By MARK SARDELLA
WAKEFIELD — Monday’s WCAT debate was more than just an opportunity for voters to see and hear the four candidates running for Town Treasurer in the April 22 Town Election. It was also an opportunity for the candidates to pitch their respective qualifications and experience and thereby educate the voters on the duties of one of the most important, albeit behind-the-scenes, elected positions in town government.
Town Moderator Bill Carroll moderated the hour-long forum, with Finance Committee member Brian Cusack posing questions to candidates Edward Dombroski, Drew McCarthy, Michael McLane and Peter McManama.
The candidates were asked about their current employment status and their ability to handle the job of Town Treasurer.
McLane is the current chairman of the Town Council and is currently employed at the IRS Office of Appeals in Boston. If elected, McLane promised to immediately retire from his current job and devote his skills as an attorney and a CPA to the job of Town Treasurer at a significant pay cut. He also noted that since his term on the Town Council is about to expire, his election as Town Treasurer would not require a special election – a reference to the one year left on Dombroski’s Town Council term.
McManama, a former Finance Committee member, said that if elected he would pivot away from his position as a finance professional at John Hancock and devote 100 percent of his energy and 38 years of professional experience to helping the town to navigate the challenging times ahead as Town Treasurer.
McCarthy said that if elected he would continue in his current job working for Nixon Peabody, a large Boston law firm responsible for investment portfolios worth $4 billion. He said that he was confident in his ability to handle both roles with a focus on Wakefield. He insisted that remaining actively engaged in the investment community through his current job would make him a better Town Treasurer.
Dombroski said that as the owner of a Boston law firm, he has great flexibility in terms of his schedule. He vowed to devote 110 percent to the role of Treasurer as he has done as a member of the Town Council and Finance Committee. He claimed to have the most municipal finance experience of all the candidates and said that he would devote as many hours as it takes to the job of protecting Wakefield tax dollars and maintaining the town’s AAA bond rating. He also noted that the Town Treasurer for the last 21 years, John McCarthy, has held the office while running his own business.
As the town undertakes the largest borrowing in its history to finance the new high school, the candidates were asked how they would manage and protect the town’s AAA bond rating, which is key to securing low interest rates on borrowing.
Dombroski again stressed his municipal finance experience and noted that he has been a “fiscal watchdog” as a member of the FinCom and the Town Council.
“I will offer a steady hand and reliable leadership that is trusted and proven during a very difficult time of change,” Dombroski said.
But McCarthy noted that the Treasurer’s ability to control the town’s bond rating is somewhat limited. He said that the Treasurer’s role is to manage the cards that are dealt. Policy decisions that affect the town’s bond rating, he said, fall to the Town Council and Town Meeting.
McLane said that the town has the highest possible bond rating “because we are a well-run town.” He said that the voters will have to decide who would bring the greatest legacy of knowledge and experience as the town’s three key financial players (outgoing Treasurer John McCarthy, retiring Town Administrator Stephen P. Maio and Town Accountant Kevin Gill) prepare to exit the stage.
McManama said that maintaining the town’s AAA bond rating starts with “continuing the level of high-performance financial management that we have.” He said that he would bring his professional experience with building cash flow templates to the Town Treasurer position. He said that he also has the financial skills and knowledge to interact effectively with banks and bond rating agencies.
In his closing statement, Dombroski again stressed his experience in municipal finance.
“I will provide a steady hand of proven, trusted leadership,” he said. You know what you’re getting with me. You know my level of commitment and understanding of the issues. You are entrusting one of us with your tax dollars. I have proven leadership.”
McCarthy stressed that the Town Treasurer’s position is about responsible stewardship of capital, citing his experience with managing assets directly.
“I have been focused my entire career on investment management,” he said. “It’s important to pass the torch to a next-generation leader.”
McLane pointed to his comprehensive knowledge of town finances, including from a policy-making standpoint. He stressed his willingness and ability to devote his full attention to the job of Town Treasurer, adding that managing a law firm (like Dombroski) or developing a career (like McCarthy) involve commitments of time.
“I have plenty of energy for this job,” McLane said.
McManama noted that state law allows towns to have either an elected or an appointed Treasurer. He said that he saw the upcoming election as an appointment by the voters and the taxpayers. He cited his education in accounting and finance, his accreditations and experience in financial analysis and cash management and his strong collaboration and communication skills.
The Town Election is on Tuesday, April 22. Polls at the Galvin Middle School will be open from 7 a.m. to 8 p.m.