2012-10-23-AC-min - Laserfiche WebLink

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October 23, 2012 Some Committee members noted that the financial markets have improved significantly in the last year or two, and that this will likely mean a higher valuation when the next biennial revaluation of the pension portfolio is done. Rob Addelson and Carl Valente acknowledged that the projected funding requirements could be adjusted downwards in the future if this were to occur. Rob Addelson and Carl Valente support extending the target date for achieving full funding to 2030, which would still allow ten years to accommodate potential future adjustments if that proved necessary. They also support contributing an additional $1 million in FY13, which would not materially lower annual funding requirements but would have the advantage of allowing the Town to achieve 100% funding by 2029 instead of 2030. The source of the additional $1 million would be currently identified undesignated funds. On a straw vote, six members of the Committee supported this option; one preferred amortizing the liability until 2030 without appropriating the extra $1 million in FY13. 4. Minutes: John Bartenstein reported that the October 18, 2012 minutes are still being reviewed. VOTED: The September 20, 2012 Minutes were approved by a vote of 7 -0. VOTED: The October 3, 2012 Minutes were approved by a vote of 7 -0. 5. Next Meetings: The Appropriation Committee will next meet on November 1, 2012. Because Sara Arnold will be out of town, a committee member will need to assume the responsibility of taking minutes. Members were encouraged to have draft write -ups on Special Town Meeting articles, as previously assigned, ready by that meeting, and earlier if possible so that votes can be taken on the articles. Final drafts will need to be completed for the November 8 meeting. The meeting was adjourned at 9:30 p.m. A list of documents and other exhibits used at the meeting is attached. Respectfully submitted, Sara Arnold Recording Secretary Approved January 31, 2013