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Board of Finance approves $455,539 transfer to OPEB Trust from BOE grant savings
Summary
Following a $655,539 supplemental education grant to the Board of Education, Granby's Board of Finance on July 27 approved a $455,539 transfer from General Fund balance to the OPEB Trust to address an actuarially projected increase in FY28.
The Board of Finance voted 6-0-0 July 27 to authorize an additional FY27 appropriation of $455,539 from the General Fund balance to the town’s OPEB (Other Post Employment Benefits) Trust. The request followed a Supplemental Educational Cost Sharing Grant of $655,539 received by the Board of Education that allowed the town to reduce its FY27 BOE appropriation by the same amount.
Under the plan described in the minutes, $200,000 of the grant savings was committed to a further mill-rate reduction, while the remaining $455,539 was directed to the OPEB Trust to help meet a significant, expected actuarial contribution increase in FY28. The motion was made by David Demchak and seconded by William Kennedy; the minutes record the board vote as 6-0-0. The minutes cite Granby Town Charter section 10-6(e) as the procedural basis for Board of Finance and Board of Selectmen approvals where required.
