Wednesday, January 9, 2019

Live Reporting: Presentations - Goals, OPEB

2018-2019 Goals Update
OPEB Actuarial Presentation - Daniel Sherman

a. Capital Budget Subcommittee 
b. Budget Subcommittee 
c. Economic Development Subcommittee

OPEB - Other Post Employment Benefits
we have an account accumulating fund to meet the liability

how much is this going to cost us?

page 3 of the 2017 document

full pre-funding 7.5%
3.3M in assets
73.5M liabilities
70M net owed

at 114% of payroll, ahead of game as other communities are about 140%
normal cost = 2.4M
the normal payment for cost of coverage each year
3.6M amortized would pay off the 70M

3.7M is the additional funds that needs to be found, actually did fund 800K

single page doc, last page of doc (p20)

key assumptions drive the forecast over the 30 year period
employee count remains the same, health increase of 4.5%, etc.
if those assumptions changed, then the forecast would be high or low

as the Norfolk pension gets funded (for Franklin in 2031), then those pension payments could be diverted to fund the OPEB and we would be funded sooner

bottom of page 5 other report (page 26 of 41 on the PDF above)

back to the goals section at 7:45 PM

the Town Council goals document.

items in red are brief updates as to where they are
Jan 10, 2018 these were put together

what else should be added to this listing?
Are those items that remain still valid?

20-25M for renovation or expansion of the Police Station would require a debt exclusion sometime; still needs to get more formal work done, study funding in the capital budget request process coming up soon

DelCarte - capital subcommmittee met earlier, looking for 20K for invasive weed project; the invasive fish project is further out, would be additional cost

municipal aggregation goes to bid periodically, we need to get something of a penny or more to make the move, not getting the right bids to move yet

request for expressions of interest for Red Brick School
coming out soon, goal to get some interest by the end of March
looking for some substantial proposals for educational uses

NuStyle under P&S, owner working through the development process, Conservation, etc.
has a year to get the permits, etc. wants to remove the existing building and build a new showroom with parking spaces

Would it be worthwhile putting out an RFI for the Washington St meeting house (former museum); does have problems with zoning for re-use; might be good to do an RFI to see if something comes back
put it on a future agenda for a discussion, solicit the neighbors to weigh in
would it be far fetched to obtain the building next door, move the meeting house next door
to allow for the museum to use in a 'complex'

a. Capital Budget Subcommittee 
met this evening, more coming

b. Budget Subcommittee 
meeting Feb 13

c. Economic Development Subcommittee
Kelly not here, no meeting scheduled

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