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BET Regular Meeting Agenda 11-22-2021

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BET Regular Meeting Packet 11-22-2021

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VOTED AGENDA_BET Regular Meeting Agenda_11-22-2021

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https://www.greenwichct.gov/ea3f7654-247c-4af1-9dc9-0ffa3f3dcefe

TOWN OF GREENWICH REGULAR MEETING OF THE

BOARD OF ESTIMATE AND TAXATION

TOWN HALL MEETING ROOM Monday, November 22, 2021 – 6:30 PM

AGENDA

1. Call to Order and Pledge of Allegiance 2. Executive Session 3. Requests for Budget Adjustments

NON-ROUTINE APPLICATIONS Number Department Amount Purpose SE-8 First Selectman $ 7,500.00 Settlement P935 57350 Swierczynska v. TOG ROUTINE APPLICATIONS Number Department Amount Purpose

HD-3 Health Dept. $121,281.20 Approval to Use

F403 51300 Various Public Act Funds FY 21/22

PB-1 Probate Court $14,048__ Transfer A111 54150 Maintenance PD-2 Police $16,241__ Approval to Use F2139 52360 Recording Software 4. Assessor’s Report

5. Comptroller’s Report

6. Treasurer’s Report 7. BET Standing Committee Reports:

☒ Audit ☐Budget ☐Human Resources ☐ Investment ☐Law ☐Policy/Procedures

The Town complies with all applicable federal and state laws regarding non-discrimination, equal opportunity, affirmative action, and providing reasonable accommodations for persons with disabilities. If you require an

accommodation to participate, please contact the Commissioner of Human Services at 203-622-3800 or [email protected] as soon as possible in advance of the event.

8. BET Liaison Reports: ☐CD Block Grant ☒Assessor/Tax Collector ☐Education ☐Finance/Comptroller ☐Public Safety ☐Retirement ☐N.W. Board ☐Information Technology ☐Public Works ☐Parks & Recreation

9. BET Special Project Team Reports:

☐Labor Contracts ☒GHS Building Committee 10. Old Business:

• None

11. New Business: • Acceptance of the July 1, 2021 OPEB Actuarial Valuation • Amendment of the OPEB Investment Policy Statement (IPS) • Approval of draft 2022 BET Meeting Calendar • Update from ARP Advisory Committee

12. Approval of the BET Regular Committee Meeting Minutes of:

• October 18, 2021 – Regular Meeting 13. Chair’s Report 14. Adjournment Next meeting scheduled for Thursday, December 16, 2021, at 6:30 P.M. and will be either virtual, a hybrid meeting or in-person meeting depending on COVID-19 status.

___ Karen Fassuliotis, Chair




AGENDA

1. Call to Order and Pledge of Allegiance 2. Executive Session 3. Requests for Budget Adjustments

NON-ROUTINE APPLICATIONS Number Department Amount Purpose SE-8 First Selectman $ 7,500.00 Settlement P935 57350 Swierczynska v. TOG ROUTINE APPLICATIONS Number Department Amount Purpose



PB-1 Probate Court $14,048__ Transfer A111 54150 Maintenance PD-2 Police $16,241__ Approval to Use F2139 52360 Recording Software 4. Assessor’s Report

5. Comptroller’s Report

6. Treasurer’s Report 7. BET Standing Committee Reports:

☒ Audit ☐Budget ☐Human Resources ☐ Investment ☐Law ☐Policy/Procedures

The Town complies with all applicable federal and state laws regarding non-discrimination, equal opportunity, affirmative action, and providing reasonable accommodations for persons with disabilities. If you require an

accommodation to participate, please contact the Commissioner of Human Services at 203-622-3800 or [email protected] as soon as possible in advance of the event.

8. BET Liaison Reports: ☐CD Block Grant ☒Assessor/Tax Collector ☐Education ☐Finance/Comptroller ☐Public Safety ☐Retirement ☐N.W. Board ☐Information Technology ☐Public Works ☐Parks & Recreation

9. BET Special Project Team Reports:

☐Labor Contracts ☒GHS Building Committee 10. Old Business:

• None

11. New Business: • Acceptance of the July 1, 2021 OPEB Actuarial Valuation • Amendment of the OPEB Investment Policy Statement (IPS) • Approval of draft 2022 BET Meeting Calendar • Update from ARP Advisory Committee


• October 18, 2021 – Regular Meeting 13. Chair’s Report 14. Adjournment Next meeting scheduled for Thursday, December 16, 2021, at 6:30 P.M. and will be either virtual, a hybrid meeting or in-person meeting depending on COVID-19 status.

___ Karen Fassuliotis, Chair

BET Meeting Date: Application #: SE 8

Department & Division:

Action Requested: Additional Appropriation

Date of Submission:

Fund Dept Object Project Desc Amount

To: P 935 57350 Settlement 7,500.00

From: Risk Fund Balance 7,500.00

Justification of Request:

First Selectman Department Head:

Certified correct as to computations and amounts shows as appropriations to date and unencumbered balances, with any changes given.Date: Comptroller:

The following action was taken at a meeting of the Board of Estimate and Taxation held on: Vote Clerk of the Board:

Katarzyna Swierczynska, et al v. Town of Greenwich and Alberto Escofferey

Nov. 2021

Email this form as a PDF along with any supporting documentation (in PDF Format)

Town Of Greenwich Request Form For Budget Adjustments

First Selectman

November 15, 2021

BET Meeting Date: Application #: HD 3


Action Requested: Approval to Use

Date of Submission: 11/9/21

Fund Dept Object Project Desc AmountF 403 51300 Temp Salaries 100,712.90

To: F 403 57050 Town Contr /SS 7,642.66

F 403 52010 Legal Advertising 2,600.00

F 403 53010 Office Supplies 1,895.64

F 403 52020 Printing and Binding 1,000.00

F 403 52240 Telephone 500.00

F 403 51420 Professional Medical 5,570.00

F 403 52150 Office Services 1,360.00

From: F 403 43435 Per Capita Grant 121,281.20


Department Head:



The request is being made to accept Public Act Funds for the Fiscal Year 2021/2022. Please see attached justification.

Nov-21


Town Of Greenwich Request Form For Budget Adjustments

Health

BET Meeting Date: Application #: PB 1


Action Requested: Transfer

Date of Submission:


To: A 111 54150 Maintenance 14,048

From: A 111 52150 Office Services 3,300

A 111 52190 Document Imaging 10,748


Board Chairman Department Head:



Request Form For Budget Adjustments

Probate Court

October 28, 2021

Installation of plexiglass with frame work and door with card access

Nov-21


Town Of Greenwich

BET Meeting Date: Application #: PD 2


Action Requested: Approval to Use

Date of Submission:


To: F 2139 52360 Rental/Maintenance of Software 16,241

From: F 2139 43493 911 Grant 16,241


Board Chairman Department Head:



Request Form For Budget Adjustments

Police

November 18, 2021

TheGreenwich Police Deaprtment respectfully requests approval to use 16,241 of 911 Grant for the rental and maintenance account for the upgrade licenses on the Town's 911 recording system. This is a mandatory upgrade in conjunction with the Motorola upgrade being done to the Town wide redio system.

Nov-21


Town Of Greenwich

BET 11.21

TOWN OF GREENWICH BOARD OF ESTIMATE and TAXATION

ASSESSOR’S REPORT

November 22, 2021

OVERVIEW:

Preliminary Assessment Change Notices were sent to all property owners on November 5th, 2021 reflecting the values for the October 1, 2021 Revaluation. The 2021 Revaluation requires the 10-year physical inspection of real property and all of these inspections have been completed. Informal hearings began on November 15th, with Tyler Technologies for residential properties, J. F. Ryan will hold informal hearings beginning on November 28th, 2021, for all commercial and industrial properties. Evening and Saturday sessions will be available if needed. Personal Property declarations, returned thus far, are being reviewed. The Office will continue to respond to requests for property record cards, and all other aspects of the Assessor’s Office. An additional e-mail address was created just for property record card requests; the new address is [email protected]. All other inquiries, (ie motor vehicle prorates etc.) are to be forwarded to [email protected]. In addition, the department will have an e-mail address for revaluation related requests; [email protected].

REPORT:

1. Normal Workload: Real Estate: Residential & Commercial Appraisers completed review of all building permits issued since October 1st, 2020. All new construction has been added to the 2021 Grand List. It is estimated that the increase in the Grand List due to building permits was $306,041,400. The Office continues to respond to all requests for property record cards by the public, including appraisers, lawyers, and title searchers. In October, 2021, 952 property record cards were e-mailed. Since March 2020, we have e-mailed 22,232 property record cards. Personal Property: Personal Property Declarations were mailed out by QDS on September 24th, 2021, and were due back by November 1st, 2021. The staff is now reviewing all the declarations received to date. The staff will ascertain whether the business is still active, and which businesses are no longer in business. Motor Vehicles: Initially, we have received the 2020 Supplemental Motor Vehicle List with a total of 12,181 motor vehicles. This week, the DMV send an additional 317 motor vehicles to add to the 2020 SMV. We expect to receive the 2021 Regular Motor Vehicle List in December. The processing of all year’s motor vehicle cancellations, additions, corrections, and pro-rations continues. To date, 2546 motor vehicles have been adjusted on the 2020 Grand List. Total assessment reduction amount is $23,951,149. Administrative Support: Real estate transfers have been entered into QDS through October 1, 2021. All required legal notices have been published in the Greenwich Times for the October 1st assessment date. Administrative staff assists with general real estate, personal property and motor vehicle questions, veteran and elderly adjustments and court stipulations.

mailto:[email protected]


BET 11.21

2. 2021 Revaluation: Informal notices with the assessments from the October 1, 2020 Grand List and the new 2021 revaluation assessments as of October 1, 2021 were mailed by QDS on November 5th, 2021. Residential Informal Hearings with Tyler Technologies began on November 15th, and shall be held through January, 2022. Commercial and Industrial Informal Hearings shall begin on November 28th, 2021, and continue through January 2022. Additional hearings will be held on some evenings until 7:00pm and Saturdays until 5:00pm. All hearings will be held at the Town Hall. Accommodations are being made for those unable to appear in person. The preliminary assessment change letter gives information on how to make an appointment. The public is invited to bring new information, raise questions on their new assessed value and to review information used in the valuation of their property. Property owners can schedule an appointment by calling the revaluation company or making an appointment on-line. At their scheduled informal hearing, the appraisers will answer their questions and consider additional information provided that is pertinent to the market value of their property. Notification of the results of all informal hearings will be mailed no later than January 31st, 2022. The Assessor’s Office will also assist property owners with any questions and copies of property record cards. The owners may call or visit the Assessor’s Office during office hours, or e-mail us at [email protected]. For those properties impacted by storm Ida, property owner’s should contact the Assessor’s Office directly. The Assessor’s Office will review any information submitted to this office by December 30th, and make adjustments as needed. There is additional information on the Town’s Website, www.greenwichct.gov/2021Revaluation. Listings of all new assessments by district, then by street, with all sales since October 1, 2016 are included. The Assessor’s Office has requested an extension to complete the October 1, 2021 Grand List, which the BET approved in September. If needed, the Assessor’s Office will then ask the First Selectman to grant a one-month extension to February 28th, 2022. Pursuant to Sect 12-117, the First Selectman shall then notify the Office of Policy and Management of the one-month extension. As with past 2001, 2005, 2010, and 2015 revaluations, this is necessary in order to allow sufficient time for the informal public hearings to be held through the months of November, December and January. The extension was utilized in revaluation years since 2001. The Assessor’s Office is in the process of implementing a review of the tax exempt status of various properties owned by the non-public schools. 3. Litigation – 2010 & 2015 Revaluation Superior Court Case Revisions: As of October, 2021, there are 29 court cases pending, including 8 from the 2015 Revaluation. In October, one commercial appeal was withdrawn on the 2015 Grand List. On the 2017 Grand List, a commercial property was settled, resulting in a total tax loss of $10,094.91 for Grand List years 2017-2020. The current fair market value of the pending cases is $863,168,400. Since the 2015 revaluation, 212 cases have been resolved. The status summary of the pending real estate Superior Court Cases is as follows:


http://www.greenwichct.gov/2021Revaluation

BET 11.21

4. Office of Policy and Management Report: All required calendar report filings are current. OBJECTIVES

1. Short Term:

Respond to public inquiries about property valuation resulting from tax bills. Prepare Certificates of Correction/Pro-ration Adjustments.

Sept '21 Oct '21Superior Court Cases # of Parcels FMV # of Parcels FMV

2015 Grand ListResidential 1 $12,419,400 1 $12,419,400

Commercial/Industrial 8 $250,516,800 7 $224,642,800

Total GL 2015 9 $262,936,200 8 $237,062,200

2016 Grand ListResidential 0 $0 0 $0


Total GL 2016 2 $24,174,500 2 $24,174,500



Total GL 2017 4 $48,607,200 3 $14,729,800



Total GL 2018 3 $330,937,200 3 $330,937,200



Total GL 2019 6 $102,282,800 6 $102,282,800



Total GL 2020 7 $153,981,900 7 $153,981,900Total Number of Appeals 31 $922,919,800 29 $863,168,400

BET 11.21

Review the 2021 assessments and information provided by homeowners from the informal hearings.

2. Ongoing:

Continue review of any new sales since October 1, 2021, to determine accuracy of the new assessments. Continue entering changes of ownership and address changes. Review tax exempt properties; nonpublic schools’ properties to be reviewed to determine tax-exempt status for 2021 Grand List, and follow up with the BET to determine exempt status.

3. Long Term: Foster staff training and development, require completion of all CAAO courses by staff. Support the Law Department and BAA, as appropriate, for ongoing appeals. Utilize additional capabilities of QDS to serve the Town more efficiently.

Respectfully submitted,

Lauren Elliott, CCMA II Assessor, Town of Greenwich

Attachments:

1) Informal Hearing Information 2) Notice of Assessment Change 3) Press Release

BET 11.21

ASSESSOR’S OFFICE

101 FIELD POINT ROAD P.O. Box 2540

GREENWICH, CT 06836-2540

Dear Greenwich Property Owner: If you have questions on your preliminary assessed value or wish to review information used in the valuation of your property, we ask that you schedule an informal hearing with the revaluation company. Tyler Technologies performed the residential portion of the revaluation, and J.F. Ryan & Associates performed the commercial and industrial portion of the revaluation. At your scheduled informal hearing, appraisers from the vendors will answer any questions and consider additional information pertinent to the market value of your property. Appointments for informal hearings will be scheduled from mid-November to January, including some evenings and Saturday hearings. When you call, please refer to the Parcel ID number appearing at the top of this notice. For residential properties please call Tyler Technologies, Inc. at 1-800-829-4235 between 9 AM and 4 PM, Monday – Friday to schedule an appointment for an informal hearing at Town Hall. Please call no later than 4 PM, Wednesday, January 5th , 2021 to schedule your informal hearing. Appointments can also be scheduled online at www.tylertech.com/schedule prior to your informal hearing. For commercial properties please call J.F. Ryan Associates at 475-276-4104 between 9 AM and 4 PM, Monday – Friday to schedule an appointment for an informal hearing at Town Hall. Please call no later than 4 PM, Wednesday, January 5th , 2021 to schedule your informal hearing. Appointments for informal hearings will be scheduled from mid-November to January, including some evening and Saturday hearings. When you call, please refer to the Parcel ID number appearing at the top of this notice. If property owners are not satisfied with their new assessment, they may apply for a hearing with the Board of Assessment Appeals (BAA) pursuant to Connecticut General Statute (C.G.S.) §12-117. Applications to the BAA may be obtained at any time from the Assessor’s Office or the Town’s website, or by calling the Board at (203) 618-7601 after Tuesday, February 1, 2022. Assessment appeals to the BAA must be in writing on the prescribed form and postmarked or hand-delivered to their meeting room in Town Hall designated for the Board of Assessment Appeals no later than Monday, February 21, 2022. The BAA will notify you of the hearing date by mail. Board of Assessment Appeals hearings will be held in March 2022. If the BAA denies a hearing, or if you are not satisfied with their decision, you may continue your appeal in Superior Court in Stamford pursuant to C.G.S. §12-117. Further information on the appeals process is available in the Assessor’s Office at Town Hall or by reviewing the BAA’s website: Board of Assessment Appeals | Greenwich, CT (greenwichct.gov). Very truly yours, Lauren Elliott Assessor

BET 11.21

ASSESSOR’S OFFICE

101 FIELD POINT ROAD P.O. Box 2540

GREENWICH, CT 06836-2540 (203)-622-7885

<<OWNER1>> Parcel ID: <<PARID>> <<OWNER2>> Property class: <<PROPCLASS>> <<ADDRESS1>> Parcel Address: <<PROPADDRESS>> <<ADDRESS2>>

PRELIMINARY ASSESSMENT CHANGE NOTICE (In accordance with §12-55 & §12-62(f) of the Connecticut General Statutes)

THIS IS NOT A TAX BILL

Dear Greenwich Property Owner: The 2021 Town-wide revaluation of all real estate in the Town of Greenwich is complete. Below, please find your preliminary assessment as of October 1, 2021. This new assessment reflects 70% of the fair market value of your property. To assist in understanding the tax effect of the 2021 assessment, an estimated tax rate has been determined which reflects the total year taxes due for FY 2021-2022 utilizing the 2021 assessment. Below, please find the current assessment and annual taxes as well as the 2021 assessment and what would have been the annual taxes due for the same tax year utilizing the 2021 assessment. The 2021 estimated tax amount below which is based on your new assessed value IS NOT an estimate of your taxes which will be due July, 2022 and January, 2023. Please note that the new assessment does not reflect any exemptions or credits. The BET shall set the new mill rate in May 2022, which shall be reflected in the July 2022 tax bill.

CURRENT ASSESSED VALUE (based on October 1, 2015 Revaluation)

NEW ASSESSED VALUE (based on October 1, 2021 Revaluation)

$ XXX,XXX

$ XXX,XXX

2021 TAXES BASED ON CURRENT ASSESSED VALUE

2021 ESTIMATED TAXES BASED ON 2021 ASSESSED VALUE*

$ XXX,XXX

$ XXX,XXX

*Your actual taxes will be based on the Mill Rate determined by the Board of Estimate and Taxation in May 2022 and will include any informal or Board of Assessment Appeals hearing adjustments

BET 11.21

PRESS RELEASE

For more information contact: Assessor’s Office

203-622-7885 GREENWICH – The Assessor’s Office of the Town of Greenwich has completed the preliminary assessments for the October 1st, 2021 revaluation. The benefit of completing frequent revaluations is to keep assessments fair and equitable. As required by state law, each assessment should reflect 70% of the fair market value as of October 1st, 2021.

Each property owner will have received a notice of assessment change sometime after November 8, 2021.

Informal hearings will be available for all taxpayers to discuss their new assessment with the revaluation companies. At the informal hearing, please take the time to review the information used to determine your assessment.

The Assessor’s Office encourages taxpayers to contact the revaluation companies with any comments,

questions, or concerns about their new assessment and urges anyone to schedule an informal hearing with these companies between mid-November 2021 to mid-January, 2022. There will be plenty of opportunities to schedule an informal hearing, including some evenings until 7:00 pm and Saturdays until 5:00 pm. The informal hearings will be held at Town Hall to accommodate any and all questions and issues arising from this revaluation. Further information about scheduling an informal hearing can be found on the Town of Greenwich Website, www.greenwichct.gov/2021Revaluation. The Assessor’s Office will also be available throughout this period to answer any taxpayers’ questions.

In addition to the informal hearings, property owners who disagree with their assessments also have the

opportunity to file an appeal of their assessment to the Board of Assessment Appeals [BAA] between February 1st and no later than February 20th of 2022. BAA hearings will take place during March of 2022. If the taxpayer is not satisfied with the BAA’s decision, there is an additional opportunity to appeal to the Superior Court in Stamford pursuant to Connecticut General Statutes Section 12-117a.

All municipalities in Connecticut conduct a revaluation of property every five years. The last revaluation

Greenwich completed was for the 2015 Grand List. The revaluation was originally to have taken place in 2020, however, because of COVID-19 restrictions, the Office of Policy and Management in Hartford granted Greenwich an extension to complete the required revaluation in 2021.

The Town was assisted in the revaluation process by Tyler Technologies and J.F. Ryan & Associates. The

residential portion of the revaluation was conducted by Tyler Technologies and the commercial and industrial portion by J.F. Ryan & Associates.

The new assessments reflect the value of the property as of October 1, 2021. This new assessment will be

reflected on the July 1, 2022 tax bill which is due by August 1st, 2022. The second half of the FY 22-23, tax bill will be sent by January 1, 2023, due February 1, 2023.

http://www.greenwichct.gov/2021Revaluation

1

COMPTROLLER’S REPORT October 19, 2021 – November 22, 2021

American Rescue Plan Act of 2021 Update The Town has a cash balance of $15,707,881 as of October 31, 2021 for monies received under the American Rescue Plan Act of 2021 (ARP) program. The Town is scheduled to receive another $15.7 million dollars during the May to June 2022 time period. There have been no expenditures made or obligated to date for these funds. These amounts do not reflect monies expected to be received for the Town of Greenwich school system of $9,592,155 from the Elementary & Secondary School Emergency Relief (ESSER III) grant. The school system has filed with the State of Connecticut for acceptance of these funds. At an October 12, 2021 ARP Working Group meeting, Department of Human Services Commissioner Demetria Nelson gave the Working Group a presentation on “Vital Statistics and Needs of Community” for the Town of Greenwich. The report concluded with what appears to be the first real itemized request for funding in the following categories:

• Behavioral Health Support • Food Insecurity • Housing Stability • Direct Financial Aid

The total initial recommended funding request for the above-noted items from Human Services is to cover a two-year period for $800,000 to $1,000,000. In addition, Town Administrator Ben Branyan, compiled a detailed and exhaustive listing of 87 potential categories for ARP funding for the Working Group. That listing presented by Mr. Branyan and discussed by the Working Group at the October 12th meeting was refined and presented at the November 8, 2021 meeting with tentative proposals amounting to $31,399,117. The listing was the result of input from Working Group members and a variety of external interested and competing parties. Both of the documents referenced above are available for viewing on the Town’s website under the Office of the Frist Selectman, American Rescue Plan section. The next meeting is set for Tuesday, November 23, 2021 at 1:30 P.M.

Fiscal Year Ending June 30, 2021 Annual Audit The Finance Department continues to work with the external auditors to complete fieldwork on the annual audit. The Comptroller has completed the draft version of the Annual Comprehensive Financial Report and forwarded it to the auditors on November 12, 2021. It is anticipated that the Annual Comprehensive Financial Report will be available for review ahead of both the Audit Committee and the full BET December 2021 meetings for acceptances.

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The Comptroller is scheduled to meet with the Town Attorney and the auditors to discuss the Annual Legal Letter on December 1, 2021.

Annual Capital Projects Financing (January 2022) The Comptroller is working with the Town’s Financial Advisor, Bill Lindsay, on the process to finance Capital Projects in January 2022. The initial work requires the production of the Official Statement, followed by credit reviews with Moody’s and Standard and Poor’s. The credit reviews have not been scheduled yet but will occur virtually at the end of the month of December. The General Obligation Bond and Bond Anticipation Notes (BANs) sale date has not been set yet but will be in early January 2022. The final bonded projects have been selected and the Town will go to market for a $40 million-dollar General Obligation Bond Issue and $75 million dollars for Bond Anticipation Notes (BANs).

Town of Greenwich Annual Reports Pursuant to Section 7-406 General Statutes, State of Connecticut, and Section 224 of the Town of Greenwich Charter, the BET is charged with producing Annual Reports for the Town of Greenwich. The Finance Department, coordinated by the Executive Assistant to the Comptroller Shira Davis, has notified all Town of Greenwich departments of the requirements to provide Annual Reports for the year ending June 30, 2021. The Comptroller has completed the Finance Department section of the Annual Report. The deadline to submit the reports is Friday, December 10, 2021.

Finance Department Purchasing/Invoicing Processes Project The Tyler Content Management (TCM) project The ReadyForms migration (Phase I) has been completed. For Phase II, the TCM project will be implemented live in MUNIS and all applicable Town and BOE users will be trained. Thereafter, we shall begin the process of utilizing TCM to digitize and streamline the process of approval and payment of Town expenditures using the MUNIS workflow module. This will involve a redesign of the workflow process currently in MUNIS.

Retirement Board

The October 31, 2021 Portfolio Snapshot showed a total composite market value of $664,586,174. This is up from the market values of $652,112,946 at September 30, 2021. The October 2021 values showed a 1-year return of 28.56%, a 3-year annualized return of 13.43%, a five-year annualized return of 11.57% and 9.40% over 10 years. The Neuberger Berman returns since inception (July 2017) are 10.72%. The Retirement Board held its regular monthly meeting on October 28, 2021. Highlights of the meeting were the Board voting to accept the July 1, 2021 Actuary Report which included a change for the assumed rate of return/discount rate down from 6.25% to 6:00% and delaying the impact of Cost of Living Adjustments (COLA’s) in the Firefighter’s contract settled through the arbitration process. Amortizing the COLA costs will be reflected in the July 1, 2022 Actuary Report which will have an impact on the fiscal year 2023-2024 budget.

3

Risk Management

Cybersecurity Task Force: The Cybersecurity Task Force met again virtually on November 9, 2021. The Task Force continues to discuss updates on cybersecurity related projects and share relevant cybersecurity information. Cybersecurity updates will continue to be given to the BET Audit Committee on a quarterly basis in Executive Session. The most recent one was November 16, 2021. Third Party Subrogation Claims: There remains $23,498.02 pending to be collected. Collections continue to move slowly, depending on insurance carrier involvement, during the coronavirus pandemic. In addition, the Risk Manager is looking at policy changes to the At-Fault Accidents program. This program is designed to charge departments, whose employees are at-fault for town owned vehicle accidents. Storm Isaias: As of November 18, 2021, the Town was reimbursed for one of the submitted projects in the amount of $6,143.25. Most of this storm damage was debris related with no facilities being substantially damaged. The Director of Risk Management is working with employees from DPW, Parks and Recreation, Police and Fire Departments and with a Program Delivery Manager assigned by FEMA to continue with submission of the other projects and continue to move the application forward. North Mianus School Water Damage Claim Update: The Town has received $678,664.80 to date from insurance recoveries. Reimbursement for student transportation and temporary site rentals are yet to be received. The BOE has reported an approximate claim amount of $1.2 million so far. The deductible on the property program is $100,000 for this claim. The safety engineer from CHUBB issued a report from his inspection, a copy of which was provided to the BET Audit Committee at their September 1, 2021 meeting. Storms Henri and Ida: As a part of the process with hurricanes, tropical storms and other material weather events, the Risk Manager has instructed the Department Heads to gather damage assessment information to be submitted to FEMA for potential reimbursements. The storm named Henri did not appear to create enough reimbursable damages for submission to FEMA. The storm named Ida resulted in substantially more damage than Henri. A major part of the flooding damages occurred in the Pemberwick section of Town. There is now a disaster declaration from FEMA for Ida, both for public assistance and individual assistance. The Director of Risk Management will be working with the Town departments to file a Request for Public Assistance and seek reimbursement for eligible projects. The Individual Assistance is being handled through the Office of the First Selectman and then residents will work directly with FEMA on their applications. Enterprise Risk Management: The Director of Risk Management is scheduled to participate in virtual Enterprise Risk Management training with PRIMA National beginning at the end of November and finishing by the end of December. Once finished, it is the intention of the Director of Risk Management to begin the process of drafting and implementing an Enterprise Risk Management Program for the Town of Greenwich over the next several years. Many organizations in the private sector use this organizational structure for risk management and it has become more popular now for public entities as well. This training will focus on how to plan and implement a program in the public sector.

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Workers’ Compensation Claims Reviews: The Comptroller participates with Human Resources personnel and Connecticut Interlocal Risk Management Agency (CIRMA) personnel in reviewing the most noteworthy, persistent and costly workers’ compensation claims on a periodic basis. This process occurs, on average, about every three months and requires participation from the highest-ranking officials from the Police, Fire, Public Works, Parks and Recreation, Nathaniel Witherell and Board of Education. The last meeting was held on October 7, 2021. The next meeting is planned for January 2022.

Internal Audit (Outsourcing) The third audit in Phase II of the outsourced audits program is the Griffith E. Harris Golf Course audit. This audit has commenced, field work has been completed and the report is in draft form. It is expected to be presented at the December 16, 2021 Audit Committee meeting. There are three audits remaining for Phase II:

• Department of Public Works: Building Inspection Division and Assessors Audit • Police Special Duty (Side Jobs) Audit • Employee Benefits: Financial Review of Controls Over Health Insurance Administration Audit

The Comptroller is updating the bi-annual Audit Plan and will tentatively present it to the Audit Committee for a first read at the December Audit Committee meeting and acceptance at the January 2022 Audit Committee meeting. Included in the new Audit Plan will be discussions on the next selection of audits to be included in Phase III.

Cash Management

Cash Report – The Town’s General Fund invested cash position at October 31, 2021 was $170.0 million, approximately $11.9 million higher than on October 31, 2020. Major contributors to the variance are record revenue collections, particularly in conveyance tax, building permits and numerous sizable state and federal grants in FY 2021 and the first four months of FY 2022. Interest earned on the General Fund bank deposits and investments in October 2021 was $24.5 thousand, reflecting a 0.20% blended annualized rate. The fiscal year-to-date earnings are $143.9 thousand. Certificate of Deposit (CD) Program – As of October 31, 2021, the CD Program had $20,825,000 invested in maturities ranging from less than one year ($7,857,000) to one to three years ($12,968,000). This total excludes the Program’s cash position, invested in Dreyfus Treasury Obligations Cash Management Fund, in the amount of $560 thousand on October 31, 2021. The weighted average yield on the Town’s FDIC insured CD investment program as of the end of October was 0.950% and the portfolio’s average life to maturity was 1.43 years. At the request of the Investment Advisory Committee, Treasury has been providing a list of CD holdings with IDC ratings on a quarterly basis to the Committee. Treasury Bill Investment Program – The Program has been put on hold until there is an improvement in the U.S. Treasury rates. The brokerage account at JPMorgan can stay open for 18 months without activity;

5

however, after several communications with JPMorgan Securities LLC, the broker agreed to extend that period for the Town of Greenwich. Interest Rates (as of November 16, 2021) –the U.S. Treasury three, five and ten-year yields have been on an upward trajectory:

Date 1 mo 3 mo 6 mo 1 yr 3 yr 5 yr 10 yr 20 yr 30 yr

10/12/2021 0.03 0.06 0.06 0.10 0.64 1.08 1.59 2.05 2.10

11/16/2021 0.06 0.05 0.07 0.17 0.87 1.27 1.63 2.06 2.02Change 0.03 -0.01 0.01 0.07 0.23 0.19 0.04 0.01 -0.08 The Connecticut Short Term Investment Fund (STIF) yield stayed at 0.09% in October and the first half of November 2021. The FDIC insured negotiable short-term Certificate of Deposit (CD) average annual rates as of November 16, 2021 were as follows: 0.10% for 3 months CDs, 0.10% for 6 months CDs and 0.20% for one-year CDs. The JP Morgan Chase deposit rate stayed at 0.10% in November, TD’s deposit rate was 0.12%, and Webster Bank’s deposit rate has been 0.06% since June 3, 2021. OPEB Trust Fund – As of the end of October 2021, the OPEB Trust Portfolio market value was $45.9 million. The Portfolio gained $1.99 million or 4.34% in October, the fiscal year-to-date gain was $2.1 million or 4.52%. The Portfolio asset allocation on October 31, 2021 was 61.2% to domestic equities, 9.0% to international equities, and 29.8% to domestic fixed income (includes cash and short-term). At the May 13, 2021 Zoom meeting, the BET Investment Advisory Committee (IAC) voted to issue a Request for Proposal (RFP) in an attempt to gather feedback and evaluate the feasibility of hiring an Outsourced Chief Investment Officer (OCIO) to manage the OPEB Trust Portfolio. The responses to the RFP were collected, reviewed and scored in August 2021. Three finalists were identified by the Evaluation Committee and interviewed on September 13, 2021. The decision was made to recommend engaging one of the finalists as an OCIO for the OPEB Trust Fund to the BET after resolving any legal and other administrative issues. Cash Receipting/Revenue Recording Optimization – Treasury continues to work with the Town Departments on streamlining the cash receipting/revenue recording process. To date, export/import of Town Clerk and Parks & Recreation revenues have been implemented. In August 2021, we started working on creating an export/import file for the Building Department, Inland Wetlands, Planning and Zoning and Zoning Enforcement. This step entails some custom programming in Municity, which slows down the project. Internal/External Audit – Over the last several months, Treasury helped Clifton Larson Allen LLP (CLA) with the Marina, Skating Rink, Transfer Station, School Lunch, Human Services and Griffith Harris Golf Course outsourced internal audits. In addition, Treasury is assisting RSM US LLP with the revenue testing as well as review of advanced tax payments and subsequent cash receipts as part of the Fiscal Year 2021 financial audit of the Town by RSM US LLP.

6

Certificate of Achievement Award The Government Finance Officers Association (GFOA) of the United States and Canada has awarded the Certificate of Achievement for Excellence in Financial Reporting to the Town of Greenwich for its comprehensive annual financial report for the fiscal year ended June 30, 2020. The report has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the report. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. At the direction of the GFOA, the report will now be referred to as the Annual Comprehensive Financial Report (ACFR) going forward.

____ _____ Peter Mynarski Jr. Comptroller

Town of GreenwichTreasurer's ReportOctober 2021 Beg Bal Additions Withdrawals Transfers Appreciation End Bal Percent

General FundCT STIF 25,007,348 119,406 - - 1,863 25,128,616 0.008%JPMorgan Chase Bank 27,440,415 4,620,564 (21,218,901) 23,541,669 825 34,384,572 0.008%TD Bank 100,317,811 6,925,305 (20,389,864) (20,000,000) 6,877 66,860,129 0.010%Webster Bank 22,483,588 - - - 1,146 22,484,733 0.005%Pershing (CD Program) 21,138,176 - - - 13,759 21,151,935 0.079%

196,387,337 11,665,275 (41,608,765) 3,541,669 24,469 170,009,985 0.017%

OPEB TrustS&P 500 SPDR 26,159,528 - - - 1,923,133 28,082,661 7.020%Vanguard FTSE All-World ex-US 3,998,453 - - - 109,538 4,107,991 2.740%PIMCO Income Fund 8,913,945 - - - (37,018) 8,876,927 -0.420%PIMCO Enhanced Short Maturity ETF 4,789,536 - - - (4,936) 4,784,601 -0.103%Vanguard Federal MM Fund 16,196 - - - 0 16,196 0.001%

43,877,658 - - - 1,990,717 45,868,375 4.396%

Capital Projects (Bonded)CT STIF 10,007,168 - - (5,000,000) 424 5,007,592 0.008%JPMorgan Chase Bank 818,703 - - - 68 818,771 0.008%TD Bank 3,577,517 - (6,144,368) 5,000,000 348 2,433,497 0.010%

14,403,388 - (6,144,368) - 841 8,259,860 0.008%

Cap Non-Recurring FundCT STIF 3,505,329 - - - 261 3,505,590 0.008%JPMorgan Chase Bank 2,830,219 - - 2,112 155 2,832,486 0.008%TD Bank 5,000,467 - - - 510 5,000,977 0.010%

11,336,015 - - 2,112 926 11,339,052 0.010%

Parking FundJPMorgan Chase Bank 179,479 688,000 - (238,706) 7 628,779 0.008%Webster Bank 1,720,712 55,034 - - 79 1,775,825 0.005%

1,900,191 743,034 - (238,706) 85 2,404,604 0.006%

Sewer Maint. FundCT STIF 5,002,039 - - - 372 5,002,412 0.008%JPMorgan Chase Bank 8,696,550 48,000 - (937,882) 188 7,806,857 0.008%TD Bank 6,002,409 - - - 612 6,003,020 0.010%

19,700,998 48,000 - (937,882) 1,172 18,812,288 0.009%

Sewer Imp. FundJPM Bank - Capital/Bond 282,028 - - (39,741) 6 242,292 0.008%

Risk FundJPMorgan Chase Bank 4,553,281 - - (90,000) 108 4,463,389 0.008%

Leased Railroad FundCT STIF 3,000,652 - - - 223 3,000,876 0.008%JPMorgan Chase Bank 2,592,461 - - (5,330) 63 2,587,194 0.008%

5,593,114 - - (5,330) 286 5,588,070 0.008%

ARP - COVID Recovery FundsTD Bank 15,706,281 - - - 1,601 15,707,881 0.010%

Other FundsGolf Course - JPM Bank 2,319,702 199,000 - (104,122) 57 2,414,637 0.008%Nathaniel Witherell 429,744 2,182,477 (217,161) (2,070,000) - 325,061 0.000%School Lunch -JPM Bank 8,057 69,000 - (58,000) 0 19,057 0.008%

2,757,503 2,450,477 (217,161) (2,232,122) 57 2,758,755 0.007%

Total 316,497,792 14,906,786 (47,970,294) - 2,020,268 285,454,552 0.668%

Note: The cash balances include due to/from amounts in total. Individually they don't reflect the amount due to/from amounts.

Town of GreenwichTreasurer's ReportFiscal YTD October 2021 Beg Bal Additions Withdrawals Transfers Appreciation End Bal Percent

General FundCT STIF 5,002,828 119,406 - 20,000,000 6,382 25,128,616 0.032%JPMorgan Chase Bank 31,570,121 67,564,409 (92,745,817) 27,991,781 4,078 34,384,572 0.033%TD Bank 39,063,284 176,124,332 (108,367,819) (40,000,000) 40,332 66,860,129 0.045%Webster Bank 22,480,188 - - - 4,546 22,484,733 0.020%Pershing (CD Program) 21,063,402 - - - 88,533 21,151,935 0.376%

119,179,823 243,808,147 (201,113,636) 7,991,781 143,870 170,009,985 0.086%

OPEB TrustS&P 500 SPDR 26,011,984 - - - 2,070,677 28,082,661 7.633%Vanguard FTSE All-World ex-US 4,133,718 - - - (25,727) 4,107,991 -0.603%PIMCO Income Fund 9,781,905 - - (920,000) 15,022 8,876,927 0.157%PIMCO Enhanced Short Maturity ETF 2,984,049 - - 1,803,034 (2,482) 4,784,601 -0.034%Vanguard Federal MM Fund 15,861 883,366 - (883,034) 3 16,196 0.003%

42,927,518 883,366 - - 2,057,492 45,868,375 4.624%

Capital Projects (Bonded)CT STIF 4,883 - - 5,000,000 2,709 5,007,592 0.032%JPMorgan Chase Bank 645,392 200,000 (26,904) - 283 818,771 0.033%TD Bank 28,117,533 - (20,688,808) (5,000,000) 4,772 2,433,497 0.045%

28,767,807 200,000 (20,715,711) - 7,764 8,259,860 0.043%

Cap Non-Recurring FundCT STIF 4,557 - - 3,500,000 1,033 3,505,590 0.032%JPMorgan Chase Bank 4,817,720 - - (1,985,880) 646 2,832,486 0.033%TD Bank 6,498,651 - - (1,500,000) 2,326 5,000,977 0.045%

11,320,928 - - 14,120 4,005 11,339,052 0.045%

Parking FundJPMorgan Chase Bank 85,733 1,142,000 - (598,969) 15 628,779 0.033%Webster Bank 1,548,820 226,710 - - 295 1,775,825 0.020%

1,634,552 1,368,710 - (598,969) 311 2,404,604 0.023%

Sewer Maint. FundCT STIF 918 - - 5,000,000 1,494 5,002,412 0.032%JPMorgan Chase Bank 7,931,777 165,000 - (290,790) 869 7,806,857 0.033%TD Bank 8,000,230 - - (2,000,000) 2,790 6,003,020 0.045%

15,932,925 165,000 - 2,709,210 5,153 18,812,288 0.023%

Sewer Imp. FundJPM Bank - Capital/Bond 332,152 - - (89,894) 35 242,292 0.033%

Risk FundJPMorgan Chase Bank 4,557,373 - - (94,500) 516 4,463,389 0.033%

Leased Railroad FundCT STIF 210 - - 3,000,000 666 3,000,876 0.032%JPMorgan Chase Bank 5,604,591 - - (3,017,801) 404 2,587,194 0.033%

5,604,801 - - (17,801) 1,070 5,588,070 0.033%

ARP - COVID Recovery FundsTD Bank 15,700,731 - - - 7,150 15,707,881 0.045%

Other FundsGolf Course - JPM Bank 1,751,344 1,104,000 - (440,946) 239 2,414,637 0.033%Nathaniel Witherell 248,043 9,823,673 (426,655) (9,320,000) - 325,061 0.000%School Lunch -JPM Bank 1,057 171,000 - (153,000) 1 19,057 0.033%

2,000,443 11,098,673 (426,655) (9,913,946) 240 2,758,755 0.029%

Total 247,959,052 257,523,896 (222,256,002) (0) 2,227,606 285,454,552

Note: The cash balances include due to/from amounts in total. Individually they don't reflect the amount due to/from amounts.

Town of Greenwich, Connecticut

Other Post-Employment Benefits

Actuarial Valuation

as of July 1, 2021

Submitted by:

Boomershine Consulting Group, LLC

Executive Center 1

3300 North Ridge Road, Suite 300

Ellicott City, MD 21043

November, 2021

https://pbs.twimg.com/profile_images/1292697640/Town_seal_BIG_150dpi_400x400.jpg

Town of Greenwich Actuarial Valuation

Other Post-Employment Benefits Plan as of July 1, 2021

November 16, 2021

Town of Greenwich Board of Estimate and Taxation

101 Field Point Road

Greenwich, CT 06830

Members of the Board:

This Report presents the July 1, 2021 actuarial valuation results for the Town of Greenwich (the “Town”)

Other Post-Employment Benefit Plan (the “Plan”). The purposes of this report are to:

(1) Determine the Plan's funding progress as of July 1, 2021;

(2) Compute the Town's Actuarially Determined Contribution for OPEB;

(3) Provide information that may be helpful in future planning for the Other Post-

Employment Benefit (“OPEB”) Plan.

(4) To establish the basis for GASB 75 reporting for fiscal year 2022

A summary of the major results is shown in the Executive Summary, while the remaining sections

provide more detail. A separate additional report with GASB 74/75 information is issued annually. This

report is for the purpose of Plan funding.

The actuarial costs and liabilities shown herein are based on the data and Plan provisions provided by

the Town, as summarized in the Demographic Summary and Plan Provisions Sections, respectively, and

the funding method and actuarial assumptions outlined in the Methods and Assumptions Section. This

Report presents our best estimate of the Town’s OPEB liabilities costs, in accordance with accepted

actuarial principles and best funding practices.

To the best of our knowledge, this report is complete and accurate and conforms to generally accepted

actuarial principles and methodology. This report is intended for the sole use of the addressee. It is

intended only to supply sufficient information for the Town to comply with the stated purposes of the

report, and may not be appropriate for other purposes. Reliance on information contained in the report

by anyone for other than the intended purposes puts the relying entity at risk of being misled because of

confusion or failure to understand applicable assumptions, methodologies, or limitations.

The first undersigned is a member of the American Academy of Actuaries, and is qualified to render the

actuarial opinions herein.


_________________________

Gregory M Stump, FSA, EA, MAAA, FCA Marshal Banks

Chief Actuary & Vice President Senior Consultant



Table of Contents

EXECUTIVE SUMMARY ............................................................................................................................. 1

FUNDING INFORMATION ......................................................................................................................... 2

Actuarial Liability Summary ................................................................................................................. 2

Actuarially Determined Employer Contribution (ADEC) ........................................................................ 3

History of Funding Progress ................................................................................................................. 3

PAYOUT PROJECTION .............................................................................................................................. 4

PLAN ASSET INFORMATION ..................................................................................................................... 5

DEMOGRAPHIC SUMMARY ...................................................................................................................... 8

SUMMARY OF PLAN PROVISIONS ............................................................................................................ 9

ACTUARIAL METHODS AND ASSUMPTIONS ........................................................................................... 17

APPENDIX: Actuarial Liabilities and Costs by Employee Group............................................................... 24



1

EXECUTIVE SUMMARY

The Town provides healthcare and prescription drug insurance benefits to retirees and their

dependents. A portion of the cost is paid by the Town for some retirees if they qualify based on years of

service at retirement, and the terms of their respective collective bargaining agreements. All full time

active employees who retire and meet the service requirement criteria may participate. Retirees who

are receiving a defined benefit from the Retirement System or participate in the Town’s 401(k) plan may

elect to participate at any open enrollment date.

The following table summarizes the valuation results. These results have been calculated based on

assumptions relating to demographic and healthcare experience, as well as return on Plan assets.

Information on Plan provisions and retiree participation was provided by the Town.

This summary identifies the actuarial value of benefit and actuarial cost, using a discount rate of 6.75%,

and amortizing the Unfunded Actuarial Accrued Liability over a closed period (18 years remaining as of

July 1, 2021).

July 1, 2021 July 1, 2020

Present Value of Projected Benefits (PVPB) $77,889,379 $68,452,721

Actuarial Accrued Liability (AAL) 70,708,160 63,518,049

Actuarial Value of Assets (AVA) 33,673,508 29,903,193

Funding Ratio (AVA/AAL) 48% 47%

Unfunded Actuarial Accrued Liability (UAAL) 37,034,652 33,614,856

Actuarially Determined Employer Contribution

(ADEC) $4,459,798 $3,835,422

Expected Benefit Payments (Employer) $4,291,985 $3,807,973

There were a number of changes impacting plan costs and liabilities since the prior valuation, including

the following:

1. Updated demographic data, premiums, and plan elections

2. Updated healthcare assumptions regarding future claims costs and increases

3. Decrease in the discount rate from 7.00% to 6.75%

The net impact of these changes was an increase in actuarial costs and liabilities. There were no

changes in plan provisions.



2

FUNDING INFORMATION

This section presents detailed valuation results for the Town's OPEB.

• The Present Value of Projected Benefits (PVPB) is the total present value of all expected future

benefits to be paid to current participants, based on a set of actuarial assumptions. The Plan's

total PVPB is $77.9 million.

• The Actuarial Accrued Liability (AAL) is the obligation for benefits earned through the valuation

date, based on certain actuarial methods and assumptions. The Plan's AAL is $70.7 million.

• The Normal Cost is the actuarial value of benefits to be earned during the year by active

employees. The total Normal Cost is $790,862.

Actuarial Liability Summary

The figures below were developed using the Entry Age actuarial cost method.

July 1, 2021 July 1, 2020

Present Value of Projected Benefits

Actives $30,283,126 $23,178,134

Retirees $44,482,050 41,748,655

Worker’s Comp* $3,124,204 $3,525,932

Total $77,889,380 $68,452,721

Actuarial Accrued Liability (AAL)

Actives $23,101,906 $18,243,462

Retirees 44,482,050 41,748,655

Worker’s Comp* 3,124,204 3,525,932

Total $70,708,160 $63,518,049

Plan Assets $33,673,508 $29,903,193

Unfunded AAL 37,034,652 33,614,856

Funding Ratio 48% 47%

Normal Cost $790,862 $544,939

* Self-insured portion



3

Actuarially Determined Employer Contribution (ADEC)

The method for determining the Town's OPEB cost includes both the value of benefits deemed to be

earned during the year (Normal Cost) and an amortization of the Unfunded Actuarial Accrued Liability

(UAAL). Accordingly, the following table shows the Town's ADEC based on a closed-period amortization

of the UAAL, with 18 years remaining as of July 1, 2021.

July 1, 2021 July 1, 2020

Normal Cost $790,862 $544,939

UAAL Amortization

3,386,935

(18 years)

3,039,569

(19 years)

Total Cost, beginning of year 4,177,797 3,584,508

Interest to end of year 288,001 250,914

Actuarially Determined Employer Contribution $4,459,798 $3,835,422

History of Funding Progress

Valuation

Date

Actuarial

Value of

Assets

(a)

Actuarial Accrued

Liability (AAL)

(b)

Unfunded AAL

(UAAL)

(b-a)

Funded

Ratio

(a / b)

7/1/2012 $16,646,000 $68,504,000 $51,858,000 27.8%

7/1/2013 18,100,133 75,087,425 56,987,292 24.1%

7/1/2014 17,153,137 76,436,177 59,283,040 22.4%

7/1/2015 15,730,337 76,827,427 61,097,090 20.5%

7/1/2016 17,631,408 70,597,698 52,966,290 25.0%

7/1/2017 20,275,951 60,031,637 39,755,686 33.8%

7/1/2018 24,364,105 55,966,175 31,602,070 43.5%

7/1/2019 27,405,520 56,400,262 28,994,742 48.6%

7/1/2020 29,903,193 63,518,049 33,614,856 47.1%

7/1/2021 33,673,508 70,708,160 37,034,652 47.6%



4

PAYOUT PROJECTION

Annual benefit payments expected, based on current population and assumptions detailed in the

Methods and Assumptions section.

Year Ending

Town, General

Employees Police and Fire

Board of

Education

Self-Insured

Worker’s Comp* Total

6/30/2022 $55,102 $3,371,398 $640,290 $223,237 $4,433,679

6/30/2023 73,199 3,409,658 692,009 208,497 4,524,916

6/30/2024 90,370 3,600,930 764,055 195,539 4,789,866

6/30/2025 105,510 3,889,549 786,740 182,470 5,100,170

6/30/2026 118,933 3,991,956 838,300 168,623 5,250,055

6/30/2027 132,829 4,111,545 867,523 155,165 5,395,067

6/30/2028 145,840 4,225,057 930,362 140,169 5,564,640

6/30/2029 156,630 4,310,719 994,762 124,998 5,705,009

6/30/2030 166,499 4,339,494 997,703 110,655 5,726,472

6/30/2031 175,465 4,464,249 1,089,459 96,114 5,931,224

* Current benefit recipients only



5

PLAN ASSET INFORMATION



6

Reconciliation of Market Value of Assets

For Fiscal Year Ending June 30, 2021

The information below was provided by the Town, and was not audited or verified by BCG.

Net Plan Assets as of July 1, 2020 $ 29,316,148

Contributions:

Employer:

General Fund Contribution to Trust Fund $3,450,000

Plan Members (retiree premiums) 2,208,378

Teacher Subsidy from the State 55,510

Total $5,713,888

Investment Income

Net appreciation $9,450,153

Interest and dividends 733,528

Total $10,183,681

Investment Expenses $ -

Deductions: Benefits:

Benefits Paid (OPEB)

($5,053,559)

Transfer for Implicit Subsidy -

Self-Funded Worker’s Comp Payments (693,628)

Administrative Costs (94,528)

Total

($5,841,715)

Change in Net Position 10,055,854

Net Assets as of June 30, 2021 $ 39,372,002

Funding Ratio on Market Value Basis: 56.0%



7

Development of Actuarial Value of Assets

(1) Actuarial Value of Assets as of July 1, 2020 $29,903,193 (2) Market Value of Assets as of July 1, 2020 $29,316,148

Contributions:

Employer:

Contributions to Trust Fund $3,450,000

Plan Members (retiree premiums) 2,208,378

Teachers' Retirement Board Payments 55,510 (3) Total $5,713,888

Deductions:

Benefits:

Total Benefits Paid ($5,747,187)

including Self-Funded Worker’s Comp Payments and implicit subsidy

Administrative Costs (94,528) (4) Total ($5,841,715)

(5) Expected Return on Market Assets 2,168,406

[7.00% on (2), (3), and (4), adjusted for timing]

(6) Expected Market Value of Assets as of June 30, 2021 [(2)+(3)+(4)+(5)] $31,356,727

(7) Market Value of Assets as of June 30, 2021 $39,372,002

(8) Investment Gain/(Loss) for Fiscal Year 2021 [(7) - (6)] 8,015,275 80% Deferred

(9) Investment Gain/(Loss), Fiscal Year 2020 (939,069) 60% Deferred

(10) Investment Gain/(Loss), Fiscal Year 2019 (448,275) 40% Deferred

(11) Investment Gain/(Loss), Fiscal Year 2018 145,131 20% Deferred

(12) Total Unrecognized Investment Gain/(Loss) $5,698,494

(13) Preliminary Actuarial Value of Assets as of July 1, 2021 $33,673,508

80% of Market Value 31,497,602

120% of Market Value 47,246,402

(14) Actuarial Value of Assets as of July 1, 2021, not less than $33,673,508

80% of Market Value, and not greater than 120% of Market Value

Ratio of Actuarial Assets to Market Value 85.5%



8

DEMOGRAPHIC SUMMARY

We relied on the demographic information from the Town Finance, Accounting, and Human Resources

departments. The data was not audited; however, it was reviewed for consistency with the prior year

and internal consistency. There are several minor inconsistencies between the financial data and the

individual data. We deemed the member data to be the most accurate source; therefore, all of the

figures in this report are based on such.

The following Table summarizes active and retiree demographic information.

Number of Participants in Valuation 2020

Town

General EEs

Police

and Fire

Board of

Education1 Total Total

Active Employees

(with coverage)

Eligible for Town Credit

Ineligible for Town Credit

348

499

245

0

0

997

593

1,496

555

1,467

Total Active 847 245 997 2,089 2,022

Total Retirees

# Receiving Town Credits

193

179

140

140

45

0

378

319

376

307

Self-Funded Worker’s Comp 27 28

Town

General EEs

Police

and Fire

Board of

Education1 Total

2020

Total

Average Age (Medical/Drug)

Active

Retired

53.7

77.9

42.3

66.1

46.1

71.8

48.4

72.8

48.6

72.2

Average Service (for active) 15.1 14.8 12.5 13.8 13.8

Average age for those not

covered by Medicare

Active

Retired

56.4

66.6

62.2

72.3

1 Includes the following bargaining units: GEA, GOSA, LIUNA Aides, Office Administration



9

SUMMARY OF PLAN PROVISIONS



10

Healthcare Premiums

7/1/2021 Monthly Rates

Single Coverage Dual Coverage Family Coverage

Over 65

United Healthcare $271.82 $543.64

Connecticut Partnership

(not Medicare eligible) See Under 65 rates See Under 65 rates See Under 65 rates

Under 65

Connecticut Partnership,

Under 65 (Fire) $1,082.85 $2,317.31 $2,837.08


Under 65 (Police) 1,101.61 2,357.45 2,886.23


Under 65 (BOE GEA) 1,046.45 2,239.41 2,741.71


Under 65 (BOE GOSA) 1,021.34 2,186.49 2,770.15


Under 65 (All Others) 1,332.62 2,868.45

The blended rates shown above are the basis for retiree contributions.

Retirees without Medicare coverage, who will receive coverage through the Connecticut Partnership

Plan, will be responsible for paying the Under 65 retiree rates shown above.



11

Eligibility and Cost Sharing

GMEA

Eligibility for Town Credit 20 years of credited service, receiving retirement benefits from Town

Retirement Plan, and electing to continue health insurance with the

Town. Full-time employees hired on or after July 1, 2011 shall not be

eligible for the benefits but in lieu thereof shall enroll and become a

participant of the Town sponsored Retiree Health Savings Plan.

Retiree Town Credit The annual Amount payable by the Town varies based on date of

retirement, age and coverage level elected:

Retirement Date To age 65 After 65

From To Single Family Single Family

7/1/2003 Present $1,000 $2,200 $600 $1,200

7/1/1997 6/30/2003 760 1,970 600 1,200

7/1/1989 6/30/1997 700 1,500 600 1,200

7/1/1984 6/30/1989 500 1,300 470 1,170

7/1/1981 6/30/1984 350 850 0 0

Prior to 6/30/1981 0 0 0 0

The retiree must pay for amounts in excess of the Town Credit. Town

Credits are applied to the monthly medical premium on a pro-rated basis.

Beginning July 1, 2017, all GMEA retirees are offered coverage through the Connecticut Partnership

Plan. Retirees are responsible for paying the retiree premium rate, less any Town credits.

Teamsters

Eligibility for Town Credit 20 years of credited service, receiving retirement benefits from Town

Retirement Plan, and electing to continue health insurance with the

Town. An employee hired on or after January 1, 1995 shall not be

eligible for the retiree healthcare credit. The Town shall sponsor a

Retiree Health Savings Plan into which such employee shall enroll.





7/1/2008 Present $910 $2,120 $610 $1,430

7/1/1994 6/30/2008 760 1,970 450 1,280

7/1/1992 6/30/1994 750 1,800 450 1,170

7/1/1986 6/30/1992 700 1,500 450 1,170

7/1/1984 6/30/1986 500 1,300 450 1,170

Prior to 6/30/1984 0 0 0 0

The retiree must pay for amounts in excess of the Town Credit. Town

Credits are applied to the monthly medical premium on a pro-rated basis.

Beginning July 1, 2017, all Teamsters retirees are offered coverage through the Connecticut Partnership




12

Fire

Eligibility for Town Credit 20 years of credited service, receiving retirement benefits from

Town Retirement System, and electing to continue health

insurance with the Town.





7/1/1988 Present 75% of Premium Elected

7/1/1986 6/30/1988 $700 1,800 0 0

7/1/1984 6/30/1986 500 1,300 0 0

Prior to 6/30/1984 0 0 0 0

The retiree must pay for amounts in excess of the Town Credit.

Flat dollar Town Credits are applied to the monthly medical

premium on a pro-rated basis.

Life Insurance Benefit A one-time payment of one times annual base salary for retiree

death during the five years following retirement for those who

retired on or after 7/1/2010.

Beginning July 1, 2018, all Fire retirees are offered coverage through the Connecticut Partnership Plan.

Retirees are responsible for paying the applicable premium, less any Town credits.



13

Police


Town Retirement System, and electing to continue health

insurance with the Town.





7/1/1999 Present 75% of Premium Elected

7/1/1989 6/30/1999 $850 2,150 0 0

7/1/1984 6/30/1989 700 1,800 0 0

Prior to 6/30/1984 0 0 0 0


Flat dollar Town Credits are applied to the monthly medical

premium on a pro-rated basis.

Effective 2010-2014 collective bargaining agreement, for an

employee awarded an accidental disability allowance, the Town

pays 18.75% of the premium for an employee with less than 5

years of service, 37.5% if the employee had 5 years but less than

10 years of service, 56.25% if the employee had 10 years but less

than 15 years of service, 75% if the employee had 15 or more

years of service. If the employee is permanently and totally

disabled, the Town pays 100% of the premium.

Life Insurance Benefit A one-time payment of one and one-half times annual base salary

for retiree death during the five years following retirement.

Beginning January 1, 2018, all Police retirees are offered coverage through the Connecticut Partnership

Plan. Retirees are responsible for paying the applicable premium, less any Town credits.



14

LIUNA


Town Retirement Plan, and electing to continue health insurance

with the Town. LIUNA members employed at Nathaniel Witherell

and all full-time employees hired on or after January 1, 1996

shall not be eligible for the benefits but in lieu thereof, shall

enroll and become a participant of the Town sponsored Retiree

Health Care Savings Plan.





7/1/1996 Present $760 $1,970 $760 $1,970

7/1/1985 6/30/1995 700 1,800 700 1,800

Prior to 6/30/1985 0 0 0 0


Town Credits are applied to the monthly medical premium on a

pro-rated basis.

Beginning July 1, 2017, all LIUNA retirees are offered coverage through the Connecticut Partnership




15

Nurses



with the Town. Nurses hired on or after February 1, 2009 are not

eligible to receive Town Credit.





7/1/2016 Present 900 1,700 800 1,570

7/1/2015 6/30/2016 900 1,700 700 1,470

7/1/2009 6/30/2015 700 1,570 670 1,370

7/1/1986 6/30/2009 500 1,300 470 1,170

Prior to 6/30/1986 0 0 0 0



pro-rated basis.

Beginning July 1, 2018, all Nurse retirees are offered coverage through the Connecticut Partnership

Plan. Retirees are responsible for paying the retiree premium, less any Town credits.

Management, Confidential, and Elected Officials



with the Town.





7/1/1995 Present $760 $1,970 $760 $1,970

7/1/1985 6/30/1995 700 1,800 700 1,800

Prior to 6/30/1985 0 0 0 0



pro-rated basis.

Life Insurance Benefit A one-time payment of $7,500 for retiree death during the 10

years following retirement.

Beginning July 1, 2017, all M&C retirees are offered coverage through the Connecticut Partnership




16

Board of Education (Certified Staff)

Eligibility for Healthcare Early or Normal Retirement with last employment at Greenwich

Board of Education.

Certified Staff may continue participating in Town Health Care

until they become eligible for Medicare Part A coverage.

Retiree/Spouse Retiree pays 100% or the cost of coverage less the State Teachers’

Retiree Board contribution.

Beginning July 1, 2016, all GOSA retirees are offered coverage through the Connecticut Partnership

Plan. GOSA retirees will contribute at the active employee premium rate, and the Town is responsible

for the remainder of the cost.

Beginning July 1, 2017, all GEA retirees are offered coverage through the Connecticut Partnership

Plan. GEA retirees will contribute a blended premium rate, and the Town is responsible for the

remainder of the cost.

Self-Insured Worker’s Compensation Group

The Town provides benefits through this Plan to a group of former employees receiving worker’s

compensation and Heart and Hypertension benefits. These benefits are predominantly healthcare

benefits. However, the Town frequently settles these claims when applicable, leaving the Plan with no

further obligation other than any standard retiree healthcare to which participants may be entitled.



17

ACTUARIAL METHODS AND ASSUMPTIONS



18

Methods and Assumptions

Valuation/Measurement Date All actuarial liabilities have been determined as of July 1, 2021

Amortization Period Closed until 15 years, then open; 18 years remaining

Amortization Method Level Dollar

Actuarial Method Entry Age (individual), level percentage of pay

Normal Cost Determined for each active employee as the Actuarial Present

Value of benefits allocated to the valuation year. The benefit

attributed to the valuation year is that incremental portion of the

total projected benefit earned during the year in accordance with

the plan's benefit formula. This allocation is based on each

individual's service between date of hire and date of full benefit

eligibility.

Actuarial Accrued Liability The Actuarial Present Value of Benefits allocated to all periods prior

to the valuation year.

Investment Return/

Discount Rate

6.75%, net of investment expenses and including inflation, based

on presumed full pre-funding of benefits.



19

Healthcare Assumptions

Assumed trend rates for future healthcare costs are as follows:

Year Beginning July 1, Pre-Medicare Medicare/WC

2021 4.00% 4.00%

2022 5.75% 4.00%

2023 5.50% 4.00%

2024 5.25% 4.00%

2025 5.00% 4.00%

2026 4.75% 4.00%

2027 4.50% 4.00%

2028+ 4.25% 4.00%

Expected Annual Claims (2021-22 Basis), representative amounts:

Age

Retiree

w/Medicare

Spouse

w/Medicare

Retiree w/o

Medicare*

w/o Medicare-

Spouse

Worker’s

Comp**

40 $7,098 $8,181 $7,098 $8,181 $3,851

45 9,058 10,440 9,058 10,440 3,851

50 11,561 13,323 11,561 13,323 3,851

55 13,600 15,673 13,600 15,673 3,851

60 16,231 18,706 16,231 18,706 3,851

65 2,489 2,489 21,814 21,814 4,360

70 2,886 2,886 25,284 25,284 4,360

75 3,265 3,265 28,608 28,608 3,198

80 3,605 3,605 31,587 31,587 3,198

85 3,789 3,789 33,198 33,198 3,198

90 3,884 3,884 34,033 34,033 3,198

* Applies only to covered participants that are not eligible for Medicare coverage.

** There are three exceptions to this for the members receiving annual survivor annuity benefits

through worker’s comp. Accordingly, these amounts are valued as single life annuities based on the

beneficiaries’ ages. For members covered by the self-insured worker’s compensation, the amounts are

assumed to be paid in addition to standard retiree healthcare benefits, and are assumed to decrease at

a rate of 10% per year. In addition to these expected annual costs, the Town is expected to pay

settlements totaling $300,000 for each of the next five years.



20

Basis for Assumptions

In general, the demographic assumptions shown below are based on the following:

Board of Education Members: The assumptions used in the valuation of the State Teachers’

Retirement System

All Others: The demographic assumptions used for the valuation of the Town’s Retirement

System, and are based on the actuarial experience study completed in 2020.

Mortality

Mortality rates are assumed to be in accordance with the Pub 2010S Headcount table for Police and

Fire, Pub2010G Headcount table for General employees and Pub2010T Headcount table for Board of

Education; all with Generational improvements with the SSA scale to account for anticipated future

improvements in life expectancy. Pub2010 Disabled tables are used for disabled lives, and 50% of the

retiree tables are used for pre-retirement deaths.

Disability

Police and Fire: Sample rates shown in the table below

Age Ordinary Accidental

25 0.048% 0.120%

35 0.078% 0.195%

45 0.150% 1.125%

55 0.440% 1.125%

60 0.000% 0.000%

Board of Education

Age Male Female

25 0.0341% 0.0500%

35 0.0341% 0.0410%

45 0.1219% 0.1200%

55 0.5363% 0.4380%

60 0.9604% 0.5000%

For all other participants, a rate of .15% for females and .50% for males is applied to all ages from 35 to

64 (0% otherwise).



21

Retirement

Fire/Police Tier I

Age Police Fire

20 10.0% 10.0%

21 1.0% 2.5%

22 2.0% 2.5%

23 3.0% 2.5%

24 4.0% 2.5%

25 5.0% 2.5%

26 5.0% 10.0%

27 15.0% 10.0%

28 15.0% 10.0%

29 15.0% 10.0%

30 15.0% 10.0%

31 15.0% 10.0%

32 15.0% 10.0%

33 15.0% 15.0%

34 50.0% 20.0%

35+ 100.0% 100.0%

100% at age 60+

Fire/Police Tier II

Age Police Fire

50 25% 25%

51 – 55 15% 10%

56 – 59 20% 10%

60 + 100% 100%

Retirement Rates – Town

Employees, Non-Safety

Age Normal

<60 3%

60 6%

61 7%

62 8%

63 9%

64 10%

65-74 20%

75 + 100%



22

Retirement Rates – Certified Staff

Age Male Female

55-59 38.5% 27.5%

60 22.0% 27.5%

61-62 25.3% 27.5%

63-64 27.5% 27.5%

65 36.3% 32.5%

66-69 27.5% 32.5%

70-79 100.0% 32.5%

80+ 100.0% 100.0%

Termination

Termination Rates – Certified Staff

Years of

service Male Female

0 14.00% 12.00%

1 11.00% 10.50%

2 8.00% 8.75%

3 6.50% 7.50%

4 4.50% 6.75%

5 3.50% 6.00%

6 3.00% 5.25%

7 2.75% 4.75%

8 2.50% 4.25%

9 2.50% 4.00%

10 + Rates vary by age, males -ranging from 1.50% to 4.00%

females – ranging from 4.00% to 2.90%



23

Termination Rates (All Others)

Years of

Service Police

Fire Non-Safety

Unit 13

0 5.5% 8.0% 16.0% 16.0%

1 5.0% 4.0% 12.8% 12.8%

2 4.5% 2.0% 10.2% 10.2%

3 4.0% 1.0% 8.2% 8.2%

4 3.6% 1.0% 6.6% 6.6%

5 3.2% 1.0% 13.1% 5.2%

6 2.9% 1.0% 13.1% 5.2%

7 2.6% 1.0% 13.1% 5.2%

8 2.4% 1.0% 13.1% 5.2%

9 2.1% 0.0% 13.1% 5.2%

10 1.9% 0.0% 13.1% 5.2%

11 1.7% 0.0% 13.1% 5.2%

12 1.6% 0.0% 13.1% 5.2%

13 1.4% 0.0% 13.1% 5.2%

14 1.3% 0.0% 13.1% 5.2%

15 0.0% 0.0% 13.1% 5.2%

19 0.0% 0.0% 13.1% 5.2%

25 0.0% 0.0% 0.0% 0.0%

Assumed Participation Rates

Group

Participation

Upon

Retirement

Spousal

Coverage

Election

Police and Fire 58% 57%

Certified Staff 50% 25%

All Others 57% 50%

For those whose spouse’s date of birth is not available, males are assumed to be three years older than

their wife. Future retirees are assumed to enroll in the HSA plan.

Changes in Assumptions

Expected claims costs and expected healthcare trend were updated to reflect updated medical cost and

premium information. The expected return was decreased from 7.00% to 6.75%.



24

APPENDIX: Actuarial Liabilities and Costs by Employee Group



25

Current Assumption: 6.75%

Actuarial Liability as of July 1, 2021

Active Accrued

Liability

Inactive

Accrued

Liability

Total Accrued

Liability

Allocated

Assets*

Unfunded

Accrued Liability

Board of Education $ 7,102,604 $ 5,902,654 $ 13,005,258 $ 4,468,387 $ 8,536,871

Fire 6,884,643 15,489,770 22,374,413 11,725,963 10,648,450

GMEA 804,690 516,232 1,320,922 390,795 930,127

LIUNA 113,422 398,206 511,628 301,447 210,181

Management/Elected 377,468 475,723 853,191 360,129 493,062

Nurses 47,100 59,074 106,174 44,720 61,454

Police 7,097,458 21,067,991 28,165,449 15,948,752 12,216,697

Teamsters 674,521 572,400 1,246,921 433,314 813,607

Sub-Total $ 23,101,906 $ 44,482,050 $ 67,583,956 $ 33,673,508 $ 33,910,449

Worker’s Comp

Group

0 3,124,204 3,124,204 0 3,124,204

Total $ 23,101,906 $ 47,606,254 $ 70,708,160 $ 33,673,508 $ 37,034,653

* Done on a notional basis, with allocated value based on proportion of retiree liability

ADEC for Fiscal Year 2023

Normal Cost

Amortization

Interest to

End of Year

Actuarially

Determined

Employer

Contribution

Board of Education $ 253,242 $ 780,724 $ 69,793 $ 1,103,759

Fire 205,173 973,834 79,583 1,258,590

GMEA 15,113 85,063 6,762 106,938

LIUNA 2,736 19,222 1,482 23,440

Management/Elected 14,660 45,092 4,033 63,785

Nurses 978 5,620 445 7,043

Police 288,921 1,117,255 94,917 1,501,093

Teamsters 10,039 74,407 5,700 90,146

Sub-Total $ 790,862 $ 3,101,217 $ 262,715 $ 4,154,794

Worker’s Comp Group 0 285,718 19,286 305,004

Total for All Groups $ 790,862 $ 3,386,935 $ 282,001 $ 4,459,798

Note: Some row and column totals may be off due to rounding



26

Alternate Assumption: 6.00%

Actuarial Liability as of July 1, 2021

Active Accrued

Liability

Inactive

Accrued

Liability

Total Accrued

Liability

Allocated

Assets*

Unfunded

Accrued Liability

Board of Education $8,435,299 $6,323,092 $14,758,391 $4,482,310 $10,276,081

Fire 7,723,864 16,453,229 24,177,093 11,663,357 12,513,736

GMEA 1,045,055 549,114 1,594,169 389,256 1,204,913

LIUNA 161,943 420,577 582,520 298,138 284,382

Management/Elected 419,221 501,416 920,737 355,515 565,222

Nurses 69,271 62,575 131,846 44,358 87,488

Police 8,243,286 22,581,540 30,824,826 16,007,592 14,817,234

Teamsters 731,286 610,796 1,342,082 432,981 909,101

Sub-Total $26,829,224 $47,502,440 $74,331,664 $33,673,508 $40,658,157

Worker’s Comp

Group

0 3,253,534 3,253,534 0 3,253,534

Total $26,829,224 $50,755,974 $77,585,198 $33,673,508 $43,911,691

* Done on a notional basis, with allocated value based on proportion of retiree liability

ADEC for Fiscal Year 2023

Normal Cost

Amortization

Interest to

End of Year

Actuarially

Determined

Employer

Contribution

Board of Education $283,887 $895,343 $70,754 $1,249,984

Fire 246,366 1,090,307 80,200 1,416,873

GMEA 17,406 104,983 7,343 129,732

LIUNA 3,287 24,778 1,684 29,749

Management/Elected 16,495 49,247 3,944 69,686

Nurses 1,302 7,623 536 9,461

Police 343,291 1,291,008 98,058 1,732,357

Teamsters 10,131 79,209 5,360 94,700

Sub-Total $922,164 $3,542,498 $267,879 $4,732,541

Worker’s Comp Group 0 283,477 17,009 300,486

Total for All Groups $922,164 $3,825,975 $284,888 $5,033,027

Note: Some row and column totals may be off due to rounding

OTHER POST-EMPLOYMENT BENEFITS TRUST INVESTMENT POLICY STATEMENT

June 14, 2021 - BET Reference Book

Introduction Other Post-Employment Benefits (OPEB) consist of healthcare and life insurance benefits for Town of Greenwich (TOG) retirees. In 2004, the Governmental Accounting Standards Board issued Statements requiring municipal governments to account for Other Post-Employment Benefits in a manner similar to that of pension benefits. Accordingly, the Board of Estimate and Taxation (BET) decided to appropriate money to fund OPEB payments, and thereby established the OPEB Trust (Trust). The Trust was established and is governed in accordance with the Declaration of Trust effective January 1, 2008. The Trustee of the Trust is the Town's Treasurer. A three-member board (Board) appointed by the BET is responsible for making investment recommendations. All investment recommendations require the review and approval by the BET’s Investment Advisory Committee (IAC) before the Trustee may execute the Board’s recommended investment actions. For administrative ease, the TOG makes OPEB payments directly from its General Fund to the Plan participants. Shortly after the end of each fiscal year, a payment is made between the General Fund and the Trust reconciling any difference between the General Fund’s OPEB payments on behalf of Plan participants and the Actuarially Determined Employer Contribution for OPEB. Investment Objective The investment objective of the Trust is to earn a blended rate of return consistent with the long-term Rate of Return assumption used for the annual Actuarial Valuation. The OPEB Trust has an annualized return assumption of 7.00%6.75%. The assets of the Trust shall be invested to ensure that principal is preserved and enhanced over the long-term. The assets shall be managed and invested in accordance with the Connecticut Uniform Prudent Investor Act (General Statutes Section 45a-541 to Section 45a-541l, inclusive). Liquidity The Trust shall maintain a cash or near-cash position in accordance with the Trustee's need to meet obligations of the Trust. It is anticipated that the need to raise cash in the normal course of events will be once a year soon after the end of the fiscal year to reconcile with the General Fund. Otherwise, cash will be held only if market conditions warrant.



2

Benchmark for the Portfolio The Benchmark weighting for the OPEB Trust Portfolio (Portfolio) shall be 75% Domestic Equity, as represented by the S&P 500 Index and 25% Domestic Fixed Income, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index. Investment Guidelines Given the long-term nature of the obligation to be funded and the low liquidity needs of the Trust, the BET is willing to accept a higher portfolio volatility (standard deviation of monthly returns) to achieve the Trust’s investment objectives. Higher portfolio volatility can be a function of a larger equity allocation and/or greater concentration of investable strategies. Furthermore, the BET has a preference for passive investment vehicles and actively managed vehicles will be subject to limits. The Trust’s assets may be invested in the following asset classes and within the ranges specified. The Board is charged with recommending the asset allocation (Asset Allocation) and investments (Investments), consistent with the Investment Objective and after taking into consideration the economic and market outlook for each asset class. On a quarterly basis, the Board shall review and may recommend to the IAC a change in Asset Allocation for one or more of the Asset Classes or Sub-Classes. Should the Board wish to change the minimum – maximum range, or add additional Sub-Classes, however, it must recommend such change(s) to the IAC for BET approval.

ASSET CLASS Minimum Maximum Equities 30% 90% Fixed Income * 10% 70% * Inclusive of cash or near-term investments, U. S. Treasury Bills and U.S. Government Agencies, and FDIC insured Certificates of Deposit and Money Market Funds.

Further, in considering allocations to the above specified broad Asset Classes, the Board should consider the following guidelines for the respective Sub-Classes (note Minimum and Maximum limits are expressed as percentages of the market value of the Portfolio):

EQUITIES Minimum Maximum Domestic 30% 90% Other: 0% 20%



3

FIXED INCOME Minimum Maximum Domestic * 10% 50% Other ** 0% 20%

‘* Includes cash and equivalents in money market funds. ‘** Other includes high yield bonds, International bonds, and emerging market debt.

Preferred Investment Vehicles The OPEB Trust can only invest in the following investment vehicles:

• Passively managed Exchange Traded Funds (ETF) and mutual funds, defined as those with a correlation greater than 0.9 to their corresponding broad market index/benchmark

• U.S. Treasury Bills, Notes and Bonds and U.S. Government Agencies • FDIC Insured Certificates of Deposit and Money Market Funds • Actively managed mutual funds and ETFs limited to 20% of the total Portfolio to an

individual mutual fund or ETF and 30% in aggregate across all actively managed mutual funds and ETFs

Furthermore, in determining which investment vehicles to recommend, the Board should also consider, but not be limited to, the following characteristics:

• Low management fees in comparison to other similar vehicles • Sufficient trading liquidity as defined by complete liquidation of the investment

within one trading day • No explicit leverage as part of its investment strategy

Rebalancing As soon as practical after meetings in which the IAC accepts investment transactions recommended by the Board, the Trustee should execute investment actions approved by the IAC for the Portfolio. During months in which there is no meeting of the IAC with the Board, the Trustee shall rebalance the Portfolio to the Asset Allocation as approved by the IAC on the third business day of the month. Rebalancing should only occur if the current Portfolio Asset Allocation has deviated 2% or more from the approved targeted Asset Allocation. No explicit approval is needed to execute monthly rebalancing trades by the Trustee. If market conditions warrant, the Board may seek to rebalance intra-month subject to prior IAC approval.



4

Meetings The Board shall meet no less frequently than quarterly to consider investment actions it might consider recommending to the IAC. The Board’s meetings should immediately precede its appearance at the IAC meeting scheduled immediately prior to the regularly scheduled BET meeting for the first month of the quarter. In these meetings the Board shall report to the IAC as to the asset allocation, performance of the Portfolio versus its Benchmark and performance attribution by Investment vehicle of the Trust. When market conditions warrant, the Board may seek to meet with the IAC in between its regularly scheduled quarterly appearances at IAC meetings. When a physical meeting is neither practical nor possible, meetings may be conducted virtually. In addition, in the IAC’s July meeting, the Board shall report to the IAC as to their outlook and expectations for asset class performance (expected returns) for the near term. Any recommended changes in the Investment Guidelines should be made at this time. Management Reports The IAC expects the following reports:

• Monthly Performance Report o Portfolio performance versus the Benchmark which includes monthly,

quarterly, calendar year-to-date, fiscal year-to-date, 1 year rolling, annualized 3 year and 5 year, as applicable

o Portfolio Allocation o To be sent by the 5th business day

• Quarterly Attribution Report o Portfolio performance attribution by Sub-Asset Class for quarter, 1 year

rolling, 3 year and 5 year, as applicable o Proposed changes in Asset Allocation o To be presented at the quarterly IAC meetings

• Annual Review o Review of Markets o Market Outlook and changes in Asset Class expected returns o Recommended changes to the Investment Guidelines and Investment o Policy Statement, if applicable o To be presented at the July IAC meeting



5

Review This document shall be reviewed by the IAC, Trustee and OPEB Trust Board on an annual basis and discussed at the July IAC meeting.



Introduction Other Post-Employment Benefits (OPEB) consist of healthcare and life insurance benefits for Town of Greenwich (TOG) retirees. In 2004, the Governmental Accounting Standards Board issued Statements requiring municipal governments to account for Other Post-Employment Benefits in a manner similar to that of pension benefits. Accordingly, the Board of Estimate and Taxation (BET) decided to appropriate money to fund OPEB payments, and thereby established the OPEB Trust (Trust). The Trust was established and is governed in accordance with the Declaration of Trust effective January 1, 2008. The Trustee of the Trust is the Town's Treasurer. A three-member board (Board) appointed by the BET is responsible for making investment recommendations. All investment recommendations require the review and approval by the BET’s Investment Advisory Committee (IAC) before the Trustee may execute the Board’s recommended investment actions. For administrative ease, the TOG makes OPEB payments directly from its General Fund to the Plan participants. Shortly after the end of each fiscal year, a payment is made between the General Fund and the Trust reconciling any difference between the General Fund’s OPEB payments on behalf of Plan participants and the Actuarially Determined Employer Contribution for OPEB. Investment Objective The investment objective of the Trust is to earn a blended rate of return consistent with the long-term Rate of Return assumption used for the annual Actuarial Valuation. The OPEB Trust has an annualized return assumption of 6.75%. The assets of the Trust shall be invested to ensure that principal is preserved and enhanced over the long-term. The assets shall be managed and invested in accordance with the Connecticut Uniform Prudent Investor Act (General Statutes Section 45a-541 to Section 45a-541l, inclusive). Liquidity The Trust shall maintain a cash or near-cash position in accordance with the Trustee's need to meet obligations of the Trust. It is anticipated that the need to raise cash in the normal course of events will be once a year soon after the end of the fiscal year to reconcile with the General Fund. Otherwise, cash will be held only if market conditions warrant.



2

Benchmark for the Portfolio The Benchmark weighting for the OPEB Trust Portfolio (Portfolio) shall be 75% Domestic Equity, as represented by the S&P 500 Index and 25% Domestic Fixed Income, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index. Investment Guidelines Given the long-term nature of the obligation to be funded and the low liquidity needs of the Trust, the BET is willing to accept a higher portfolio volatility (standard deviation of monthly returns) to achieve the Trust’s investment objectives. Higher portfolio volatility can be a function of a larger equity allocation and/or greater concentration of investable strategies. Furthermore, the BET has a preference for passive investment vehicles and actively managed vehicles will be subject to limits. The Trust’s assets may be invested in the following asset classes and within the ranges specified. The Board is charged with recommending the asset allocation (Asset Allocation) and investments (Investments), consistent with the Investment Objective and after taking into consideration the economic and market outlook for each asset class. On a quarterly basis, the Board shall review and may recommend to the IAC a change in Asset Allocation for one or more of the Asset Classes or Sub-Classes. Should the Board wish to change the minimum – maximum range, or add additional Sub-Classes, however, it must recommend such change(s) to the IAC for BET approval.

ASSET CLASS Minimum Maximum Equities 30% 90% Fixed Income * 10% 70% * Inclusive of cash or near-term investments, U. S. Treasury Bills and U.S. Government Agencies, and FDIC insured Certificates of Deposit and Money Market Funds.

Further, in considering allocations to the above specified broad Asset Classes, the Board should consider the following guidelines for the respective Sub-Classes (note Minimum and Maximum limits are expressed as percentages of the market value of the Portfolio):

EQUITIES Minimum Maximum Domestic 30% 90% Other: 0% 20%



3

FIXED INCOME Minimum Maximum Domestic * 10% 50% Other ** 0% 20%

‘* Includes cash and equivalents in money market funds. ‘** Other includes high yield bonds, International bonds, and emerging market debt.

Preferred Investment Vehicles The OPEB Trust can only invest in the following investment vehicles:

• Passively managed Exchange Traded Funds (ETF) and mutual funds, defined as those with a correlation greater than 0.9 to their corresponding broad market index/benchmark

• U.S. Treasury Bills, Notes and Bonds and U.S. Government Agencies • FDIC Insured Certificates of Deposit and Money Market Funds • Actively managed mutual funds and ETFs limited to 20% of the total Portfolio to an

individual mutual fund or ETF and 30% in aggregate across all actively managed mutual funds and ETFs

Furthermore, in determining which investment vehicles to recommend, the Board should also consider, but not be limited to, the following characteristics:

• Low management fees in comparison to other similar vehicles • Sufficient trading liquidity as defined by complete liquidation of the investment

within one trading day • No explicit leverage as part of its investment strategy

Rebalancing As soon as practical after meetings in which the IAC accepts investment transactions recommended by the Board, the Trustee should execute investment actions approved by the IAC for the Portfolio. During months in which there is no meeting of the IAC with the Board, the Trustee shall rebalance the Portfolio to the Asset Allocation as approved by the IAC on the third business day of the month. Rebalancing should only occur if the current Portfolio Asset Allocation has deviated 2% or more from the approved targeted Asset Allocation. No explicit approval is needed to execute monthly rebalancing trades by the Trustee. If market conditions warrant, the Board may seek to rebalance intra-month subject to prior IAC approval.



4

Meetings The Board shall meet no less frequently than quarterly to consider investment actions it might consider recommending to the IAC. The Board’s meetings should immediately precede its appearance at the IAC meeting scheduled immediately prior to the regularly scheduled BET meeting for the first month of the quarter. In these meetings the Board shall report to the IAC as to the asset allocation, performance of the Portfolio versus its Benchmark and performance attribution by Investment vehicle of the Trust. When market conditions warrant, the Board may seek to meet with the IAC in between its regularly scheduled quarterly appearances at IAC meetings. When a physical meeting is neither practical nor possible, meetings may be conducted virtually. In addition, in the IAC’s July meeting, the Board shall report to the IAC as to their outlook and expectations for asset class performance (expected returns) for the near term. Any recommended changes in the Investment Guidelines should be made at this time. Management Reports The IAC expects the following reports:

• Monthly Performance Report o Portfolio performance versus the Benchmark which includes monthly,

quarterly, calendar year-to-date, fiscal year-to-date, 1 year rolling, annualized 3 year and 5 year, as applicable

o Portfolio Allocation o To be sent by the 5th business day

• Quarterly Attribution Report o Portfolio performance attribution by Sub-Asset Class for quarter, 1 year

rolling, 3 year and 5 year, as applicable o Proposed changes in Asset Allocation o To be presented at the quarterly IAC meetings

• Annual Review o Review of Markets o Market Outlook and changes in Asset Class expected returns o Recommended changes to the Investment Guidelines and Investment o Policy Statement, if applicable o To be presented at the July IAC meeting



5

Review This document shall be reviewed by the IAC, Trustee and OPEB Trust Board on an annual basis and discussed at the July IAC meeting.

Date Day Description Start Time End Time Location

01/05/22 WED BET ORGANIZATIONAL MEETING 6:30 PM 7:30 PM THMR01/11/22 TUES BET BUDGET COMMITTEE 5:00 PM THMR01/12/22 WED BET HR COMMITTEE 8:30 AM 10:30 AM CONE01/12/22 WED BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.01/13/22 THURS OPEB TRUST BOARD 8:30 AM 10:00 AM HUMAN SERV - 3RD FLOOR01/13/22 THURS BET INVESTMENT ADVISORY COMMITTEE 10:00 AM 11:30 AM HUMAN SERV - 3RD FLOOR01/14/22 FRI BET AUDIT COMMITTEE 8:30 AM 10:30 AM GISBORNE01/18/22 TUES BET 6:30 PM THMR01/25/22 TUES FIRST SELECTMAN BUDGET PRESENTATION 6:00 PM Continuing THMR01/25/22 TUES BOE BUDGET PRESENTATION ≈6:30 PM Continuing THMR01/25/22 TUES PUBLIC HEARING ≈7:00 PM THMR

02/01/22 TUES BUDGET MTG - DAY 1 FIRST SELECTMAN 9:00 AM 4:00 PM THMR02/03/22 THURS BUDGET MTG - DAY 2 - BOE OPERATING & CAPITAL 9:00 AM 4:00 PM THMR02/08/22 TUES BUDGET MTG - DAY 3 9:00 AM 4:00 PM THMR02/10/22 THURS BUDGET MTG - DAY 4 9:00 AM 4:00 PM THMR02/11/22 FRI BET AUDIT COMMITTEE 10:00 AM 11:30 AM GISBORNE02/14/22 MON BET HR COMMITTEE 8:30 AM 10:30 AM CONE02/14/22 MON BET INVESTMENT ADVISORY COMMITTEE 1:00 PM 2:30 PM MAZZA02/14/22 MON BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.02/15/22 TUES BUDGET MTG - DAY 5 9:00 AM 4:00 PM THMR02/16/22 WED BET BUDGET COMMITTEE 5:00 PM THMR02/17/22 THURS BUDGET MTG - DAY 6 9:00 AM 4:00 PM THMR02/22/22 TUES BET 6:30 PM THMR02/23/22 WED BUDGET MTG - DAY 7 9:00 AM 4:00 PM THMR02/24/22 THURS BUDGET MTG - DAY 8 9:00 AM 4:00 PM THMR02/28/22 MON CONSOLIDATION DAY 1 9:00 AM 4:00 PM THMR

03/02/22 WED CONSOLIDATION DAY 2 9:00 AM 4:00 PM THMR03/07/22 MON BET BUDGET COMMITTEE - DECISION DAY 1 9:00 AM 4:00 PM THMR03/08/22 TUES BET BUDGET COMMITTEE - DECISION DAY 2 9:00 AM 4:00 PM THMR03/10/22 TUES BET BUDGET COMMITTEE 5:00 PM THMR03/11/22 FRI BET AUDIT COMMITTEE 8:30 AM 10:00 AM GISBORNE03/14/22 MON BET INVESTMENT ADVISORY COMMITTEE 10:00 AM 11:00 AM MAZZA03/16/22 WED BET HR COMMITTEE 8:30 AM 10:30 AM CONE03/16/22 WED BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.03/21/22 MON BET 6:30 PM THMR03/28/22 MON BET PUBLIC HEARING 7:00 PM 10:00 PM THMR03/29/22 TUES BET BUDGET WORKSHOP 5:00 PM 10:00 PM THMR

04/05/22 TUES BET DECISION DAY 9:00 AM 9:00 PM THMR04/07/22 THURS OPEB TRUST BOARD 8:30 AM 9:30 AM MAZZA04/07/22 THURS BET INVESTMENT ADVISORY COMMITTEE 10:00 AM 11:00 AM MAZZA04/11/22 MON BET AUDIT COMMITTEE 8:30 AM 10:30 AM GISBORNE04/12/22 TUES BET BUDGET COMMITTEE 5:00 PM CONE04/13/22 WED BET HR COMMITTEE 8:30 AM 10:30 AM CONE04/13/22 WED BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.04/18/22 MON BET 6:30 PM THMR

05/03/22 TUES BET AUDIT COMMITTEE 8:30 AM 10:30 AM GISBORNE05/04/22 WED BET HR COMMITTEE 8:30 AM 10:30 AM CONE05/04/22 WED BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.05/10/22 TUES BET BUDGET COMMITTEE 5:00 PM CONE05/12/22 THURS BET INVESTMENT ADVISORY COMMITTEE 8:30 AM 10:00 AM MAZZA05/23/22 MON BET 6:30 PM THMR

06/07/22 TUES BET AUDIT COMMITTEE 8:30 AM 11:30 AM GISBORNE06/08/22 WED BET HR COMMITTEE 8:30 AM 10:30 AM CONE06/08/22 WED BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.06/09/22 THURS OPEB TRUST BOARD 8:30 AM 10:00 AM MAZZA06/09/22 THURS BET INVESTMENT ADVISORY COMMITTEE 10:00 AM 11:30 AM MAZZA06/14/22 TUES BET BUDGET COMMITTEE 5:00 PM THMR06/20/22 MON BET 6:30 PM THMR

07/12/22 TUES BET BUDGET COMMITTEE 5:00 PM THMR07/13/22 WED BET HR COMMITTEE 8:30 AM 10:30 AM CONE07/13/22 WED BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.07/14/22 THURS BET INVESTMENT ADVISORY COMMITTEE 10:00 AM 11:30 AM MAZZA07/15/22 FRI BET AUDIT COMMITTEE 8:30 AM 11:30 AM GISBORNE07/18/22 MON BET 6:30 PM THMR

09/07/22 WED BET AUDIT COMMITTEE 8:30 AM 11:30 AM GISBORNE09/08/22 THURS BET HR COMMITTEE 8:30 AM 10:30 AM CONE09/08/22 THURS BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.09/13/22 TUES BET BUDGET COMMITTEE 5:00 PM THMR09/14/22 WED BET INVESTMENT ADVISORY COMMITTEE 8:30 AM 10:30 AM MAZZA09/19/22 MON BET 6:30 PM THMR

10/06/22 THURS BET AUDIT COMMITTEE 8:30 AM 10:30 AM GISBORNE10/11/22 TUES BET BUDGET COMMITTEE 5:00 PM THMR10/12/22 WED BET HR COMMITTEE 8:30 AM 10:30 AM CONE10/12/22 WED BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.10/13/22 THURS OPEB TRUST BOARD 8:30 AM 10:00 AM MAZZA10/13/22 THURS BET INVESTMENT ADVISORY COMMITTEE 10:00 AM 11:00 AM MAZZA10/17/22 MON BET 6:30 PM THMR

11/03/22 THURS BET AUDIT COMMITTEE 8:30 AM 11:30 AM GISBORNE11/09/22 WED BET HR COMMITTEE 8:30 AM 10:30 AM CONE11/09/22 WED BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.11/08/22 TUES BET INVESTMENT ADVISORY COMMITTEE 10:00 AM 11:30 AM HUMAN SERV - 3RD FLOOR11/15/22 TUES BET BUDGET COMMITTEE 5:00 PM THMR11/21/22 MON BET 6:30 PM THMR

12/06/22 TUES BET INVESTMENT ADVISORY COMMITTEE 10:00 AM 11:30 AM MAZZA12/08/22 THURS BET HR COMMITTEE 8:30 AM 10:30 AM CONE12/08/22 THURS BET LAW COMMITTEE 3:00 PM 5:00 PM LAW DEPT.12/09/22 FRI BET AUDIT COMMITTEE 8:30 AM 10:30 AM GISBORNE12/13/22 TUES BET BUDGET COMMITTEE 5:00 PM THMR12/19/22 MON BET 6:30 PM THMR

DECEMBER 2022

JUNE 2022

JULY 2022

SEPTEMBER 2022

OCTOBER 2022

NOVEMBER 2022

AUGUST 2022 - ALL BET & BET COMMITTEE MEETINGS CANCELLED

DRAFT

MAY 2022

2022 Town of Greenwich BET & BET Committee Meeting Calendar

JANUARY 2022

FEBRUARY 2022

MARCH 2022

APRIL 2022

REVISED 11-22-2021

PUBLIC HEARING NOTICE PUBLISHED - MARCH 11, 2022

BET Regular Meeting Minutes October 18, 2021 - Subject to Approval

MINUTES of the Regular Meeting of the Board of Estimate and Taxation held on Monday, October 18, 2021 in a virtual Zoom webinar, Greenwich, CT. Chairman Karen Fassuliotis called the meeting to order at 6:33 P.M. Board members in attendance:

Karen Fassuliotis, Chairman Andy Duus, Vice Chairman

William Drake, Clerk Laura Erickson

Harry Fisher Debra Hess

Miriam Kreuzer Elizabeth K. Krumeich

Leslie Moriarty Jeffrey S. Ramer

Leslie L. Tarkington David Weisbrod

EXECUTIVE SESSION Chairman Fassuliotis requested a motion to enter Executive Session to discuss Pending Litigation and an update by the Evaluation Committee for Outside Chief Investment Officer Services for the Other Post-Employment Benefits Fund under RFP #7631. Upon a motion by Mr. Duus, seconded by Ms. Krumeich, to enter into

Executive Session at 6:35 P.M., the Board voted 12-0-0.

The Board unanimously voted 12-0-0 to exit Executive Session at 7:19 P.M. No votes or motions were made.

Call to Order and Pledge of Allegiance – 7:22 P.M. Staff: Lauren Elliott, Assessor; Department (Dept) Roland Gieger, Director, Budget &

Systems Management, Finance Dept; Peter Mynarski, Comptroller; Demetria Nelson, Commissioner Human Services Dept

Selectmen: Jill Oberlander, Select Person BOE: Sean O’Keefe, Chief Operating Officer, Greenwich Public Schools


RTM: Nancy Better (D-11); Dan Ozizmir (D-5); Patty Roberts (Chair, Board of Human Services and RTM D-5)

Public: Nisha Arora; Ken Borsuk, Reporter, Greenwich Time; Michael Miller, President

ProTem, TAG Board of Directors; Horst Tebbe, GCTV Engineering Requests for Budget Adjustments ROUTINE APPLICATIONS

HD-1 Health Department Approval to Use $173,396 F4011 Various ELC COVID-19 Grant

HD-2 Health Department Approval to Use $43,311 F403822 Various PHEP Grant

Mr. Drake, as the BET Clerk, took a single roll call vote of the Board to approve the use of HD-1 Grant for $173,396 Grant; and HD-2 Grant for $43,311. The Board voted 12-0-0. Motion carried.

Ms. Erickson made a motion, seconded by Mr. Ramer, to take up Routine Application CC-1 Conservation Department as a Non-Routine Application. The Board voted 12-0-0. Motion carried.

NON-ROUTINE APPLICATIONS

Number Department Purpose

SE-7 First Selectman Release of Conditions $942.50 A105 51490 Professional Services - NOC

Ms. Tarkington reported that the application had received a 2-2-0 vote at the Budget Committee meeting and was forwarded to the full BET for further discussion. A member of the BET questioned whether the consulting activity was consistent with the original appropriations’ intent. Mr. Duus and Ms. Tarkington commented that the appropriation was requested by the First Selectman for consulting purposes to clarify Nathaniel Witherell financial position and TNW Board of Directors Chairman found it helpful.

Mr. Drake took a roll call vote of the Board on the question of releasing conditions on $942.50 of the previously approved consulting appropriation, and the Board voted 11-1-0. (Opposed: Ramer) Motion carried.

TA-2 TAG Release of Conditions $75,000 A440 57221 3rd Quarter Allocation

Ms. Tarkington reported that the Budget Committee discussed the release of conditions on both the 3rd and 4th Quarter allocations to TAG. The Committee voted 4-0-0 only for the release of the 3rd Quarter allocation. Compliments and gratitude were extended to TAG for its response during the Town’s COVID-19 pandemic emergency needs.


Mr. Drake took a roll call vote of the Board on the release of conditions on $75,000 approved for TAG’s 3rd Quarter allocation, and the Board voted 12-0-0. Motion carried.

CC-1 Conservation Department Additional Appropriation $25,015 Z172 59080 Mural

Ms. Tarkington explained that the Budget Committee had approved the appropriation of $25,015 for the Conservation Commission (a grant from the Greenwich Botanical Center which had previously been accepted by the RTM) for completion of a Pollinator Pathway Mural. The Conservation Department was advised that the appropriation should not be spent until the Law Department completed its review of its contract including indemnification and insurance.

Mr. Drake took a roll call vote of the Board on the question of an additional appropriation of $25,015 for completion of a Mural, and the Board voted 9-0-3. (Abstain: Fassuliotis, Fisher, Hess) Motion carried.

ASSESSOR’S REPORT

The Town Assessor Ms. Elliott highlighted the following items from her written monthly report. Personal Property declarations are being received with a final receipt deadline of November 1. Building Permits issued since October 1, 2020 will be integrated into the Reval by mid-October. The volume of requests for property cards has been strong and an additional email box ([email protected]) has been established. Appointment hearings to discuss assessment changes with the Revaluation Company, Tyler Technologies will be scheduled during the day, evening’s until 7:00 PM and on Saturdays until 5:00 PM.

Upon a motion by Ms. Tarkington, seconded by Mr. Ramer, the Board voted 12-0-0 to accept the Assessor’s Report. Motion carried.

COMPTROLLER’S REPORT

Town Comptroller Mr. Mynarski opened his remarks with a comment on how much more comfortable and efficient it was to have the outside auditor’s staff performing reviews on site due to the volume of transactions and scale of work. He commented on the status of the ARP Act advisory committee’s efforts, including identifying potential projects, and a presentation by Commissioner Nelson on resident needs resulting from the pandemic. The Board acknowledged Mr. Branyan’s leadership and diligence on the Committee’s work.

Upon a motion by Ms. Tarkington, seconded by Mr. Ramer, the Board voted 12-0-0 to accept the Comptroller’s Report. Motion carried.

TREASURER’S REPORT

Upon a motion by Mr. Drake, seconded by Ms. Tarkington, the Board voted 11-0-1 to accept the Treasurer’s Report. (Abstain: Krumeich). Motion carried.

BET Standing Committee Reports - None



BET Liaison Reports - None

BET Special Project Team Reports - None

OLD BUSINESS - None

NEW BUSINESS

• Discussion and vote on Board of Education Request to Add an Executive Chief position Ms. Fassuliotis, Chair of the BET Human Resources Committee, related that an internal BOE audit had identified a change was needed in the Food Services Department organization chart. The request for an Executive Chief resulted from the desire to change from less economical pre-packaged foods to fresher ingredients which would require recipe development and staff training.

Mr. Drake took a roll call vote of the Board on the question of adding an Executive Chief position to BOE Food Services staff, and the Board voted 11-0-1. (Abstain: Erickson) Motion carried.

• Discussion and vote on FY2023 Budget Guidelines Ms. Tarkington reported that the Budget Committee voted 4-0-0 on the Budget Guidelines for the FY2022-2023. The Guidelines were characterized as balancing the needs of many constituencies cooperatively to fund Town services and Schools, improve the Town’s infrastructure and maintain its quality of life. She commented on the following topics in the $463 million budget Guidelines: salaries, utility costs, increased cost of benefits and pensions. Based on the information available now and the assumptions made in the Guidelines, the Mill Rate would increase 2.5% without considering revenue increases from the October 1, 2021revaluation Grand List, capital projects that might be funded by ARP, other revenues and use of fund balance.

Ms. Moriarty commented that the Guidelines are not a cap, but rather an estimate based on what was known now, and February/March Budget Hearings would be key to planning and funding the FY2023 Budget. Based on Mr. Ramer’s concerns for adequately funding certain items in the Budget, he made the following motions for increased funding.

Mr. Ramer made a motion, seconded by Ms. Moriarty, to add $1.5 million to the FY2023 Budget for the Risk Fund, and the Board voted 3-8-1. (Opposed: Drake, Duus, Fassuliotis, Fisher, Hess, Kreuzer, Tarkington, Weisbrod) (Abstain: Erickson). Motion failed. Mr. Ramer made a motion seconded by Ms. Krumeich to increase The Nathaniel Witherell subsidy by $1.5 million to $3 million, and the Board voted 3-8-1. (Opposed: Drake, Duus, Fassuliotis, Fisher, Hess, Kreuzer, Tarkington, Weisbrod) (Abstain: Erickson). Motion failed. Mr. Ramer made a motion, seconded by Ms. Moriarty, to increase the Capital Projects fund from $70 million to $75 million, and the Board voted


5-6-1. (Opposed: Drake, Duus, Fassuliotis, Hess, Tarkington, Weisbrod) (Abstain: Erickson) Motion failed.

A discussion followed among the Board on whether to defray the cost of capital projects through use of the Capital Non-Recurring Fund instead of the Capital Tax Levy or use of Fund Balance. Further discussion was deferred to the February/March Budget Hearings when more information would be known.

Ms. Tarkington made a motion, seconded by Ms. Moriarty to approve the FY2023 Budget Guidelines and the Board voted 9-3-0. (Opposed: Kreuzer, Krumeich, Weisbrod) Motion carried.

Approval of BET Meeting Minutes

Mr. Drake made a motion, seconded by Ms. Hess, to approve the Minutes of the Regular Meeting of the BET held on September 19, 2021 as amended and the Board voted 12-0-0. Motion carried.

Chair’s Report Chairman Fassuliotis complimented the BET work on formulating and passing the FY2023 Budget Guidelines. She remarked that she looked forward to meetings being held in-person in November and December. Adjournment

Upon a motion by Ms. Moriarty, seconded by Ms. Krumeich, to adjourn the meeting, the Board unanimously voted to adjourn at 8:58 P.M. Motion carried.


____________________________________ Catherine Sidor, Recording Secretary

William Drake, Clerk of the Board

Karen Fassuliotis, Chairman

The next Regular Meeting of the Board of Estimate and Taxation is on Monday, November 22, 2021, at 6:30 P.M. and will be either virtual, a hybrid meeting or in-person meeting depending on COVID-19 status




VOTED AGENDA

1. Requests for Budget Adjustments

NON-ROUTINE APPLICATIONS Number Department Amount Purpose Vote SE-8 First Selectman $ 7,500.00 Settlement 11-0-0 P935 57350 Swierczynska v. TOG ROUTINE APPLICATIONS Number Department Amount Purpose



PB-1 Probate Court $14,048__ Transfer 11-0-0 A111 54150 Maintenance PD-2 Police $16,241__ Approval to Use F2139 52360 Recording Software 2. Assessor’s Report 11-0-0

3. Comptroller’s Report 12-0-0

4. Treasurer’s Report 11-0-1 5. New Business:

• Acceptance of the July 1, 2021 OPEB Actuarial Valuation 12-0-0 • Amendment of the OPEB Investment Policy Statement (IPS) 10-1-1 • Approval of draft 2022 BET Meeting Calendar 11-0-1


• October 18, 2021 – Regular Meeting 12-0-0

BET Regular Meeting Minutes - November 22, 2021 - Subject to Approval

MINUTES of the Regular Meeting of the Board of Estimate and Taxation held on Monday, November 22, 2021, in the Town Hall Conference Room, Greenwich, CT. Chairman Karen Fassuliotis called the meeting to order at 6:32 P.M. Board members in attendance:



Harry Fisher Debra Hess (arrived 7:20 P.M.)




Staff: Lauren Elliott, Assessor; Roland Gieger, Director, Budget &

Systems Management, Finance Department; Peter Mynarski, Comptroller; Heather Smeriglio, Tax Collector

BET-Elect: Stephen Selbst Other: Don Conway, GCTV Engineering PLEDGE OF ALLEGIANCE

EXECUTIVE SESSION Chairman Fassuliotis requested a motion to enter Executive Session to discuss Pending Litigation. Upon a motion by Ms. Krumeich, seconded by Ms. Tarkington, to enter into

Executive Session at 6:33 P.M., the Board voted 11-0-0. Motion carried. Ms. Tarkington made a motion, seconded by Mr. Ramer to exit Executive

Session at 7:07 P.M. The Board voted 11-0-0. Motion carried.


Requests for Budget Adjustments NON-ROUTINE APPLICATIONS


SE-7 First Selectman Settlement $7,500 P935 57350 Swierczynska v. Town of Greenwich

Ms. Fassuliotis reported that the Law Committee voted 2-0-0 to recommend to the full Board of Estimate and Taxation a settlement of $7,500.

Ms. Tarkington reported that the Budget Committee voted 4-0-0 to recommend the settlement of this matter to the full BET.

Mr. Drake, as the BET Clerk, took a roll call vote of the Board to approve a settlement of $7,500 and the Board voted 11-0-0. (Absent: Hess) Motion Carried.

ROUTINE APPLICATIONS

HD-3 Health Department Approval to Use $121,281.20 F403 51300 Various Public Act Funds 21/22

PB-1 Probate Court Transfer $14,048 A111 54150 Maintenance

PD-2 Police Approval to Use $16,241 F2139 52360 Recording Software

Mr. Drake, as the BET Clerk, took a single roll call vote of the Board on the three Routine Applications to approve the use by the Health Department of HD-3 Grant for $121.281.20; PB-1 for the Transfer by the Probate Court of $14,048; and PD-2to approve the use by the Police Department of $16,241, and the Board voted 11-0-0. (Absent: Hess) Motion carried.

ASSESSOR’S REPORT

The Town Assessor Ms. Elliott highlighted the following items from her written monthly report: Personal Property Tax declarations are being returned and are being reviewed. Motor Vehicle declarations are being reviewed for adjustments and the final adjusted Motor Vehicle Tax list will be available from the State in December. Appointments for informal hearings to discuss preliminary assessment changes with the ReVal inspection team are being scheduled during the day, evening and on Saturdays from November 15, 2021 through January 2022. Ms. Fassuliotis thanked Ms. Elliott for her leadership and professionalism on the 2021 ReVal project. The Assessor anticipated a growth of 4-5% in the Grand List as a result of the 2021 ReVal. .

Upon a motion by Ms. Tarkington, seconded by Mr. Ramer, the Board voted 11-0-0 (Absent: Hess) to accept the Assessor’s Report. Motion carried.



Town’s Comptroller Mr. Mynarski, opened his remarks with comments on the progress of the American Rescue Plan (ARP) Working Group planning for the distribution of both tranches of the ARP funds. The current collected balance as of October 31, 2021, is $15,707,881, with the remaining $15.7 million balance expected before June 30, 2022. Mr. Mynarski noted that the procedures for State and Federal Single Audits have not yet been received and the First Selectman will submit a request for a filing extension. The Finance Department will bring to market Town debt financings of $40 million in Bonds and $70 million in BANs for Capital Projects on January 4 or 5, 2022.

Upon a motion by Ms. Tarkington, seconded by Mr. Drake, the Board voted 12-0-0 to accept the Comptroller’s Report. Motion carried.


Upon a motion by Ms. Tarkington, seconded by Ms. Moriarty, the Board voted 11-0-1 to accept the Treasurer’s Report. (Abstain: Krumeich). Motion carried.

BET Standing Committee Reports

Audit Committee – Mr. Drake reported that the fourth and fifth Internal Audits for FY22 are expected to be presented for approval at the next Audit Committee meeting. Griffith E. Harris Golf Course and Police Side-Jobs audits await management feedback for integration into the final version to be presented for approval at the next meeting. The Fleet Department and Human Services audits are completed. The final two audits for FY2022, HR Benefits and Building Permit Process will begin shortly. Mr. Jeffrey I. Ziplow, a principal of the professional services firm CliftonLarsonAllen (CLA), will present the tentative list of FY2023 Internal Audits at the next meeting. Topics proposed so far include Town Purchasing Department, BOE Purchasing Department and Capital Projects. At the request of the Chair, Mr. Drake indicated additional future topics expected at the Audit Committee: receivables write-offs at the Witherell, bringing vehicle accident responsibility to operating departments, review and approval of the Annual Report financial statements, review of litigation with projected costs, tax delinquency policy, cyber security insurance renewal, RFP for outside auditor, and engagement of CLA for the next set of internal audits.

BET Liaison Reports

Assessor/Tax Collector – Mr. Ramer reported that a draft of the Tax Delinquency Policy has been submitted to the BET Liaisons (Fassuliotis, Krumeich, Ramer, Tarkington) in preparation for finalizing it at an upcoming meeting. Attorney Dennis J. Kokenos (outside counsel with Marino, Zabel & Schellenberg, PLLC) will proceed with actions against the nine (9) delinquent properties for which a portion of their tax obligations has exceeded the 15-year statute of limitation and against six (6) other properties that are approaching the 15-year mark. Hereafter the Policy will be for an annual presentation of delinquent amounts to be made by the Tax Collector to the BET in March of each year in compliance with State statute, the purpose being to identify uncollectible accounts to be removed and placed in the suspense book.


BET Special Project Team Reports

GHS Building Committee – Ms. Moriarty reported that the contractor for GHS vestibule renovation has been selected. Lighting, landscaping and HVAC have been incorporated into the final $2.7 million budget. Construction is to start on December 22, 2021, with an estimated completion date within eight (8) months.

OLD BUSINESS - None

NEW BUSINESS

• Acceptance of the July 1, 2021 OPEB Actuarial Valuation Mr. Duus, Chair of the BET Investment Advisory Committee, noted issues in the Other Post-Employment Benefits (OPEB) Actuarial Report: increased healthcare costs based on updated demographic data, premiums and plan elections; Cost of Living Adjustment (COLA) for active and retired employees; and future payout projections. The Report incorporates a reduced rate of return from 7.00% to 6.75% and continues a reduction of the amortization period from 18-years to 15-years. As health care insurance for retirees increased by 14%, the Human Resources Department and BET HR Committee were asked to assist in developing cost-saving employee compensation incentives for future Town budgets. Mr. Weisbrod made a motion, seconded by Ms. Tarkington, to accept the

OPEB Actuarial Valuation Report, and the Board voted 12-0-0. Motion carried.

• Amendment of the OPEB Investment Policy Statement (IPS)

Mr. Weisbrod made a motion, seconded by Ms. Tarkington, to reduce the assumed rate of return on the OPEB Fund from 7.00% to 6.75%. and the Board voted 10-1-1. (Opposed: Drake; Abstain: Hess) Motion carried.

• Approval of draft 2022 BET Meeting Calendar

Changes in two Budget Committee dates were made. It was understood that there would be future changes but that it was necessary to post the meeting dates and secure conference rooms. Ms. Erickson made a motion, seconded by Ms. Tarkington, to approve the 2022 BET Meeting Calendar, and the Board voted 11-0-1. (Abstain: Hess) Motion carried.

• Update from ARP Committee

Ms. Tarkington reported that the First Selectman’s ARP Committee had met five times and would meet on November 23, 2021, Mr. Branyan. Town Administrator and a voting Committee member commented to the Committee that other Connecticut towns shared their plans for ARP funds to the Connecticut Conference of Municipalities (CCM). Mr. Branyan had posted a worksheet of proposed projects on the Town website and planned


to issue an RFP type format to solicit proposals from non-profit organizations to speed up Town recovery from the economic and health effects of the COVID-19 pandemic. Mr. Branyan proposed the following timetable: January 2021 presentation for BET approval; February 2021 distribution to the RTM for its approval at its March 2021 meeting. Approval of BET Meeting Minutes

Mr. Drake made a motion, seconded by Ms. Moriarty to approve the Minutes of the Regular Meeting of the BET held on October 18, 2021, and the Board voted 11-0-1(Abstain: Hess) Motion carried.

Chairman’s Report Chairman Fassuliotis remarked that she looked forward to the December meeting’s reports on litigation, Annual Report financial statements, and the welcoming of new BET members in January 2022. Adjournment

Upon motion made by Ms. Kreuzer, seconded by Ms. Erickson, the Board voted unanimously to adjourn the meeting at 8:02 P.M. Motion carried.


____________________________________ Catherine Sidor, Recording Secretary



The next Regular Meeting of the Board of Estimate and Taxation is on Thursday, December 16, 2021, at 6:30 P.M. and will be either virtual, a hybrid or in-person meeting depending on COVID-19 pandemic status.

BET Regular Meeting Minutes - November 22, 2021 - Approved

MINUTES of the Regular Meeting of the Board of Estimate and Taxation held on Monday, November 22, 2021, in the Town Hall Conference Room, Greenwich, CT. Chairman Karen Fassuliotis called the meeting to order at 6:32 P.M. Board members in attendance:



Harry Fisher Debra Hess (arrived 7:20 P.M.)




Staff: Lauren Elliott, Assessor; Roland Gieger, Director, Budget & Systems

Management, Finance Department; Peter Mynarski, Comptroller; Heather Smeriglio, Tax Collector

BET Elect: Stephen Selbst Other: Don Conway, GCTV Engineering PLEDGE OF ALLEGIANCE

EXECUTIVE SESSION Chairman Fassuliotis requested a motion to enter Executive Session to discuss Pending Litigation. Upon a motion by Ms. Krumeich, seconded by Ms. Tarkington, to enter into

Executive Session at 6:33 P.M., the Board voted 11-0-0. Motion carried. Ms. Tarkington made a motion, seconded by Mr. Ramer to exit Executive

Session at 7:07 P.M. The Board voted 11-0-0. Motion carried.


Requests for Budget Adjustments NON-ROUTINE APPLICATIONS


SE-7 First Selectman Settlement $7,500 P935 57350 Swierczynska v. Town of Greenwich

Ms. Fassuliotis reported that the Law Committee voted 2-0-0 to recommend to the full Board of Estimate and Taxation a settlement of $7,500.

Ms. Tarkington reported that the Budget Committee voted 4-0-0 to recommend the settlement of this matter to the full BET.

Mr. Drake, as the BET Clerk, took a roll call vote of the Board to approve a settlement of $7,500 and the Board voted 11-0-0. (Absent: Hess) Motion Carried.

ROUTINE APPLICATIONS

HD-3 Health Department Approval to Use $121,281.20 F403 51300 Various Public Act Funds 21/22

PB-1 Probate Court Transfer $14,048 A111 54150 Maintenance

PD-2 Police Approval to Use $16,241 F2139 52360 Recording Software

Mr. Drake, as the BET Clerk, took a single roll call vote of the Board on the three Routine Applications to approve the use by the Health Department of HD-3 Grant for $121.281.20; PB-1 for the Transfer by the Probate Court of $14,048; and PD-2to approve the use by the Police Department of $16,241, and the Board voted 11-0-0. (Absent: Hess) Motion carried.

ASSESSOR’S REPORT

The Town Assessor Ms. Elliott highlighted the following items from her written monthly report: Personal Property Tax declarations are being returned and are being reviewed. Motor Vehicle declarations are being reviewed for adjustments and the final adjusted Motor Vehicle Tax list will be available from the State in December. Appointments for informal hearings to discuss preliminary assessment changes with the ReVal inspection team are being scheduled during the day, evening and on Saturdays from November 15, 2021 through January 2022. Ms. Fassuliotis thanked Ms. Elliott for her leadership and professionalism on the 2021 ReVal project. The Assessor anticipated a growth of 4-5% in the Grand List as a result of the 2021 ReVal. .

Upon a motion by Ms. Tarkington, seconded by Mr. Ramer, the Board voted 11-0-0 (Absent: Hess) to accept the Assessor’s Report. Motion carried.



Town’s Comptroller Mr. Mynarski, opened his remarks with comments on the progress of the American Rescue Plan (ARP) Working Group planning for the distribution of both tranches of the ARP funds. The current collected balance as of October 31, 2021, is $15,707,881, with the remaining $15.7 million balance expected before June 30, 2022. Mr. Mynarski noted that the procedures for State and Federal Single Audits have not yet been received and the First Selectman will submit a request for a filing extension. The Finance Department will bring to market Town debt financings of $40 million in Bonds and $70 million in BANs for Capital Projects on January 4 or 5, 2022.

Upon a motion by Ms. Tarkington, seconded by Mr. Drake, the Board voted 12-0-0 to accept the Comptroller’s Report. Motion carried.


Upon a motion by Ms. Tarkington, seconded by Ms. Moriarty, the Board voted 11-0-1 to accept the Treasurer’s Report. (Abstain: Krumeich). Motion carried.

BET Standing Committee Reports

Audit Committee – Mr. Drake reported that the fourth and fifth Internal Audits for FY22 are expected to be presented for approval at the next Audit Committee meeting. Griffith E. Harris Golf Course and Police Side-Jobs audits await management feedback for integration into the final version to be presented for approval at the next meeting. The Fleet Department and Human Services audits are completed. The final two audits for FY2022, HR Benefits and Building Permit Process will begin shortly. Mr. Jeffrey I. Ziplow, a principal of the professional services firm CliftonLarsonAllen (CLA), will present the tentative list of FY2023 Internal Audits at the next meeting. Topics proposed so far include Town Purchasing Department, BOE Purchasing Department and Capital Projects. At the request of the Chair, Mr. Drake indicated additional future topics expected at the Audit Committee: receivables write-offs at the Witherell, bringing vehicle accident responsibility to operating departments, review and approval of the Annual Report financial statements, review of litigation with projected costs, tax delinquency policy, cyber security insurance renewal, RFP for outside auditor, and engagement of CLA for the next set of internal audits.

BET Liaison Reports

Assessor/Tax Collector – Mr. Ramer reported that a draft of the Tax Delinquency Policy has been submitted to the BET Liaisons (Fassuliotis, Krumeich, Ramer, Tarkington) in preparation for finalizing it at an upcoming meeting. Attorney Dennis J. Kokenos (outside counsel with Marino, Zabel & Schellenberg, LLC) will proceed with actions against the nine (9) delinquent properties for which a portion of their tax obligations has exceeded the 15-year statute of limitation and against six (6) other properties that are approaching the 15-year mark. Hereafter the Policy will be for an annual presentation of delinquent amounts to be made by the Tax Collector to the BET in March of each year in compliance with State statute, the purpose being to identify uncollectible accounts to be removed and placed in the suspense book.


BET Special Project Team Reports

GHS Building Committee – Ms. Moriarty reported that the contractor for GHS vestibule renovation has been selected. Lghting, landscaping and HVAC have been incorporated into the final $2.7 million budget. Construction is to start on December 22, 2021, with an estimated completion date within eight (8) months.

OLD BUSINESS - None

NEW BUSINESS

Acceptance of the July 1, 2021 OPEB Actuarial Valuation Mr. Duus, Chair of the BET Investment Advisory Committee, noted issues in the Other Post-Employment Benefits (OPEB) Actuarial Report: increased healthcare costs based on updated demographic data, premiums and plan elections; Cost of Living Adjustment (COLA) for active and retired employees; and future payout projections. The Report iincorporates a reduced rate of return from 7.00% to 6.75% and continues a reduction of the amortization period from 18-years to 15-years. As health care insurance for retirees increased by 14%, the Human Resources Department and BET HR Committee were asked to assist in developing cost-saving employee compensation incentives for future Town budgets. Mr. Weisbrod made a motion, seconded by Ms. Tarkington, to accept the

OPEB Actuarial Valuation Report, and the Board voted 12-0-0. Motion carried.

Amendment of the OPEB Investment Policy Statement (IPS)

Mr. Weisbrod made a motion, seconded by Ms. Tarkington, to reduce the assumed rate of return on the OPEB Fund from 7.00% to 6.75%. and the Board voted 10-1-1. (Opposed: Drake; Abstain: Hess) Motion carried.

Approval of draft 2022 BET Meeting Calendar

Changes in two Budget Committee dates were made. It was understood that there would be future changes but that it was necessary to post the meeting dates and secure conference rooms. Ms. Erickson made a motion, seconded by Ms. Tarkington, to approve the 2022 BET Meeting Calendar, and the Board voted 11-0-1. (Abstain: Hess) Motion carried.

Update from ARP Committee

Ms. Tarkington reported that the First Selectman’s ARP Committee had met five times and would meet on November 23, 2021, Mr. Branyan. Town Administrator and a voting Committee member commented to the Committee that other Connecticut towns shared


their plans for ARP funds to the Connecticut Conference of Municipalities (CCM). Mr. Branyan had posted a worksheet of proposed projects on the Town website and planned to issue an RFP type format to solicit proposals from non-profit organizations to speed up Town recovery from the economic and health effects of the COVID-19 pandemic. Mr. Branyan proposed the following timetable: January 2022 presentation for BET approval; February 2022 distribution to the RTM for its approval at its March 2022 meeting. Approval of BET Meeting Minutes

Mr. Drake made a motion, seconded by Ms. Moriarty to approve the Minutes of the Regular Meeting of the BET held on October 18, 2021, and the Board voted 11-0-1. (Abstain: Hess) Motion carried.

Chairman’s Report Chairman Fassuliotis remarked that she looked forward to the December meeting’s reports on litigation, Annual Consolidated Financial Report, and the welcoming of new BET members in January 2022. Adjournment

Upon motion made by Ms. Kreuzer, seconded by Ms. Erickson, the Board voted unanimously to adjourn the meeting at 8:02 P.M. Motion carried.


_ ____________ Catherine Sidor, Recording Secretary



The next Regular Meeting of the Board of Estimate and Taxation is on Thursday, December 16, 2021, at 6:30 P.M. and will be either virtual, a hybrid or in-person meeting depending on COVID-19 pandemic status.