WESTPORT CONNECTICUT BOARD OF FINANCE

NOTICE OF PUBLIC HEARING

Download Board Packet for this meeting [PDF]


The Board of Finance will hold its Public Hearing on Wednesday, December 2, 2015, at 7:00 p.m. in the Auditorium of Town Hall for the following purposes: 


AGENDA


A) PUBLIC HEARING


1.  The Board will make nominations and elect officers for the Board of Finance.


2.  Overview by Actuary Becky Sielman of Milliman of the status of the most recent June 30, 2014, valuation of the Town’s Pension and OPEB Plans.  The overview includes the assumption and funding methods used to determine the valuation results along with the major drivers being interest rate assumptions, salary growth, investment allocation assumptions, asset smoothing and how we compare with our peers.  Explanation of the analysis will include terminology used, assumptions and best practices.  She will also discuss the alternatives to Defined Benefit Plans including Defined Contribution and Hybrid plans. (Discussion Only)


3.  Presentation by the Assessor regarding the revaluation: (Discussion Only)
• An overview of the revaluation process.
• Procedures and methodology included in the valuation process.
• Market changes – 2015 vs. 2010.
• Procedures after you get your assessment notice.


4.  Financial Report from the Finance Director. (Discussion Only)


5.  Status Update from the Internal Auditor. (Discussion Only)


6.  To approve the Board of Finance Minutes of the November 4, 2015, regular meeting.


B) WORK SESSION


7.  To discuss multiple items that the BOF members believe might enhance their collective efficiency and performance in 2016. These items shall include, but not be limited to, the 2016 calendar, sub-committee work assignments, upcoming town labor negotiations, the budget process, participation in major town projects (e.g. ESCO, Fire Strategy, productivity initiatives, etc.), pension negotiations, protocols for public meetings and executive sessions (e.g. presentation material distribution, package documentation, meeting start time, etc.).