Town of Newbury
Finance Committee Meeting
Tuesday September 18, 2012 at 7:00 pm, Town Library
Meeting Summary
Committee (alphabetical): Gene Case (Vice Chair), Bob Connors, Larry Guay, Erica Jacobsen, Marshall Jespersen, Frank Remley (Chair), Frank Wetenkamp
Ex-Officio: Tracy Blais, Town Administrator/Finance Director
1. June 19 Meeting Summary (approved on 7/12/12)
2. August FY 13 YTD Revenue and Expense Summaries:
n May which will begin with a $25,000 accrual in FY13. While this is only a small fraction of what is needed, it is believed to be a symbolic first step. It should show outside rating agencies good faith effort on the part of Newbury to at least recognize
this long term obligation. Currently over 95% of Massachusetts government entities have not even taken this token step, and are on a “pay-as-you-go” basis for retiree benefits. Newbury’s current pay-as-you-go cost of current retiree benefits annually is $183,916 which is a direct expense to the General Fund. The plan’s “normal cost” of benefits that should actually accrue (includes current and future cost) is $306,812. To begin addressing GASB 45’s requirements to fully fund current and future expected costs over 30 years, Newbury would have to begin accruing $564,110 per year.
6. Capital Planning Committee update: Bob Connors, CPC Chair, presented a summary of a pending proposal for a flood control weir on private property adjacent to Middle Rd between Highfield Rd and Rt. 1. This proposal, and concomitant cost of approximately $40,000, will be presented in the STM warrant on Oct. 23 for town approval. Due to marsh flooding, the Middle Rd. sub-structure is being threatened. Because of this, and occasional impassible conditions, the Road has had to be closed to emergency vehicles on a number of occasions. This is unacceptable from the standpoint of public safety, as well as a threat to the condition of the roadway itself. Engineering for the flood control structure has been completed by Vine Associates, with the oversight of the Conservation Commission.
7. Other
art time employees in each department.
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