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Board approves $455,539 supplemental appropriation to OPEB trust
Summary
The Board of Finance approved a FY27 supplemental appropriation of $455,539 from the general fund balance to the town's OPEB trust, using residual state ECS grant funds to smooth a projected FY28 increase in retiree liabilities.
Board members approved moving a residual portion of state educational cost sharing (ECS) aid into the town’s Other Post‑Employment Benefits (OPEB) trust to blunt a projected sharp increase in the town’s OPEB contribution in FY28.
Mike summarized the origin of the funds: Connecticut’s supplemental ECS grant totaled about $655,000; $200,000 was already committed to mill rate relief and the remaining $455,000 was earmarked for OPEB. “We’re asking you to approve a supplemental appropriation for fiscal year 27 to increase the OPEB contribution by 455,000,” he said. The board recorded a motion to appropriate $455,539 from the general fund balance to the OPEB trust; the motion was seconded and recorded as approved in the meeting.
Board discussion emphasized prefunding benefits to reduce long‑term taxpayer cost, and staff noted the contribution, combined with existing budgeted amounts, would smooth the town’s expected increase in actuarially‑recommended OPEB funding.
