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2014-02-20 Minutes draft form and subject to revision.Mr. Addelson explained that this study is required every two years and identifies an “annual required distribution”, which is theamortizedamount neededto fund the unfunded liability. Although that amount has not yet been finalized, it will probably be in the ballpark of $11.0 million, which is more than the Town can realistically allocate for these purposes. Funding of the obligation is not mandated, and it is unlikely that it will be. The Town has been making contributions based on the availability of funds and currently has $4.0 million in the Town’s OPEB trust fund. The recommended appropriation that will bepresented tothe 2014 Annual Town Meeting is $1.119 million. Rob Addelson addedthat the Government Accounting Standards Board (GASB) has mandated that the OPEB liability be included in a community’s financial condition presented in the financial statements of the Town. Althoughnot a critical factor in the Town’s bond rating, the topic does come up in calls with the rating agencies,who always ask about the OPEB liability and how much the Town has contributed. Minutes: 3.There was a motion, which was seconded,to approve the January 30, 2014 minutes. The motion passed. VOTE: 7-0 Report(s)to the Upcoming Annual and Special Town Meetings: 4.Mr. Parker asked that draft reports be sent to the assigned reviewers, then updated and distributed to this Committee prior to next week’s meeting. They should be in a near final form when distributed. With respect to capital items, it was agreed that the Appropriation Committee report should not attempt to replicate all the information in the Capital Expenditure Committee’s reports. Mr. Parker suggested that capital article write-ups focus on policy issues related to the projectsin questionand provide an overview of how the capital expenses impact the annual budget. He noted that the onlysignificantnew Community Preservation Act projectsthis year are the Cary Memorial Building and the Community Center.It was agreed to discuss the Community Center project in more detail at next week’s meeting. ththth Next Meetings: 5.Mr. Parker will post meetings for February 26, March5, March 12 th and March 19. The meeting was adjourned at 9:37p.m. A list of documents and other exhibits used at the meeting areset forth below. Respectfully submitted, Sara Arnold Recording Secretary Approved February26, 2014 3