NEW INITIATIVES District retirement assessments are increasing as their investments fail to meet the required returns. The State is reviewing the accounting practice of City, Town and Districts regarding reserves for retired employees’ benefits. The cost of employing and retiring employees is spiraling. The Prudential Committee will work with both the Fire Commissioners and Water Commissioners to identify sustainable benefits for our employees, while voicing taxpayers concerns. The Prudential Committee will initiate reserve accounting practices in the Fire District side by establishing a reserve account, OPEB Liability Trust Fund, funded by taxation. The Prudential Committee will initiate an OPEB Liability Trust Fund for the Water District funded by water rates. This accounting approach has been reviewed and supported by our independent auditor. Initiating the accounting process ahead of State mandates will assist the District in maintaining the current Triple A bond rating, thus ensuring taxpayers affordable interest rates on our capital improvement programs into the future. COMMENTS We would like to thank our Clerk/Treasurer Judith Sprague, Assistant Clerk/Treasurer Melissa Abrams, Fire Chief John M. Farrington, Deputy Chief Philip Field, and the Board of Fire Commissioners, Water Superintendent Craig A. Crocker, and the Board of Water Commissioners and Interim Consultant to the Information Systems, Jim Gaudet.
Respectfully submitted, THE PRUDENTIAL COMMITTEE Carlton B. Crocker, Chairman John Lacoste David V. Lawler
PRUDENTIAL OPERATIONS PERSONNEL Judith C. Sprague, Clerk/Treasurer (June 2003) Melissa Abrams, Assistant Clerk/Treasurer (September 2010)
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