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Board seeks legal opinion on Board of Education insurance withholding; OPEB and mill-rate implications discussed
Summary
Board members heard that auditors requested a legal opinion about withholding of employee premium cost shares by the Board of Education; the city retained outside counsel, city’s OPEB transfer (city portion) was approved while the Board of Education’s share awaits resolution of IBNR claims that will affect reserves and mill-rate setting.
Members of the Torrington Board of Finance pressed staff for financial clarity tied to several related items: a requested legal opinion about Board of Education insurance premium withholdings, the city’s OPEB contribution, and the effect of reassessment on the mill rate.
Treasurer Farley asked why the city had not yet made a contribution to the OPEB plan despite funds set aside. Olivia, a finance staff member, and the Chair explained that the city’s…
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