During the Finance Committee meeting on November 7, 2024, the Town of Concord discussed several key financial matters, including potential excluded debt projects and the status of long-term liabilities. The committee highlighted three building projects that may be pursued, with preliminary estimates suggesting a construction cost of around $1,000 per square foot. However, the timeline for these projects remains uncertain, as land acquisition is still a factor that needs to be addressed.

A significant focus was placed on the town's Other Post-Employment Benefits (OPEB) and pension funding. As of January 1, 2023, Concord's OPEB liability is 61.27% funded, with an unfunded liability of approximately $19.5 million. The town has committed to a level annual payment of $1,329,000 to address this liability, which is expected to be fully funded by fiscal year 2023. In contrast, the pension fund is in a stronger position, being 93.09% funded and on track to be fully funded by fiscal year 2031.

The committee emphasized Concord's proactive approach to funding long-term liabilities, noting that it ranks favorably compared to other AAA-rated communities. While some peer communities have higher free cash reserves, they often have lower funding levels for their long-term liabilities. This strategic financial management has helped Concord maintain its strong credit rating, which is crucial for future borrowing and financial stability.

Additionally, the committee addressed the town's land acquisition fund, which currently holds about $20,000. This fund is primarily used for appraisals and due diligence related to potential property purchases, such as the Harrington House. The town has not actively set aside funding for land acquisitions in recent years, relying instead on capital funds for any necessary purchases.

Overall, the discussions underscored Concord's commitment to sound financial practices and its focus on maintaining a strong fiscal position for the benefit of the community. The Finance Committee plans to continue monitoring these financial metrics closely to ensure the town's long-term stability and growth.