Selectmen approve $109,437 FY2026 transfer to cover workers' compensation and retiree costs

The Waterford Board of Selectmen approved a FY2026 in‑series transfer of $109,437 to cover higher workers' compensation insurance premiums, retiree benefits and reimbursements.

Director of Finance Kim Allen told the board the additional expense resulted from the annual state audit of payroll for workers' compensation, which aligned the town's payroll records with the insurer's payroll base and produced a higher premium. "The premium that was not budgeted is because annually they do an audit on our payroll for workers comp... It's a requirement by state law to do that audit. So, it incurred a higher premium," Kim Allen said.

Board members had no further questions and the chair called for a voice vote; the board approved the transfer. The transfer will cover the shortfall in the workers' compensation and related benefit accounts for FY2026.

The board also handled routine correspondence about the mill rate (which selectmen treated as Board of Finance correspondence), accepted minutes of the May 19 meeting and adjourned the session.

Next steps: Finance staff will post the approved transfer in the town accounts and reflect the change in the financial reports.