Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Finance Committee reopens and approves $500,000 transfer to OPEB trust
Summary
The Nantucket Finance Committee reopened Article 24 and voted unanimously to appropriate $500,000 from certified free cash and $500,000 from the fiscal 2026 tax levy to deposit into the town's Other Post-Employment Benefits (OPEB) trust fund.
The Nantucket Finance Committee on May 1 reopened Article 24 and approved a motion to appropriate $500,000 from certified free cash and $500,000 from fiscal 2026 tax levy and other general revenues to deposit into the town's Other Post-Employment Benefits (OPEB) trust fund.
Committee members voted unanimously to reopen the article and to approve the amended appropriation. The committee had previously voted on the article before certified free cash figures were finalized; staff asked the committee to reopen the article so the warrant language would match available funding.
Brian, a town staff member who presented the item, told the committee the voters' guide showed a $500,000 allocation from certified free cash in addition to $500,000 raised and appropriated from the tax levy. He asked the committee to motion to appropriate the $500,000 from fiscal 2026 tax levy and to transfer $500,000 from certified free cash into the OPEB trust so the motion would be consistent with the warrant.
The motion to reopen the article was moved by Peter and seconded by Jill; the subsequent motion to approve the funding was moved by Joe and seconded by Jill. The committee recorded the roll call and the motion passed unanimously.
The action adjusts the funding sources for the OPEB deposit to reflect certified free cash availability and the town's planned tax-levy appropriation for fiscal 2026.
