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Finance staff outline FY27 priorities: pensions, tech, and an investment policy statement
Summary
Director Esmond and Treasurer Okonnell briefed the committee on the FY27 finance budget, emphasizing debt management, a pension-first approach to long-term liabilities, the need for an investment policy statement for bequests and trust funds, and technology goals including a digital complaint module and continued BELD IT support.
Director Mike Esmond and Treasurer/Collector Christina Okonnell presented the finance department's FY27 budget to the Ways and Means Committee on May 14, describing staffing, debt management, and digital-government priorities.
Esmond said the finance department includes 16 FTE and emphasized debt-service planning and capital-program continuity. He noted that, with current assumptions, debt service is being managed within an affordability band the administration monitors and that most debt is structured on a level-principal schedule. Councilors and staff discussed recent and projected borrowing related to school and capital projects and the expected trajectory of annual debt service.
On long-term retiree liabilities, Esmond said the town has not appropriated general-fund dollars to an OPEB reserve in recent years in order to prioritize fully funding pension liabilities on the town's actuarial schedule; Brainree's pension schedule is targeted for 2034. He explained that once the pension schedule is satisfied, the town plans to redirect focus toward OPEB funding.
Okonnell described work on an investment policy statement (IPS) to govern how the town invests funds such as bequests and scholarship funds; she said the IPS draft will incorporate input from financial institutions and other municipal examples and aimed to deliver a draft to the finance director by the end of the calendar year. The treasury office also flagged the need for more oversight of various bequests and trust accounts and proposed governance language to improve transparency and risk management.
Esmond explained the town outsources much IT to BELD (Braintree Electric Light Department) under a long-standing memorandum; an annual BELD IT-support payment increases on a set schedule. The committee discussed shared-service opportunities, Munis (enterprise resource planning software) challenges and training, and the potential to explore regionalized technology or shared licensing in the future.
On grants management and digital tools, Esmond emphasized a continuing effort to improve data collection and public access to capital-planning information. He reiterated the administration's plan to implement a complaint module to support inspections and code-enforcement workflows.
Councilors asked for additional detail on OPED/pension numbers, debt-service schedules for major borrowings and the timing of capital projects; finance staff agreed to provide the requested schedules and projections in follow-up.
