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Selectmen approve $109,437 transfer to cover higher workers' compensation premiums
Summary
The board approved a fiscal-year transfer of $109,437 to cover higher workers' compensation insurance premiums after a state payroll audit showed a higher payroll base; Director of Finance Kim Allen told the board the premium increase is a state-required reconciliation.
The Board of Selectmen approved a fiscal-year 26 in-series transfer of $109,437 to cover higher-than-expected workers' compensation insurance premiums, retiree benefits, and reimbursements.
Kim Allen, director of finance, explained the town incurred an unbudgeted premium after the state's annual audit of payroll aligned the town's reported employee counts with actual payroll. "The premium that was not budgeted is because annually, they do an audit on our payroll for workers' comp," Kim said, explaining the audit can change the premium liability.
Board members had no further questions and the board approved the transfer by voice vote. The transfer is intended to cover the immediate premium shortfall; staff indicated the adjustment results from a legally required audit process rather than an operational change in staffing.
The board's approval allows the town to pay the higher premium now; staff will record the transfer in financial reports and monitor future premium calculations during the next budget cycle.
