2015-03-12-AC-min - Laserfiche WebLink

Browse Search

03/12/15 AC Minutes There may be shortfalls in state aid. The Retirement Board has voted to follow a schedule with a target date of 2025 for full funding of the Retirement Fund. This target date is much earlier thanthe legally required 2040deadline. Interest rates for exempt service are low. New growth is down. Maintaining flexibility is critical, and it isn’t necessary to make such a large commitment at this time.An additional amount can be appropriated for these purposes during a fall STM if it appears to be appropriate at that time. Mr. Valente agreed that flexibility is important and noted that the current model for funding the large capital projects assumes a 20 year debt service but this could go to 30 years. Mr.Pato added that the BoS has unanimously supported the Article as written in the Warrant, but that position can be revisited. ATM, Article 22: Adjust Retirement COLA Base for Retirees: Mr. Pato reported that the BoS’ supportforthis Articlereflectsits interest increating parity with the teachers’ pension program, which is handled by the State. This Committee explained its concern relating to the increase onthe Town’s unfunded pension liability. ATM, Articles 39 and 40: Repeal General Bylaws –Sale and Use of Tobacco and Amend General Bylaws –Sale and Use of Tobacco: It was noted that if Article 39 passes, Article 40 will be indefinitely postponed. ATM, Article 41: Amend General Bylaws –Contracts and Deeds: Mr. Bartenstein questioned the wording in the Article. Mr. Valente agreed to revisit it. ATM, Article 42; Commission on Disability Request: Mr. Pato reported that the BoS has adopted a policy to use sidewalk materials, i.e., concretewith brick borders,in Lexington center that are consistent with this request.On an immediate basis, STM#2, Article 4and ATMArticle 11(a) include construction of such sidewalks on the north side of Massachusetts Avenue. Additionally, ATMArticle 11 (a) includes lighting near crosswalks for better visibility. ATM, Article 44: Resolution on Fossil Fuel Divestment (Citizen Article):Although this is a non-binding resolution, Mr. Radulescu-Banu reported that the Retirement Board and the Trustees of Public Trusts oppose the adoption of the Article because it could conflictwith their fiduciary responsibilities. Other comments included the following: The Town invests in mutual funds, which often have a fossil fuel component, but there are also “green” mutual funds. The Town has fiduciary responsibilities andenvironmental responsibilities; this Article appearsto create aconflictbetween them. It isn’t clear how the environmental impact of this resolution, if adopted, could be measured. Fossil fuel consumption causes negative environmental impacts. The BoS voted 0-2-3 onthis Article; some Selectmen abstained until they hear the results of the finance committees’ votes. A motion was made and seconded to support Article 44. The motion failed. VOTE: 0-5-1 Consent Agenda: 5.Mr. Parker identifiedATM articles that are being considered for the Consent Agenda. Theremust beunanimous support by the BoS and the finance committees for them to be included.It was noted that this Committee does not take a position on non-financial articles. The articles were reviewed and voted on, as follows: Article 6: Appropriate for Senior Service Program: 3