Meeting of the Lincoln Finance Committee
January 6, 2009
Present: P. Braun, S. Haber, M. Hartman, J. Koenig, E. Shorb, L. Sander, R. Steinbrook (chair)
Absent:
Minutes submitted by: R. Steinbrook
The meeting was called to order at 7:30 pm in Lincoln Town Hall.
The committee met with John Snell and Carl Vercollone from the Green Technology Committee to discuss plans to achieve carbon and cost reductions with regard to the operation of town buildings. The committee will work with the Town to develop a multi-year plan that will integrate with various capital and operating budgets, so it can be evaluated. After Town Meeting, a liaison to the Green Technology Committee will be designated.
The committee met with Colleen Wilkins, Lincoln Finance Director, and Mickey Brandmeyer and Buck Creel from the Lincoln Public Schools to discuss the status of GASB 45 for FY '10. The Trust Fund that Town Meeting authorized in March 2008 has been approved by the General Court and the Governor is likely to sign the bill within the week. Status is as follows: The town will seek approval of "Section 18" at Town Meeting in March 2009. The planned contribution from the Town for FY '10 is $100,000. The Lincoln Public Schools will make a contribution on behalf of the Hanscom campus that is likely to be more than $100,000, although the exact amount has not been established. The Town will contact the Water Department with regard to a proportionate contribution. Approval of Section 18, which
requires retirees to enroll in Medicare, would reduce the unfunded actuarial valuation of the Town's liability for post-employment health benefits from $61 million to $43 million, a 30 % reduction.
The committee heard a report from Superintendent Brandmeyer about per pupil expenditures. The chair and Ellen Meyer Shorb, liaison to the K-8 schools, will discuss the data further with school officials and then report back to the committee.
The committee heard liaison reports about the Pierce House, the Comprehensive Long Range Plan Committee, and the Lincoln-Sudbury Regional High School.
The minutes of the meeting of December 11, 2008 were approved.
The committee next meets on Tuesday January 13, 2009 for the second joint budget workshop.
The meeting was adjourned at 10:45 pm.
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