to as the 208 Plan, a reference to Section 208 of the Clean Water Act, which addresses water quality management plans.

The Cape has become a national model for citizen involvement in wastewater planning and for creative alternatives to traditional treatment options. It is no accident that the process to build a bottomup, citizen-planned, watershed-based approach will likely save taxpayers billions of dollars. This planning process is the epitome of local control.

While the process to get to this point is exemplary, the real work is just beginning. The draft 208

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Plan will be unveiled the beginning of June. Planning is meaningless unless those plans and tools can be put into efficient operation. Public feedback, engagement and even healthy skepticism will help us ensure that the solutions chosen are the best solutions for all people and businesses across Cape Cod. The Cape Cod Chamber will be participating in the building, treatment and monitoring process moving forward. The 208 planning process was inclusive, democratic and efficient. We all need to continue to contribute and participate if we want to succeed in halting pollution and effectively treating our wastewater.

The Cape Cod Chamber of Commerce is proud to have played a small role in the 208 process. Our members are pleased with our proactive stand in protecting the natural environment that attracted most if not all of the people to this unique and special place we call home.

Wendy K. Northcross is chief executive officer of the Cape Cod Chamber of Commerce. Gary Sheehan, president of Cape Medical Supply, is the chamber's board chairman.

Article originally appeared on May 30, 2014 in The Cape Cod Times. Reprinted with permission. continued on page 17

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Cape Cod News continued from page 15

By Marilyn Miller ASTHAM — With no debate, town meeting Monday, May 5 voted 858-110 to approve Article 8, a $45.8 million backbone water system that will address the landfill problem where the wells of 40 residents have been contaminated by 1,4 dioxane and other volatile organic compounds.

The gymnasium erupted with applause, yelps, and cheers and a standing ovation when Moderator Dave Schropfer announced the victory.

After seven previous attempts to get a municipal water system or a partial system approved by town meeting, all of which failed to get the required twothirds vote needed for passage, Article 8 was the charm that broke the spell.

It took longer for John Knight, chairman of the board of selectmen, and Aimee Eckman, selectman, to explain the article than it did for voters to act on it.

After the explanation, Richard Ryder, citizen, called the question “in deference to the 1,100 people present.

Jamie Rivers made a motion to have a secret ballot, but the voters would have none of that, and the counters went row by row to tally the raised red ballots.

Schropfer asked voters not to make a “stampede to the doors” when he announced the vote, and Fire Chief Mark Foley told firefighters present to make sure the outside lights were on since there was going to be a “mass exodus” when the vote was announced.

That did not happen.

While water was not debated, and the operating and capital budgets passed with no debate, there was discussion on Article 17, for $700,000 to dredge Rock Harbor. John Knox of the finance committee urged voters to “consider carefully” what they voted, noting that this article called for three-quarters of a million dollars and will have to be done again in 10 years. It is a “perpetual debt cycle,” he said.

But Selectman Wally Adams said that this was a cost the town should pass for the benefit of visitors and townspeople. Voters will have to affirm their approval at the ballot box on May 20.

Article 18, concerning levying a rooms tax on rental properties, failed to pass. It was estimated, if it passed, it would bring in up to $800,000 in revenue to the town. Knox said “this article is one of those JUNE, 2014

articles to bring money back in. Everything else is money going out.”

Bill Opel said this article passed three years ago, but then, the past two years, voters “wisely rescinded it.” The anticipated revenue from it was “tremendously overstated,” he said, predicting at the most it would bring in $200,000 “which is peanuts.”

The planning board’s Article 21, the sign code, and Article 22, the North Eastham overlay district, both passed by the required two-thirds vote.

Some feared the overlay district would change Eastham’s rural character. “Do we want Eastham Route 6 to look like Route 28 in Yarmouth?” Opel said. This would “allow a great deal of commercial development.”

(To view this article in its entirety go to http:// ea st ham.w i c ke d l o c al.c o m / ar t i c l e / 2014 0 5 0 9 / NEWS/140506126) Article orignially appeared on May 9, 2014 from The Cape Codder. Reprinted with permission. continued on page 19

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Cape Cod News continued from page 17

By Patrick Cassidy ARWICH — Securing Cape Cod's future building heights and require that developers pay for new sewers. could require more tall buildings, a new system to pay for infrastructure, and an Developers would gladly pay for the infrastruceasier way for developers to understand ture if they were allowed to build what they wanted, what they're getting into, according to speakers at an he said. All that development, however, should be economic summit Monday May 12. limited to 5 percent of the Cape's land mass, he said.

Regional planners, business leaders and politiAnd that third automobile bridge many Cape cians pitched a plateful of sometimes eyebrow-raising business leaders and planners envision? Don't do it. ideas during the all-day Smarter Economy ConferInstead try to reduce the number of vehicles coming ence at Wequassett Resort and Golf Club. Outside, to the region, Carlson said. the summerlike day and picturesque view of Pleasant The conference was meant to get people talking Bay could have been a PowerPoint slide during one and to take the next step in developing the Cape's of the presentations. economy, Cape Cod Chamber of Commerce CEO Wendy Northcross said during a break.

The conference, which follows a series of similar continued on page 21 "smarter" summits organized by the Cape Cod Commission, Cape Cod Chamber of Commerce, other organizations and businesses, ran the gamut, including discussion of the need for more affordable housing, references to controversial local debates over wind energy, the siting of aquaculture, traffic congestion       and the commission's role in development.

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Cape Cod News continued from page 19 "We expect there to be pushback," said Northcross, who has spearheaded calls for the third automobile bridge. "You've got to throw these big ideas out there."

It's important to look at redevelopment opportunities on the Cape, she said, adding that the chamber would help get the word out about locations where there's consensus on development.

"We can really go to town marketing that," she said. But it's equally important to remember what draws visitors to the Cape, she said.

"The word water comes in over and over and over again," she said.

She suggested that a business-ready area close to the shore could differentiate the Cape from THE DRISCOLL DIFFERENCE: other locations.

Northcross and Cape Cod Commission Executive Director Paul Niedzwiecki noted that earlier summits focused primarily on ways to improve the technology infrastructure needed by businesses. With the broadband network known as OpenCape now in place, the next step is laying out specific locations where businesses can set up shop without damaging the environment, Niedzwiecki said.

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"The smarter part of this conference is about how are we going to grow," Niedzwiecki said. "It's not about allowing anything anywhere."

That might mean taller buildings but ensuring they are located where they don't affect views, where density already exists or where towns want them, Niedzwiecki said.

Article originally appeared on May 13, 2014 in The Cape Cod Times. Reprinted with permission.

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Cape Cod News continued from page 21

By Sean F. Driscoll ALMOUTH — Clean drinking water and a clean estuary are coming to town after voters resoundingly approved nearly $100 million of water and sewer projects in Tuesday's town elections.

With 54 percent and 65 percent of the vote, respectively, Question 1 and Question 2 on the ballot each passed, according to preliminary results. Question 1 was a Proposition 2½ debt exclusion to pay for $49.8 million in wastewater projects, the biggest of which is installing sewer lines in the Little Pond service area. Question 2 was a debt exclusion to raise $46.5 million for the design and construction of a water treatment system and filtration plant.

After years of planning and debate on the projects, Eric Turkington, chairman of the town's Water Quality Management Committee, said Tuesday night he was breathing a bit easier.

"A lot of work" is ahead, he said. "These are giant projects. But we got a commitment from the voters tonight, and we've got a commitment from the state to put them in place."

Little Pond is the town's most polluted estuary, suffering

from years of excess nitrogen and phosphorous runoff. Town meeting rejected a larger, $600 million sewer plan in 2009, which sent the water quality committee to look for a solution that would blend the minimum amount of sewer installation with other alternatives to improving area waterways, including the use of aquaculture and eco-toilets.

The town expects to qualify for a zero percent interest rate loan from the state's revolving loan fund for the projects. Betterments will be paid by property owners to cover 70 percent of the costs for the Little Pond sewers, and the cost to the town is not expected to raise the tax levy for either project because of older debts that are being retired.

(To view this article in its entirety go to ht tp : / / w w w.capecodonline.com / apps / pbc s.dll / article?AID=/20140521/NEWS/405210318) Article originally appeared on May 21, 2014 in The Cape Cod Times. Reprinted with permission. n

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Senator Jason M. Lewis (D-Winchester) Senator Lewis was born in South Africa and came to the United States with his family when he was 12 years old. The experience of growing up in South Africa while under the racist apartheid rule fueled him with a deep commitment to social and economic justice.

The Senator and his wife eventually settled in Winchester, where they send their daughters to the public schools. One day, when his older daughter was in kindergarten, she brought home a letter from her principal asking parents to volunteer their time at the schools since Winchester had to lay off their school librarians due to budget cuts. That got him and his wife much more involved. He began asking questions about cutbacks, reductions in art and music, and fees that were instituted for students participating in athletics. This led to him serving on Winchester’s Finance Committee, where he got a thorough education on how Chapter 70 worked, which led him to focus on fighting for adequate and equitable resources for our schools, a major priority of his in the Legislature. These are two major aspects of his background that inspired him to serve in public office.

Q:

As a former State Representative representing Stoneham and Winchester, you bring a valuable perspective on how cities and towns can best work with the legislature. Please share your thoughts as to how your role as State Representative differs from your tenure as a State Senator.

A:

Certainly, the district of a state senator is four times the size of a state representative district, so there’s much more ground to cover, which also offers for a greater diversity of issues and concerns.

Additionally, my old rep seat covered Winchester and Stoneham, two towns, while my senate district includes both Malden and Melrose, two cities (in addition to the towns of Reading and Wakefield). So the different forms of municipal government make for different dynamics.

But, despite the size of the district and the diversity of the issues, my priorities remain the same: offering outstanding constituent service, advocating passionately for my communities to receive more local aid from the state, and turning our shared values of stronger schools, safer communities, and great economic opportunity for all into legislative action.

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Q:

As you are aware, access to clean drinking water and proper management of wastewater is critical. In light of the Senate’s passage of water infrastructure this session, please discuss your thoughts relative to the importance of maintaining water and wastewater infrastructure.

A:

Keeping our water and wastewater infrastructure up-to-date is obviously of paramount importance for our overall public health. Further, the state has to be a proactive partner for cities and towns in this effort.

The Senate unanimously passed the water infrastructure bill back in February while I was still a member of the House, but I am indeed supportive. The water infrastructure bill contained numerous important incentives and reforms to accomplish this.

Measures like the authorization of low-interest financial assistance to local governments for water infrastructure projects will facilitate this critically important function of our municipal governments. Further, the attention paid in the legislation to identifying green infrastructure opportunities helps ensure that this is carried out in the most responsible and environmentally proactive way possible. continued on page 27

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Interview continued from page 25

Q:

Massachusetts, along with the rest of the country, continues to rebound from difficult economic times. Please give your thoughts on how the state will continue to address these difficult financial times and the importance of finding novel ways to drive local aid to cities and towns to help support basic municipal services, specifically maintenance and needed improvements to water infrastructure.

Q: A:

You have been a strong advocate for creating better efficiency in government. Can you share some of your efforts to improve the efficiency, effectiveness and quality of government?

A:

To keep faith with the voters who sent us to Beacon Hill, we have to use tax dollars very wisely and shrewdly, operating in the most efficient and effective way possible. To that end, one initiative that I successfully championed for inclusion in the Senate FY15 budget is the establishment of a Government Efficiencies Commission, which would identify opportunities to improve the efficiency, effectiveness, and quality of programs and services across state government. The Commission is modeled after a similar successful effort in Connecticut that resulted in $400 million in taxpayer dollars saved. The measure has passed the House of Representatives in earlier iterations, but was not included as part of the House FY15 budget; so, I’ll be doggedly advocating for its inclusion in the conference committee budget reconciliation.

The program encourages cities and towns across Massachusetts to routinely include complete street design elements in locally funded road projects. Complete, or active, streets are designed to allow for more trips to be taken through active transportation like walking and cycling. These expanded opportunities would allow and incentivize residents to be more physically active in their communities. Like other local option certification programs, such as Green Communities, municipalities that receive the Active Streets Certification would be eligible for additional Chapter 90 transportation infrastructure funding.

The Commonwealth Sewer Rate Relief Fund is an important program in the state budget.

These funds help to alleviate sewer rates for municipalities throughout the Commonwealth. This program was once funded at $61 million, but in recent years the appropriation has been cut down to $500,000.

Please discuss the importance of assisting communities by offsetting annual rate increases to water and sewer bills. continued on page 29

Especially when it comes to maintenance and infrastructure, we have to find new ways to innovate. Further, the state has to find new ways to incentivize municipal action and promote partnerships between the Commonwealth and our cities and towns. One example I would cite is my recently passed Active Streets Certification Program that was included as part of the recent transportation bond legislation signed by Governor Patrick.

Q:

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Interview continued from page 27

A:

Municipal budgets, like the state budget, are stretched thin as municipalities do their best to do more with less. Having served on my hometown of Winchester’s Finance Committee prior to my tenure in state government, I appreciate the frustration that municipal officials endure when appropriations like the Sewer Rate Relief Fund are diminished. The best way to alleviate the reduction in appropriations for specific assistance funds for our cities and towns is to increase the amount of unrestricted local aid we’re able to make available to communities. The Senate budget provides nearly $1 billion for unrestricted local aid, funds that cities and towns can use for any local priorities, obviously including water and sewer bills. This represents the third year in a row that unrestricted local aid has increased by at least $20 million, something that has not been accomplished in over 15 years.

Further, the biggest share of the local aid pie from the state to municipalities comes in the form of Chapter 70 education aid. The proposed FY15 budget includes $4.4 billion in Chapter 70 education aid from the state to cities and towns, which is an increase of about $100 million over last year’s figure. This represents a record level of investment in K-12 public education, and allows municipalities more flexibility in their municipal budgeting overall. n

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Saturday October 25, 2014 • Marriott Newton Hotel • Newton, MA

UCANE’s 40th Annual Scholarship Awards Night "My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style." ~ Maya Angelou

E

xcitement was in the air on May 21, 2014 at UCANE’s 40th Annual Scholarship Awards night at the Four Points by Sheraton Hotel in Norwood, MA as our Scholarship Recipients, all poised, mature, intelligent young men and women were ready to pursue their stated goals in life.

Each of our recipients has shown through their academic awards, and extra curricular activities, both in school and in their communities, that they don’t just “watch things happen.” On the contrary, they “want to make things happen.” They epitomize Maya Angelou’s quote, "My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style."

UCANE President Al Morteo opened the evening’s program by stating how proud our Association was to be awarding these scholarships. He said, “For all of the recipients, this is your recognition for many years of working hard at being the best that you can be. You were chosen from 50 extremely talented applicants, and you have much to be proud of”.

Al then introduced Executive Director Anne Klayman who took the opportunity to thank those members who so generously donated to our Scholarship

32

Auction, which raises the funds to support our Scholarship Program. She also mentioned that each year UCANE usually awards twelve scholarships, but this year because there was a tie for twelfth place, thirteen scholarships would be awarded. And of the thirteen scholarships, ten were memorial scholarships; one was an honorary scholarship; and one was in memory of the Boston Marathon victims.

Anne went on to say, “To make this evening especially memorable, thanks to the generosity of Todd McDonald and Broadstone Advisors, LLC, we are very fortunate to have as our guest speaker New England Patriots Defensive End, Rob Ninkovich.” Providing some background into Rob’s career, she continued, “In 2009 Rob was signed as a free agent by the New England Patriots, where he played the defensive end position in a career-high fifteen games, while also setting a personal best in tackles, passes, defense, and special team tackles. In his next four seasons with the Pats, he played in all sixteen regular season games. He had 42 solo tackles and eight sacks for the 2013 season.”

Rob was drafted to the New Orleans Saints in the 2006 NFL draft. In the first game following Hurricane Katrina, he tore all the ligaments in his right knee ex-

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JUNE, 2014

cept his ACL. He spent nine months rehabbing and then hurt his left knee and was cut by the Saints. In 2009 he got a call from Bill Belichick who said, “We have an open roster shot at the camp. Come see if you can make the team.” He went up against all-pro Matt Light and beat him three times in a row…needless to say he made the team.

Rob addressed the students with some advice and examples of his life experiences saying that he is a firm believer in putting all your eggs in one basket.

He wanted to play football more than anything else and he gave it his all. He was smaller than most of the defensive players so he had to work harder and he knew that no one would work harder than he would.

School was a challenge for him, and he received no offers out of high school, so he attended a junior college and when he graduated he knew he wanted to play for Purdue University. He was persistent; he would call Purdue’s football coach three times a day and finally the coach said, “Send me a tape” and after viewing it they made him an offer.

Rob said that one day he did the thing you are told never to do, which is Google yourself. Someone called him a “JAG” (just another guy). He said he made sure he would never be “just another guy. “ Rob said, “Don’t let anyone ever tell you that you can’t do whatever you want to do. Even if it doesn’t happen just as you want it to, that is the way it is meant to be. Competition brings out the best in everyone.” continued on page 35

JUNE, 2014

New England Patriots Defensive End Rob Ninkovich, Tom Descoteaux, and Steve Connolly

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Scholarship Awards Night continued from page 33 Following Rob’s talk Anne began the formal Scholarship Awards presentation by explaining that our applicants are judged in a number of areas, not just their academics. They include class standing, scholastic honors, SAT and achievement test scores, their extracurricular activities both in and outside of school, community and volunteer service, the maturity and presentation of their essay, and their career objective. Each applicant is reviewed and graded by a committee of educators who are not affiliated with UCANE. The evening continued with the introduction of

each recipient and their impressive resumes. Enthusiastic applause could be heard as each student stepped up to the podium to meet Rob, and accept his/her Scholarship Award. Anne concluded the evening by congratulating the thirteen outstanding scholarship recipients. She stated, “I know I speak for the entire UCANE membership when I say how proud we are to be able to recognize these students accomplishments, and to assist them in reaching their goals.” She then thanked Rob Ninkovich for taking the time out of his busy and hectic schedule to make this evening such a memorable event for our scholarship recipients, their families, and our members. n

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Alyssa A. Cellucci

A

Tony & Anthony Umbro Memorial Scholarship

lyssa is the daughter of Diane and Paul Cellucci. Paul works for Eastern Insurance Group, LLC of Natick, MA. Alyssa attended Milford High School where she maintained an all A average in mostly honors and advanced placement classes. She was a member of the National Honor Society in her junior and senior years.

Alyssa was captain of her varsity basketball and volleyball teams and in 2010 she received the basketball coach’s award. She was a peer mediation officer and is employed by the Milford High School Athletic Department. She did volunteer work through the National Honor Society, tutors through Homework Haven, is a counselor at the community volleyball camp, and she organized the Milford High School toy/coat drive. Alyssa also took part in “Relay for Life” and “Volley for Molly,” an ovarian cancer benefit volleyball game.

In her recommendation Alyssa’s National Honor Society advisor wrote, “I have the privilege of working with some of the brightest, most dedicated, and hardest working students at Milford High. Standing out in this group is no easy task, yet Alyssa has done just that…to put it quite simply, Alyssa makes this school a better place...She is one of the most mature and poised young ladies I have had the privilege of working with.”

Alyssa will attend Bryant University where she will major in Psychology and minor in Business and possibly Human Resource Management.

Paul and Joe Umbro presented the Tony and Anthony Umbro Memorial Scholarship to Alyssa.

Caitlyn M. Feeney Frank McCourt Memorial Scholarship

C

aitlyn is the daughter of Mary and Greg Feeney. Greg and his brothers own Feeney Brothers Excavation, LLC of Dorchester, MA. Caitlyn attended Canton High School where she excelled in all honors and advanced placement courses. In addition to taking a demanding course of study, Caitlyn’s interests revolve around sports, her church, and community service. She was a three-season varsity athlete and captain of the hockey and lacrosse teams.

Community service is very important to Caitlyn.

For the past three years she was elected head of three community service committees through the CYO program at St. Gerard Majella Parish. She also participated in Christmas in the City, Kids Camp, CYO, Operation Lazarus, Teen Mass, Sojourner House, Ski Trips, and Outreach. She took part in two trips to Olive Hill, KY to help build two homes, repair roofs, chimneys, and construct wheelchair ramps for families in need.

Her english department chair wrote, “Caitlyn is the kind of student that every teacher wants to have in a class...She is a true learner and will thrive in college and beyond.”

Caitlyn will attend Boston College where she will study biology and chemistry and pursue a career as an orthodontist.

Ryan McCourt presented Caitlyn with the Frank McCourt Memorial Scholarship in memory of his grandfather.

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Elizabeth C. Gilbert

E

Robert DeSanctis Memorial Scholarship

lizabeth is the daughter of Nancy and Michael Gilbert. Michael works for DeSanctis Insurance Agency, Inc. of Woburn, MA, so UCANE felt it only fitting to present this scholarship to her. She attended Wellesley High School where she maintained honor roll status while taking mostly honors and advanced placement classes. Elizabeth’s activities included playing varsity basketball and soccer as well as dedicating countless hours to rowing.

Her guidance counselor wrote, “Intelligent, motivated, and one who thrives on competition…it is hard to know where to begin when writing about Elizabeth.

There is no question she is a high achiever. However, at the same time she is always calm, poised, and attentive to the needs of her friends and family. Throughout high school, Elizabeth has enrolled in one of the most demanding programs available. She has taken almost all honors level courses and increased the rigor of her program with the addition of French, a sixth academic major…Though she makes it look easy, Elizabeth’s success comes not only from her natural intelligence, but also from tremendous dedication, focus, and organizational skills.”

Elizabeth will attend the University of Notre Dame where she will major in Civil/Environmental Engineering and minor in Arabic.

Adam DeSanctis presented Elizabeth with the Robert DeSanctis Memorial Scholarship in memory of his father.

Lindsay K. Gioioso Steve Barlow Memorial Scholarship

L

(Established by J. F. White Contracting Co.)

indsay is the daughter of Mary-Ellen and Gino Gioioso. Gino works for his family’s business, P. Gioioso & Sons, Inc. of Hyde Park, MA. Lindsay attended Ursuline Academy, in Dedham, MA, where she maintained honor roll status throughout high school. Her extracurricular activities included being captain of the varsity field hockey, lacrosse, and ice hockey teams. She was the editor of her school’s yearbook, head of the Students Offer Service club, and a peer minister. She received the Award of Excellence in Sportsmanship for field hockey, the Massachusetts Interscholastic Athletic Association Award, and the Boston Bruins Sportsmanship Award for the most improved player. Outside of school she volunteered at Beth Israel Deaconess Hospital and served as a counselor at Vacation Bible School.

Her biology teacher wrote, “Lindsay was a student in my advanced placement biology class last year and this year enrolled in my honors anatomy and physiology class...I have come to know her as a dedicated, hardworking, trustworthy, and well-rounded student and skilled athlete. Both last year and this year Lindsay stood out as a leader in lab investigation. Lindsay is a confident and friendly young lady who sets goals for herself and works diligently to achieve them. The quiet enthusiasm she possesses makes her a great team member and leader in the classroom as well as on the athletic fields.”

Lindsay will attend Loyola University in Maryland where she will major in Biology. Her goal is to attend medical school and become a general surgeon.

UCANE Executive Director Anne Klayman presented the Steven Barlow Memorial Scholarship to Lindsay. Frank Gioioso of P. Gioioso & Sons, Inc. presented her with an additional $2,500 scholarship on behalf of the company.

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Brady D. Greene

Scholarship in Honor of Phil Bonnano

B

(Established by J. F. White Contracting Co.)

rady is the son of Pamela and Daniel Greene. Dan works for Chapman Waterproofing Co., Inc. of Boston, MA. Brady attended Smithfield High School in Smithfield, RI where he was ranked first in a class of 205 students. He maintained an A average in exclusively honors and advanced placement classes.

In addition to being an excellent student, Brady is a member of the National Honor Society, the English National Honor Society, the Spanish National Honor Society, and was the highest scoring participant in his school’s Math League. His extracurricular activities included being a star athlete on his school’s swim team, outdoor track and field team, cross country team, and triathlon. Outside of school he has been a very involved member of his community and various organizations, having contributed over 260 hours of community service to date, which earned him the distinction of the President’s Volunteer Service Award. In his spare time, he enjoys learning various languages and has traveled to both Spain and China.

He has also played the piano for seven years.

As you can well imagine, Brady received glowing recommendations from his guidance counselor, the chair of the math department, and his chemistry teacher.

Brady will attend Northeastern University where he will major in Chemistry and minor in Spanish and Political Science. His goal is to pursue a career in Nuclear Policy to help formulate and develop various nuclear policies throughout the world.

UCANE Executive Director Anne Klayman presented this scholarship to Brady in Honor of Phil Bonnano.

Fallon S. Greene

F

Robert B. Our, Sr. Memorial Scholarship

allon is the daughter of Pamela and Daniel Greene. Dan works for Chapman Waterproofing Co., Inc. of Boston, MA. Fallon attended Smithfield High School in Smithfield, RI. She maintained honor roll status with an A average throughout high school in mostly advanced placement and honors classes. She was a member of the Spanish National Honor Society. In addition to being an excellent student, Fallon served as captain of her soccer team, which won Rhode Island High School’s Division 1 State Championship last year. In 2012 Fallon was named Premier Soccer’s Top Player to Watch, and last year she was named MVP. Fallon was also captain of her basketball and lacrosse teams. Outside of school she helped coach recreation teams, as well as refereeing for the town’s soccer and basketball leagues.

When Fallon was asked, “What person has influenced your growth as a young adult and why?” She wrote, “My twin brother has not only been my best friend, but has helped me along the path to finding myself. Every obstacle that I have faced throughout my life, he has been right by my side. We have grown together and without him the achievements and goals that I have reached and set, would be nothing. He gives me motivation to be the best I can be at anything I do.” Her math department chair wrote, “Fallon’s commitment to hard work, her dedication to learning, and to make herself the best possible student athlete makes her the most well rounded senior girl at Smithfield High School.”

Fallon will attend the University of New Hampshire where she will major in Kinesiology, which is an exercise science, and she will minor in Spanish. Her plan is to earn a doctorate degree in Physical Therapy and to work with individuals who cannot afford health care.

John Our presented Fallon with the Robert B. Our, Sr. Memorial Scholarship in memory of his father.

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Steven K. Harrington Les Marino Memorial Scholarship

S

teven is the son of Megan and Steve Harrington. Steve works for LM Heavy Civil Construction, LLC of Quincy, MA. Steven attended Westwood High School where he excelled in mostly honors classes. He was team captain for Westwood High’s first Robotics Team. Outside of school Steven is active in the Boy Scouts where he achieved the rank of Eagle Scout in 2013. He also served as Troop Guide and Senior Patrol Leader, the highest office in the troop.

His math, science, and engineering teacher wrote, “I’ve had the pleasure of working with Steven throughout his high school years at Westwood, starting with physical science as a freshman, honors computer science last year, and now honors engineering. In addition, he has been a key member of the Westwood First Robotics team that I mentored for all four years. Steven excels at building things and making them work…

If I were starting and managing a high-tech engineering company, Steven would be high on my list of engineers to hire, even before he goes on to learn more and develop his skills in college.”

Steven will attend Drexel University where he will major in Civil Engineering and minor in Business. He hopes to pursue a career in mechanical engineering or robotics.

Max Marino and presented the Les Marino Memorial Scholarship to Steven.

Meghan R. Hartnett Herman Snyder Memorial Scholarship

M

eghan is the daughter of Christine and Daniel Hartnett. Dan works for P. A. Landers, Inc. in Hanover, MA. Meghan attended Canton High School where she maintained high honor roll status in mostly honors and advanced placement classes. She is a member of the National Honor Society, and the Spanish National Honor Society. Her extracurricular activities at school included junior varsity and varsity volleyball, tennis, and swimming, and she served as secretary of SADD. Outside of school, Meghan took part in the Making Strides Breast Cancer Walk, Halloween for the Hungry, Friends on Fridays, Christmas in the City, volunteered at the Mass. Hospital School, and as a gymnastics instructor.

Her career center counselor wrote, “As a teacher and coordinator of the career center and community service department at Canton High School, I have had the privilege of getting to know Meghan over the last four years...I have come to realize that she is a very special student, who has given much of herself to others...In my role as teacher, counselor, community service coordinator, and coach I have met thousands of students. I can honestly say, without hesitation, that Meghan is one of the most respected and kind students I have ever met. Her dedication and desire to live life ‘the right way’ and by making good decisions has been an inspiration to her peers, teachers, and me.”

Meghan will attend Bridgewater State University, where she will major in Education and minor in English. She hopes to teach English at the secondary level.

Richard Wayne presented the Herman Snyder Memorial Scholarship to Meghan.

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Abbey M. K ingston

A

Arnold Belli Memorial Scholarship

bbey is the daughter of Bernadette and Mark Kingston. Mark works for Eastern Insurance Group, LLC of Natick, MA. Abbey attended Norwell High School where she maintained high honor roll status in mostly honors and advanced placement classes. She was inducted into the National Honor Society, and received Magna Cum Laude on the National Latin Exam. Her extracurricular activities at school included playing softball and winter track; she also is a member of the band and mock trial. Outside of school Abbey was a youth representative for the Church Hill United Methodist Church Council, and has served lunch at Father Bill’s and Mainspring House for homeless families.

When Abbey was asked, “What person influenced your growth as a young adult and why?” She wrote, “My little sister is an amazing person. In seventh grade she was diagnosed with a cancerous tumor on her adrenal gland. After surgery and months in the hospital, she is still cancer free to this day. Throughout this whole process, her optimism moved me so much. She taught me to face whatever life throws at me with confidence and optimism.”

Her science curriculum coordinator wrote, “Abbey worked extremely hard and showed an incredible amount of academic growth in my AP biology class...She has challenged herself with the most rigorous courses, taking various AP and honors classes, and she has been a consistently high performer in these classes.”

Abbey will attend UMass Amherst where she will major in Animal Sciences, with the ultimate goal of becoming a veterinarian.

Cindy Sementelli presented the Arnold Belli Memorial Scholarship in memory of her father to Abbey.

Patrick B. M acFee

P

Joseph D’Amico Memorial Scholarship

atrick is the son of Catherine and Brian MacFee who own and operate Systems Support Corp. of Marshfield, MA. Patrick attended Marshfield High School where he is ranked third in a class of 329 students. He was an excellent student who graduated with an A and A+ average, and is a member of the National Honor Society. His extracurricular activities at and outside of school included being a member of his high school’s basketball team for four years, a member of the student council, and a drummer in numerous local bands.

His guidance counselor wrote, “I have known Patrick for three years...During that time he has stood out from his peers with regard to his intellectual curiosity, drive, and energy...He is a gifted scholar, a serious student with a wide range of talents...As impressive as his academic accomplishments are, I find it even more astonishing that he is so successful given the amount of demands he has placed on his time. I attribute his success to the fact that he comes from a family that highly values education.”

Patrick will attend the UMass Amherst Commonwealth Honors College where only the top 4.27 percent of students are accepted. He will pursue a degree in Mechanical Engineering.

Mike Lenihan presented the Joseph D’Amico Memorial Scholarship to Patrick.

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Anthony D. Naslas

A

UCANE Scholarship

nthony is the son of Nancy and George Naslas. George works for Weston & Sampson Engineers, Inc. of Peabody, MA. Anthony attended Melrose High School where he maintained honor roll status in all advanced placement and honors classes. He is a member of the National Honor Society, and in his senior year Anthony received the John and Abigail Adams Scholarship Award. His extracurricular activities at and outside of school included being a member of the Calculus Club, the German Club, the Jazz Band, the Melrose Marching Band, and the Melrose Youth Orchestra.

His guidance counselor wrote, “I describe Anthony as an intelligent and talented young man who is committed to his academics, our high school, and the community. Academically his record is outstanding. He has consistently elected some of the most demanding courses that our school’s curriculum has to offer. It takes a particularly organized and efficient student to manage a schedule of two honors and five advanced placement courses and the demands that come with it. In addition to academic achievements, Anthony exhibits the same level of commitment to his extracurricular activities...

First and foremost, he is a very gifted musician...He plays bass and is a staple member of our orchestra and marching band...He is also a member of an elite group of musicians who volunteer for the Melrose Symphony Orchestra.”

Anthony will attend Rensselaer Polytechnic Institute where he will major in Physics and minor in Astronomy and Music. His career objective is to be an astrophysicist.

Anthony was unable to attend our Scholarship Awards ceremony because he was the featured soloist in his high school orchestra concert.

R ita F. Peirce

R

William Zoppo Memorial Scholarship

ita is the daughter of Nancy Federspiel and Sam Peirce. Sam is the owner of H. R. Prescott & Sons, Inc. of West Boylston, MA. Rita attended Nashoba Regional High School in Bolton, MA, where she excelled in all honors and advanced placement classes. In addition, Rita was captain of her varsity volleyball team, and co-chair of her varsity basketball team. She was a District All-Star for volleyball and won the sportsmanship award in her junior year.

Her guidance counselor wrote, “Rita is one of the rare students whose very name on a teachers roster generates a warm and knowing smile because she consistently brings an air of loveliness and an element of grace into every classroom, and those classrooms have all held the most talented students engaged in the most demanding curriculum.

In contrast to students who have kept their eye firmly planted on their GPA and class standing, Rita did what was right for her personal learning experience...She immersed herself into our incredibly demanding ‘most rigorous’ curriculum. In fact, only 12 students in this uber-competitive graduating class have taken at least as many honors and AP courses as she has...Her instincts were right and a look at her transcript reveals grades that reflect solid accomplishment and mastery of the material.”

Rita will attend Connecticut College where she will major in Psychology and minor in Studio Arts. She hopes to go further and earn a masters degree in Psychology and become a therapist.

David Zoppo and his daughter Victoria presented Rita with the William Zoppo Memorial Scholarship.

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Carolyn A. Schwartz

Scholarship in Memory of the Boston Marathon Victims

C

arolyn is the daughter of Eileen and Neil Schwartz. Neil works for WES Construction Corp. of Halifax, MA. Carolyn attended North Quincy High School where she was ranked ninth in a class of 275 students. She excelled in all honors and advanced placement classes. Her extracurricular activities at school included, being captain of her varsity volleyball team and her selection as an All-State All-Star, and an All-Scholastic recipient for volleyball. She was also captain of Quincy’s varsity sailing team, varsity swim captain, a member of the calculus team, a certified peer mediator, and vice president of Caring Hearts. Outside of school she volunteered as a sailing instructor and an interfaith social services food pantry volunteer.

The science department chair wrote, “I have been teaching science in the city of Quincy for 26 years. I have known Carolyn for two years. She was in my advanced placement chemistry class as a junior...She is a dedicated young lady that truly wants to succeed. She has a certain built in drive that allow her to complete any task given and to do it well. She has succeeded basically in everything she has undertaken...This success breeds confidence, and confidence along with education, are the requirements needed for success in a science setting. Academically she is a powerful student but she is also a very sweet and considerate young lady.”

Carolyn will attend Cornell University where she will pursue a degree in Chemical Engineering.

UCANE’s Executive Director Anne Klayman presented Carolyn with this scholarship in memory of the Boston Marathon Victims.

to

UCANE’s 2014 Scholarship Recipients

(L-R) Brady Greene, Fallon Greene, Lindsay Gioioso, Carolyn Schwartz , New England Patriots Defensive End Rob Ninkovich, Caitlyn Feeney, Patrick MacFee, Alyssa Cellucci, Steven Harrington, Abbey Kingston, Meghan Hartnett, Rita Peirce, and Elizabeth Gilbert. (Not present : Anthony Naslas.)

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John E. Merchant, CPA

Cullen, Murphy & Co., P.C.

IN THIS ISSUE: • The Risks of Riskless Investing • How Inherited Assets Differ From Gifts • Prime Points for Your Buy-Sell

A

Smart Tax, Business & Planning Ideas f

The Investing Risks of Riskless Invest The Risks of Riskless

fter experiencing volatility in stocks and real estate during this century, some people are reluctant to take risks with their money. However, when you avoid risk, you also reduce your chance of enjoying portfolio growth.

U.S. Treasury bills are considered a nearly risk-free investment. If you put money into bills maturing in 30 days, you’ll get a return of your capital then, plus a market interest rate. Ibbotson Associates, a Morningstar subsidiary, recently reported that $1 invested in Treasury bills at the end of 1925 would have grown to more than $20 at the end of 2013, assuming continual reinvestment of interest income. That’s impressive, and it would have kept this hypothetical investor ahead of inflation: you need $13 today to buy the current equivalent of what a dollar bought in 1925.

However, these Ibbotson numbers don’t take transaction costs or income taxes into effect. Over such a long term, the taxes from continual investments in Treasury bills would have depressed net returns to around, or even below, the inflation rate.

JUNE, 2014

have grown to mo of 2013, assuming of interest income and it would have investor ahead of today to buy the c what a dollar bou However, these don’t take transac taxes into effect. O the taxes from con Treasury bills wou returns to around inflation rate.

Better choice

In hindsight, othe have produced mu Better Choices Intermediate-term In hindsight, other investments would have (with pro- maturities a volatility in stocks riskless, but they a duced After muchexperiencing higher returns.

Intermediate-term Treasury bonds (with maturities around fivesome years) aren’t and real estate during this century, Under the same a riskless, but they are relatively low risk.

Under the people are reluctant to take risks with interest, no taxes same assumptions (reinvested interest, no taxes or dollar investe their money. However, when you avoid that transaction costs), that dollar of have grown risk, you also reduce yourinvested chance ofat the end would 1925 would have grown to $93 at the end of 2013. enjoying portfolio growth. of 2013. There we There were few yearly losses and those losses tendU.S. Treasury bills are considered a and those losses t ed to be modest (Ibbotson puts the steepest calendar nearly risk-free investment.

If you put (Ibbotson puts th year loss at -2.3% in 2009). money into bills maturing in 30 days, loss at -2.3% in 20 Concurrently, $1 invested in large company you’ll get a return of your capital then, Concurrently, $ U.S. stocks would have grown to more than $4,600! plus a market interest rate. Ibbotson company U.S. sto continued on page 53 Associates, a Morningstar subsidiary, to more than $4,6 recently reported that $1 invested in occurred during t Treasury bills at the end of 1925 would such as the 37% d “BUY FROM THE ADVERTISERS IN CONSTRUCTION OUTLOOK” 51

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Financial Management continued from page 51 Some steep losses occurred during those 88 years, however, such as the 37% decline in 2008.

Long-Term Lessons All of the stock and bond categories tracked by Ibbotson have handily outperformed Treasury bills— and beaten inflation—over the time period being reviewed. That doesn’t mean you should avoid riskless, cash-like holdings altogether, but it does mean that taking some risks can pay off over many years. Considering today’s negligible yields on low-risk vehicles,

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such as T-bills and money market funds and bank accounts, you’ll need to take some investment risks today to get any meaningful return.

For the highest long-term return, you might consider a 100% allocation to stocks, combined with ongoing outlays in this asset class. However, few people have the temperament to buy stocks, hold them, and keep investing even in bleak times. Therefore, many professionals advocate holding a mix of investments that aren’t linked to each other so that some may rise while others fall.

Example: Ibbotson shows the long-term results from various hypothetical portfolios. A 50-50 allocation, stocks to bonds, would have produced about 80% of the return of stocks with only 50% of the volatility that an all-stock portfolio would have generated.

By working with a financial advisor, you may be able to develop a diversified asset allocation with an acceptable mix of risk and potential reward.

Beyond diversification, the Ibbotson results reinforce basic points about managing your money. Reinvesting interest and dividends will help you maximize your compounded returns. Similarly, making an effort to minimize taxes and transaction costs will pay off over an extended time period. continued on page 55

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Financial Management continued from page 53

W

How Inherited Assets Differ From Gifts

hen someone gives you cash or other valuable assets, do you owe income tax? No. The same is true if you receive an inheritance. The giver may owe gift tax and the decedent’s estate may owe estate tax but you, as the recipient, won’t owe income tax.

The situation will change, however, if you receive a noncash asset as a gift or inheritance and subsequently sell that asset. You’ll incur tax consequences, which will depend on your so-called “basis” in the asset. In this context, your basis can be considered your cost for tax purposes.

Carryover Basis When you receive an appreciated asset as a gift, you also receive the giver’s basis in that gift. In tax parlance, the former owner’s basis “carries over” to you.

Example 1: Mike Owens invested $10,000 in ABC Corp. stock many years ago. Mike always receives the dividends from ABC, rather than reinvesting them. When the shares are worth $19,000, Mike gives those shares to his niece Pam. In this scenario, Pam retains Mike’s $10,000 basis in the shares. If she sells the shares for $22,000, Pam will owe tax on a $12,000 gain, because of the carryover basis, rather than owing tax on the $3,000 gain since the gift.

For gifts of appreciated assets, the donor’s holding period also carries over. Here, Pam will have a favorably taxed long-term gain because Mike held the shares for many years. In another situation, where Pam’s sale takes place one year or less since Mike’s purchase, her $12,000 gain would be taxed at higher ordinary income rates. (The carryover basis rules on gifts of depreciated property are more complex.)

taxable gain on a subsequent sale for $200,000, a $10,000 gain on a sale for $210,000, and a $5,000 capital loss on a sale for $195,000. Depreciated assets are stepped down: if Rebecca had bought the shares for $200,000, but they were worth $90,000 when she died, Tom’s basis would be $90,000.

After an inheritance, sales generally are taxed as a long-term gain or loss, regardless of the heir’s or the decedent’s holding period.

In some cases, special rules apply to the basis of inherited assets. For property held jointly with right of survivorship ( JTWROS), the survivor generally gets a basis step up for half of the asset value.

Example 3: Victor and Wendy Young hold shares of DEF Corp. in a brokerage account. The account is titled as JTWROS, so the surviving co-owner will be the sole owner. Victor dies first, when the couple’s basis in the shares is $60,000 and the current value is $88,000.

Going forward, Wendy owns those DEF shares. continued on page 57

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Stepped-Up Basis Different rules apply to inherited assets. Here, the heir’s basis typically is the asset’s value on the date of death.

Example 2: Rebecca Smith dies and leaves $200,000 worth of XYZ Corp. shares to her nephew Tom. Even if Rebecca’s basis in the shares was only, say, $90,000, Tom’s basis in the shares is $200,000, their value when Rebecca died. Tom will have no

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Financial Management continued from page 55 Her basis is stepped up to $74,000: $30,000 for her half of the previous $60,000 basis plus $44,000 for Victor’s half of the current $88,000 value, which is stepped up at his death. If Wendy sells the DEF shares a week later for $89,000, she will have a

Trusted Advice Second Look • The basis of inherited assets may be affected by the so-called “alternative valuation date.”

• An estate’s executor can choose to have all the estate assets valued as of six months after death, rather than the date of death, if that will reduce estate tax or the generation-skipping transfer tax.

• In that case, the valuation six months after death will be the basis of all inherited assets, on future sales by the heirs.

$15,000 long-term capital gain, considering the basis increase to $74,000 at Victor’s death. (Different rules may apply to property held by married couples living in community property states.)

Basis Backup As you can see, documenting your basis in gifted or inherited assets is vital. When you get a gift, find out the giver’s basis in that asset; after an inheritance, document the date of death value (or the value on the alternative valuation date, as explained in the “Second Look” Trusted Advice column herein).

Putting a value on listed securities or other assets held in an investment account may be relatively easy. Such information should be available online or from the financial firm holding the assets. If you receive a gift of stock from Uncle Joe, who dimly recalls buying the shares “in the 1980s,” make every effort to find a number that can be justified by hard evidence.

Illiquid assets present more of a challenge. Again, try to get a valuation you can support for the basis of assets you receive as a gift. For inherited assets, hire a reputable professional as soon as possible to appraise assets, such as real estate, collectibles and shares of a closely held company. continued on page 58

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basis in gifted or inherited assets Financial Management continued from page 57

B

PrimeBuy-Sell Points for Your Bu Prime Points for Your

usinesses with more than one substantial co-owner should have a buysell agreement. This agreement can help all parties when the inevitable happens, and one of the owners no longer can or will participate in the company as they had been. For the best result, your buy-sell should include a plan for what will happen when the following so-called “trigger events” occur.

Owner’s Death

Assume a company is owned equally by Lynn Jones and Greg Harris. They both work full time, contributing to the company’s growth, until Greg dies unexpectedly.

A buy-sell can set the stage for Lynn to buy the company shares that Greg’s wife will inherit. A predetermined formula can set the buyout price, which Lynn will pay, and some life insurance can provide the funds she’ll need. Alternatively, the company

participate i had been. Fo buy-sell sho what will ha so-called “tr

Owner’s d

Assume a co

by Lynn Jon might receive the insurance proceeds Businesses with more than one and buy inboth work f Greg’s shares, leaving Lynn as the sole owner. substantial co-owner should the compan Dealing with Disability have a buy-sell agreement. This unexpectedl In another scenario, Lynn suffers a serious illness agreement can help all parties when A buy-se and cannot work. The buy-sell can spell out how disthe inevitable happens, and one of Lynn to buy ability will be determined, whether Lynn will receive the owners nosuch longer can orwillwill that Greg’s w a salary, how long a salary continue, and how an ultimate buyout will be structured. Disability insurance may help to provide the necessary funds. continued on page 59

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Financial Management continued from page 58 Defending Against Divorce Considering the U.S. divorce rate and the demands of running a small business, it’s not surprising when a company co-owner has marital problems. However, if Greg is in a divorce negotiation, his wife may want a share of the company as part of the settlement—and Lynn might not welcome this additional partner.

Such a situation can be avoided if share transfers are restricted in some manner by the buy-sell agreement; the divorcing co-owner, the non-divorcing owners, or the company might be given the right of first refusal, so the divorcing spouse receives cash instead of shares. (Careful drafting is needed to avoid tax traps.)

The buy-sell agreement should cover valuation, and the owners should have a plan to generate enough cash.

ny to buy Greg’s shares so that his creditors get cash instead of interests in the business.

Time and Money Business owners commonly work long hours and need ample cash flow for company growth. Thus, owners of a small firm might not look forward to crafting a detailed buy-sell agreement, paying attorney fees, and committing to premium outlays for life insurance as well as disability insurance. That reluctance should be weighed against the outcome if one or more of the previously mentioned trigger events should arise without a buy-sell in place. A deceased partner’s heirs may inherit shares without a procedure in place for an equitable buyout; an owner’s divorce negotiations might spill over and affect company operations.

Reprinted from CPA Client Bulletin. n

Ready for Retirement In yet another scenario, Lynn decides that she wants to retire while she is still young and healthy enough to enjoy her favorite pastimes. Greg intends to stay active in the business. A buy-sell can set up a plan in which Lynn steps down and is compensated for her interest in the company, perhaps over an extended time period. Some life insurance policies can be structured to fund such a contingency.

Changing Directions What if Lynn wants to leave the company at, say, age 55 in order to try another career? A buy-sell agreement may distinguish between retirement and “withdrawal” or “departure,” perhaps based on age. A buy-sell could discount the purchase price if an owner leaves after relatively few years and could delay the payout until a certain time, if that’s what the co-owners agree upon.

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Personal Bankruptcy Suppose that Greg incurs a tremendous amount of debt, either from extravagant living or from poor financial decisions not directly related to the company. He might file for personal bankruptcy to get relief.

Again, the buy-sell can set a procedure for Lynn or the compa-

JUNE, 2014

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