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Votes at a glance: Board authorizes pension experience study, approves suspense list, reappoints auditor and other housekeeping actions
Summary
The Board unanimously approved an experience study for pension plans (Milliman, $14,000 per plan), authorized $93,998.02 moved to the suspense tax list, appointed CliftonLarsonAllen LLP as auditor for FY25-26, approved minutes and adjourned. These items were procedural but carry implications for actuarial assumptions and statutory compliance.
At its regular meeting, the Simsbury Board of Finance approved several procedural and fiscal items with unanimous votes.
Experience study: The board authorized commissioning experience studies for the town's pension plans (Milliman quoted $14,000 per plan). The studies are intended to test actuarial assumptions and produce recommended contribution numbers for the next budget cycle; the board asked for a report by December to inform FY27 budget planning.
Suspense tax list: Pursuant to Connecticut General Statutes requirements discussed in the meeting, the board approved a suspense list transferring $93,998.02 in uncollectible tax accounts to the suspense book and authorized the tax collector to complete the transfer.
Auditor appointment: The board appointed CliftonLarsonAllen LLP as the town uditors for the fiscal-year audit ending 2025-26; the appointment follows the town's periodic RFP and includes a multi-year fee schedule built into the budget.
Minutes and other housekeeping: The board approved prior meeting minutes, set procedural rules (see separate article) and adjourned the meeting.
Why it matters: The experience study will affect actuarial assumptions and required contributions for retirement plans; the suspense-list transfer complies with state statute and affects reported receivables; the auditor appointment is a required annual action for the municipal audit process.
What's next: Finance staff will engage Milliman for the experience studies, file the suspense list per statute, and coordinate with CliftonLarsonAllen on audit planning and a pre-audit board briefing.
