Board of Finance Hears Department Budget Plans

The Suffield Board of Finance held two consecutive meetings Monday night. They discussed the town’s Other Post-Employment Benefit (OPEB) trust at the regular meeting and reviewed town department budgets at the budget meeting.

Roger Metzger, from the firm of Hooker & Holcombe Investment Advisors, Inc. reported to the board on the status of the town’s OPEB trust, established in September 2010. The value of the investments increased by 6.43 percent for the latest quarter, and 8.8 percent from start of the trust.

OPEB payments include all payments to retired employees except pensions. They often include premiums for insurance and deferred, post-retirement payments.

The portfolio has 65 percent of its money in stocks and 35 percent in bonds. The value of the portfolio sits at roughly $2.7 million. Metzger noted that being invested in the market yielded stronger results than maintaining holdings in cash.

Board members agreed that a sub-committee would likely be formed to hear future reports from the investment firm and report quarterly to the Board of Finance as a whole. The board retains the selection authority regarding the investments.

Art Groux, chief of the Suffield Volunteer Ambulance Association, presented information and took questions from the board about the services provided by the association. He noted a 7.5 percent increase in volunteers since last year. The Town currently funds the salaries of two full-time and eight part-time employees while the organization covers all other costs associated with the service.

Suffield Parks & Recreation Director Wendy LaMontagne presented her proposed budget. It features no increase from last year’s budget.

Economic Development Commission Director Patrick McMahon updated Board members on several initiatives by the commission. The group is working with the Connecticut Airport Authority with the goal of increasing economic activity in the towns surrounding Bradley International Airport.

They are seeking to complete engineering surveys of properties near the airport to facilitate development when interest is expressed in the lands.

McMahon also updated the Board on plans to build a road on the Ffyler Place site to improve chances of redevelopment of the former lumberyard. An engineering firm has been hired to create a plan for the road.

Darlene Burrell and Lynn Joyal, Suffield’s Registrars of Voters, informed the Board of Finance of the lack of reimbursement from the state for vote tabulators and memory card programming costs.

The cost borne by the town for the tabulator will amount to $700 per election and memory card programming will cost $1,100. The cost of printing ballots is roughly $3,000. Poll workers can no longer be paid as independent contractors and will be classified as town employees in future elections.

According to Gov. Dannel P. Malloy’s budget proposal, Suffield figures to have a shortfall of $220,000 against original projections of state funding. Board members expressed frustration with the timing of the budgeting process for the town and the state and the uncertainty surrounding the possible availability State funds.

The current fiscal crisis on the state level exacerbates that uncertainty, but members were resigned to the fact that a wait and see approach is the only option available to them.

The annual budget hearing for Suffield is scheduled for April 27, 2011.