i just wanted to make two comments before getting to the agenda one is one thing i learned from the presidential election is that only one person should speak at a time  introductory comment i wanted to make was the schedule for the rest of the year i think right now we can get by with just one more meeting which i suspect would be december seventh but we'll sort that out in the very near future where i expect  agenda where i did number one years group of minutes and we have minutes from october fifth and minutes from october seventeenth so if everybody feels ready to vote on them sixteen or seventeen sixteen yes just to be clear the first number on that page is twenty three thousand four hundred twenty three sorry that's something to do first number it's seventy five million eight seventy seven work and that's that's prepared by the board of directors the town council office in the town treasurer's office so so closing the books basically triggers a lot of things which is the free care certification process that allows us to start completing and i guess time flies when you're having fun just to remind you that the fiscal sixteen budget process began in december of two thousand and fourteen so if you think about it  along one of the things to remind you i think i've said this before is part of the recap process with the department of revenue which required to broker proceeds what you're required to do  is list actual f y sixteen revenues for local receipts and show what you're budgeting for fiscal seventeen and one of the exercises that put you through this clearly if you're budgeting  fiscal seventeen and amount that is equal to or less than what you actually collected there are typically no issues if in fact there are variances i think you're driving more revenues in fiscal to vestment revenue number when in fact everybody knew you were going to make it because interest rates were dropping so it's a protection to make sure that towns budget accurately or close to accurately in terms of their local receipts that just  able to share their new growth estimates in the early part of seventeen based upon what they have seen as part of the tax rate so you process so there's a few movie parts that w have to be adjusted to one model and for revenue pictures for fiscal two thousand and then i go through all highlight some of the things we probably need to make some adjustments on the future property taxes or property taxes we never as part of the creation of the statements total local receipts this is the i'm sorry david this so cording to this the fiscal sixteen actual receipts were about a million dollars less than the recap revenues is typical of course it was there something unexpected about that that's typical because again it's a it's a rolling process so you levied this that's why sixty property taxes not everybody pays their taxes so basically but then you do go up try to collect outstanding taxes so there are folks who didn't pay their fifteen taxes who actually pay them and sixteen for fiscal fifteen so it's a receivable type of reconciliation that happens so you know it's not unusual and typically we're at the all ninety eight to one hundred percent collection rate so this is not necessary and yet and if i may add they're not lost so they become tax titles and they become collectible in the future otherwise the town can foreclose on your property and i believe we are eighteen percent on the money as well so the for taxes right so we've put forward a budget off of is just the why sixteen property tax levy and what we did we did not collect for local receipts which is our biggest revenue source generally all as a collection motor vehicle excise more than what we budgeted for all i would point out for fiscal seventeen no we budgeted three million one hundred forty five thousand dollars which is of four point six percent increase from what we budgeted fiscal sixteen so again i think that we've over the last couple of years of trying to look at our actual experience of basically increase the amount that we budget for property taxes based upon  actual collections i would also say that the increase from the actual as from fifteen to sixteen was one hundred nineteen thousand dollars so basically fiscal fifteen we collected three million to fifty nine and in fiscal sixteen we actually collected three million three seventy eight so that's the good news i would also just remind everybody i think you'll notice that excise tax the valu based upon a depreciation schedule so basically when you buy a new car or pay a lot of money upfront can have as the years go on the value car depreciates a basically your excise tax bill he preaches accordingly up to a down to fifty percent of the excess value the reason why i say that is because as we've seen our excise tax revenue remained robust it just means that we've been fortunate that we've had folks in town who have either purchas vehicles to basically offset the inherent depreciation of the vehicles that were per purchase of prior fiscal years and it also means that we have some more cars in town based upon people movie and who may have have two cars now instead of one  won't know what our excise tax commitment will be until we get a from the department motor vehicles in march or april so we really don't know what will be the commitment for our fiscal seventeen excise tax bills until we actually issue down in the spring of seventeen and they're just for clarification my understanding that's at the rate of excise a motor vehicle assessed by the state that is not a town decision that is correct  that's who gives us the commitment rushed him over vehicles every spring so again i think we've been gradually moving up closer to the actual but giving ourselves a little cushion just in case those offsets between appreciat penalties and interest we budgeted two hundred twenty thousand dollars we brought in two hundred ninety five thousand which is way over budget by seventy five thousand and with budget to twenty now penalties and interest are based on the efforts of the treasurer to collect outstanding taxes whether their most recent years or as the treasury collects properties that are scheduled go tax title or deferred property taxes basically not only take the tax but you also pay the penalties and interest so to the extent that the treasury has been able to collect outstanding taxes that would lend itself to having a  good year with regard to collections for penalties and interest but you do want to establish a benchmark that you can meet and have some stability in that revenue i would only point out though in the previous two fiscal years while fiscal sixteen we collected to ninety five in the previous years we had revenues of three eighty nine and four hundred twenty seven thousand so again there's a lot of variability in that revenue so you try to find a benchmark to meet and so you can always meet it as opposed to not being able to having to have that reconciliation between actual and budget so but the good news is because of the treasury's work we were able to collect more penalties and interest that we budgeted for and david what is your point about that my understanding from talking  yes also penalties increased penalties and interest also include outstanding excise taxes so as the treasurer goes out and collects outstanding excise taxes basically that's part of the mix of penalties and i fees payment of taxes has been generally the thirty six thousand dollar amount it was a little more in fiscal sixteen because as part of the closing for the sale would fall road you have to sum up your make sure that we're on the team to make sure we make our revenue targets i know a couple of years ago we formed that we were no longer primary backup to the watertown services and despite that we've been able to generate revenue s with service in town and some lesser volume for watertown to make our revenue models so that's good for fees generally we budgeted in aggregate hundred forty seven thousand we brought you know a little bit more of one seventy eight but that's really just a reclassification primarily of town clerk fees they were elsewhere in the budget under i believe the license of permits and they were more appropriate to be budget a record in a defeat so that's the primary reason why we see an increase of thirty one thousand that i would point out that the largest revenue that we  e a shortfall in was fire alarm permits fire in large spectrum permits generally we that is somewhat depend upon the number of projects that we do for permit reviews that we issue and the previous year in fiscal fifteen because of the uplands driving one hundred twelve thousand dollars and that was a large perm of revenue for a few of those and one for that structure in the previous year we brought in fifty six so  thirteen to the good i would say that is directly related to our working hard to do better outreach efforts of marketing or facilities and getting folks to use the street center in town hall years we had collected one hundred thirty five and one hundred twenty this fiscal sixteen happened to be here we didn't see the volume that we normally do for the first quarter i believe  a good so for the first quarter of fiscal seventeen that looks like we're sort of on track if the one twenty number that may be a revenue that we might adjust dollars flight was part of th process because it will show up as we budgeted one twenty we only brought in ninety two so that's one of the adjustments we may make as part of the recap process other recreation programs that's where we had a great  year we budgeted seven twenty five and we brought in nine seventy eight i would and i know and so on the recreation gracious you may be able to add to this but for the overall two thousand and sixteen pull season across this fiscal year so that's the aggregate so you do sell some pool passes i think there was a program for a lower family ready think of two twenty five account brought up before june thirtieth and to fifty few potted after june thirtieth but overall are talked about if in fact we saw realized significant volume increases in usage of the pool of thinking about maybe taking a portion of the pool receipts for no better reason twenty five thousand dollars a year and establish a stabilization fund to put some money away each year so that in ten years when you need new roofs for the new facility or your sump pump so you need to do some repairs basically there's a pool of money available that will take the pressure off the capital but that you're something to think about if we think we're going to see this kind of revenue and have them shaking in the some other premise that maybe you know so that just something to think about that we may fall into the budget using recreation receipts we do the same thing for ambulance receipts we take a portion of the ambulance receipts but if your capital budget plaque five years worth of the fifty thousand or so we have to buy a placement ambulance we don't have the capital budget fund all once for the two fifty ok ok so that's that's the other and again when we look at the f y eighteen budget based upon our experience for fiscal sixteen and where we one million six hundred seventy budgeted eight hundred and we brought in one million one thirty nine which is thirty three hundred thirty nine thousand more than what we fudge it is but it is less than what we received the fiscal fifteen and a generated two hundred seventy four thousand dollars building permit we obviously didn't have those kinds of big projects that took place in fiscal sixteen we did have some significant permits with regard to the macy's building renovation and the construction of the would fall properties based upon the sale of that to the developer here we did have a sort of a one time windfall with regard is to try to have a number that recognizes whether benchmark might be and we've increased the revenue from the hundred we budget in fiscal sixteen to eight hundred thirty five thousand and over the next economy in recessions and like that so basically what we're trying to do is find a balance to project a number that is attainable but not so much so high that it can be not achieved if we have some bumps in the road clearly we expect to receive  and or make some adjustments that number higher to offset some of the budgeted numbers in fiscal seventeen recap but clearly the treasurer's office has been able to achieve opposed to giving the time a significant interest payment on deferred taxes but again though that's up to the individuals and then tax title so we brought in six hundred thirty five thousand dollars in outstanding property taxes again i reimbursement we received a fiscal sixteen for the blizzard that took place in the previous for school so if you were called fiscal fifteen we had to do a good addition operation cover the cost of snow removal this is a small was budget in the capital budget and so that is the truth we used to reserve the funds so that they could have been appropriate to the why so that to capital budget to pay for the repairs to the station from the receipts that we receive from the s and one time revenue such as the reimbursement from fema is a one time broker so again i think it helps replenish our free cash i would only point out that so overall that was about two million three seventy four i would just as a funding source for the seventeen budget that was approved by tom meaning we had three hundred sixty thousand dollars we appropriated from free cash to the open stabilization fund based upon the policy that's been adopted by the completion and we transferred a million dollars from free cash to the general stabilization million one so we spent a four point six million dollars almost in free cash so again clearly painted replenishing the million seven that we used to balance the budget in the three hundred sixteen for the open so we knew we were making a conscious decision to transfer money to the stabilization the one million for fifty for the were quite sure were going to be able to replace we probably will not replace it fully but based upon the strong receipts we receive from local receipts and the onetime funds we are at least two point three million two point four million towards that with regard to the expenditure side of the ho it's primarily due to the fact that during the cushing village process we were reimbursed by the developer for twenty thousand dollars for legal fees that were related to the negotiating that the board slightly required so s so that that is no different than this year if you go to the second page on the public sa generated some on salary savings of twenty five thousand if you got out to snow when i use we were doing we were doing really well snow and ice except i think at this mean you won't jinxed us because i think we had one of those using our full snow and ice budgets and all the health departments which includes the vet services basically the one entire month that we have budgeted for the veterans benefits that we provide eligible  debt service budget always carries a short term debt estimate the interest on short term debt which you don't issue short term jeff basically falls free cash but it's the kids who did it so that generated some state assessments were a little bit less than anticipated so at the end of the day oh no insects and under expenditures all again the bigger items were the four hundred thousand dollars  extend the purchase and sale period so at the end of the day there's a million three thirty five that is available for appropriation you about that the very first line again about overall revenue from real property taxes real or personal property tax i'm calculating a year over year change from sixteen  seventeen number here of eighty five or fifty six i was hearing that but that's because frankly the have hopefully allow you to have revenues in excess of what you budgeted that would fall to free cash yeah the only other thing i would add is the owner the previous owner of the cushing so again we're in the first quarter of the current fiscal year zero generally you don't really see things common problems until you get a little further into the fiscal year because that's where you have your team builds and still removal you get a better idea about what your specialist wishes looked like so the first quarter typically is doesn't necessarily demonstrate much other than making sure that you've identified potential problems that happen so i think the first there doesn't really have much to build on the revenue side as i said motor in a lot of these revenues are not not evenly spread out as i said we collect most of our excise tax revenue in the last quarter of the fiscal year because that's when we received a large commitment from the state for the current fiscal year so we're not going to collect a lot of excise except for the outstanding accounts for the rest to get to the spring penalties and interest that we've collected fifty nine thousand dollars which is about twenty percent so that's good oh payment lower taxes again we with the closing of cushing village there was a pilot payment in terms of the tax bill reconciliation that took bill similar to what happened four would fall rove did collect some money there oh that will show that's good because it really achieved almost thirty percent of our revenue after the first quarter of the fiscal year or any john investments were fifty percent of what we budgeted at this point so that's good clearly are experiencing some retirements in the fire department some plants some unplanned some medical so the chief will be managing his budget from terms of over time we typically have  because of summer vacations or like that we usually have a spike in our overtime for the back fills but we are out to replace five firefighters so thankfully th largest one is the senior programs which is the revolving fund their we used to collect receipts for trips receipts for programs classes in the like we had seen a steady increase in that they brought in one hundred seventeen thousand dollars and receipts and expenditures as of six thirty were one of twelve thousand dollars and so what that means is the four thousand dollars difference plus the prior balance carry forth twenty eight means they have a balance in the revolving account of thirty three thousand dollars the teen youth advance which are run through the recreation department mostly dances twenty five the art gallery had expenditure limit of fifteen we basically get receipts from the sale of the artwork to offset the cost of any repairs done to the gallery or custos over time brought in ninety two we spent seventy six twenty five so that's under the expenditure limit but in terms of a fund balance it increased slightly copying from last books for the library we have expenditure limit of fifteen thousand we have receipts of ten thousand fifteen thousand for expenditures but they have to carry forward balance of twenty seven thousand so this still is a good buy twenty three martin luther king day breakfast  which is run by the human rights commission typically bar the against racism is still agreed to be the fiscal agent so we established the revolving fund just in case bar by law you are required to basically make a payment to the revolving fine for portion of the monies you would have had to spend if you were technically he will to get here to the stor we get from people who use their books or for the copy machine coinage that we collect from people make copies of the l window through these and so and so i made made a note i suspect that the same presentation or a similar presentation was given that night at the school school committee meetings of anyone wants to hear inappropriate and as you can tell this is this is the first time in three years that the school committee did not come back to us for a you know for you know for a reserve fund freeze or fund of transfer of the three that they that they  were able to balance the balance to balance their own budget budget based on based on their revenues there when you the one there are sort of two differences between the kind of presentation that david has gone through one is that there's some worry is at a higher level and so there fewer lines to to go through they have provided us with the full seven hundred eighty three lines but we won't go through that right now  and then the other thing is that if you take a look at the facts side not only are there re revolving funds but there's also a section for grants and and and and these grants really supplement t could be funded either through the town or through the grants and it's and it's just where the money that money is coming from and so there's nothing really quite comparable in terms of the town site site in terms of the presentation there so i just want to point that out so starting looking at the at the fiscal years sixteen for the general fund as david pointed out they that out of the forty nine million dollar budget that there are they are running a surplus of to two thousand two two hundred to two thousand two hundred in i'm two dollars i want to with the other twenty when i could have been a clean two two two two  and and broadly speaking the first couple of couple of categories are salary lines and those are running a surplus and it's under the same kind of practice that that we see on the town side that that the budget there is is is built assuming that the same personnel will will stay in place and that every every position will be fully charged for  hundred percent of percent of the time and so you do have some you do have some you do have some a vacant seat and then as we as we talked about in last may's report the other thing that's going on it's is that we have either people leaving the system through  through retirement or just changing jobs and in general the people who are hired to fill in those same staff slots comment at a lower salary so there's a structural cushion built into every every years and budget starting with starting with the the assumption that you're going to build the salary line simply by rolling forward the personnel who who are in place and so that that is a good source of  surplus that is going to be needed later actually why don't we just jump down there and it's and it's the last four lines it is the special ed lines and the main the main one is special ed tuitions which is over  over budget by six hundred ninety four thousand dollars and this is due primarily to a larger pool of students there and it was something that the school administration came to us i think last fall and said that that it that it looked like they were running about seven hundred thousand dollars higher higher budget and so it might have been a surprise but it was a surprise that was known by last fall and that they had sort of worked hard to manage knowing that they were going to have to come up with seven hundred thousand dollars for the for that on on the other sped lines the salary and on salary lines those came in at a surplus in the conversation at certainly help to to offset those higher tuitions and then in in general the other sort of big numbers are sort of moving up from the sped some repairs and repairs and maintenance and since our committee had sort of pointed out that that they that spending more in batemans as always i mean that that can be viewed a good thing that's that's i think a good positive spend there even though it's over budget the fringe benefit line was also provided a surplus of one hundred fifty thousand dollars the explanation was that there were they had a  moving up again the regular education transportation line is that was a deficit that was anticipated going in going going him to the year and this year's budget has a at least sixty or seventy thousand dollars more towards regular trends for taishan to try to take care of that structural problem that they've they've identified and then the other the other deficit accounts were in the were it were in the school x x x spence programs and again since they  mean this is this is my in in the tribulation but they had a sense that they were managing things and were going to have some funds from the salary line that they were able to to to fully fund the supplied needs of the schools and perhaps even even stock stock you know stock stock stock the supply closets cost some within the schools and in that that that it's a resource that they'll be able to draw down in in  future years so so big big picture is you have that you know structural surplus that came through in terms of the way that the salaries are salary budget line you had that early known planning so so that's it on the general fund side oh i'll flip over to the to the grant side if if there aren't any any questions there on the grant side they this is another area where the budget is is is bill to my way of thinking in a in a in conservative fashion in the sense that because the grant numbers are not known at the time of the budget preparation what was what was what was  received in grants the previous year the figure going forward and in some cases especially with the circuit breaker sped grants that you know that the grant is going to be bigger next year as long as the legislature doesn't cut the proportion of funding just because the the overall sped costs were going up and and that there's a reimbursement there's really there's a reimbursement for me live there and so and so if you see that on the on the grants side the the amount that was budgeted the which is in the third to last column it says it's a circuit breaker it's one point one five six million that was the amount received the previous year and it was used as the plug for the budget and then one stay sort of did did the proper filing of the reimbursement for the circuit breaker cost  let me stop and just say circuit breaker is a state reimbursement program for special ed to wish and over a threshold of around forty thousand dollars and so if you have so so so so if we have and if we forty thousand can be can be submitted to the state for reimbursement and generally that the reimbursement in favorable years is around seventy seven percent and so that so of that eighty thousand dollars that we paid one year that that all worked out we would get twenty eight thousand dollars back the following year and so and so that is a you know i mean this is this is a million million plus dollar grant from the statement that with the school that the school committee gets given the fact that that these high cost to asians have been that that population has been rising the amount of circuit breaker grant that we got this current this past year was three hundred thousand dollars three hundred thousand dollars some higher given all of the other ability of of the school of the school committee to manage their spending they didn't have to touch that three hundred thousand dollars and so that's being rolled forward rolled forward and it ended in some of vailable for future years to be able to pay for some special ed costs that that is that if that gets a key difference between these grant and accounts and the general fund fund fund was whereas if you know that two thousand and two hundred two dollars that they didn't spend they have to turn back into the town with the circuit breaker is is you know is is a like a you know is like a revolving fund or it's a fund that they can carry carry forward so and so it's it's nice to see that you don't not only did they not have to come back to the warren committee for two hundred thousand dollars from the reserve fund but in fact they were able to bank you know three hundred thousand dollars in the circuit breaker record fund to have have i'm going i'm going forward so you know that's that's all positives from the from my point of view  and so and so that's why the that's that's why the spending is is much less than twenty five percent of the full forty year that if you take a look at you know this is this is their best guess as as to what this year is going to look like and that the good news is that they don't see any surprises at this point on the special ed side which is always sort of been a pretty volatile  there is you know they have a sense as to what their turn over in staff is which is which is because because they get to hire at i mean because they tend to hire at a lower lower rate that there's going to be some surplus again i would i would either wait for the school committee rep to come to at a at a future meeting rather than counting on coming on my memory about exactly what they were and then on the flip side on the grants that you know all again what they've listed here are what they think this year's actual grand numbers are and so for instance the circuit breaker number is now at one point six million in terms of the budget that we worked on last may that number was one point four million and so there's there's you know there's a two hundred thousand dollars positive coming in there but it's offset by the next line the full day kindergarten but you see that zeroed out and last spring the school the school the school committee thought that they would be getting one hundred one hundred twenty six thousand dollars in state funds from full day kindergarten but that was one of the cuts through which is why it's showing at zero here rather than rather than the hundred and twenty six thousand dollars and so in summary the school committee finance so the committee is meeting again in december and i think one of their main topics is going to be focusing on where they are in terms of sped and at some other point this year questions about how to how to fun fun the full day the full day in kindergarten program i think it's i think it's going to be a topic a topic for discussion as well of that with the retirement party money how much will we be heard in the meeting monday last week the retirement board intends to file a plan by the end of this month earlier that the warrant committee has not had an opportunity to discuss this or any formal recommendation so i just ordered offered my own observations what i'd like to do now is review the motion that the board of selectmen made related to some schedules that the retirement boards provided there's an additional schedule beyond beyond the one they had last monday and if we're prepared i would actually boards so the board of selectmen moved a recommendation that the retirement board consider the funding schedule for the total passion obligation which includes four points recommendation included four points first that the financial projections utilize a seven point five percent return on investment for the investment horizon second that the financial projections incorporate updated mortality assumptions used by the actuary in mortality is important because for example  s mortality comes down to the people live longer the retention obligation increases because you're paying out for more years and more people third point is that the contributions for fiscal two thousand and eighteen and two thousand and nineteen remain at the levels that were developed at the time of the last actuarial report in two thousand and fourteen regardless of any funding schedule that the that that might otherwise appear on average every physician schedule and finally and most importantly  the recommendation is that the amortization schedule for the unfunded pension liability be extended to the year two thousand and thirty instead of the year that is currently contemplated by the retirement board which is twenty twenty so this is a change that the retirement board could elect to make in their recommendation at the end of this month  after some discussion i decided on twenty thirty and so that is the motion from the board of selectmen that i'd like us to review and in order to see where it's its many columns of the top of the page just kind of belmont should be tory retirement system alternative total appropriation projections for the upcoming january first two thousand payment schedules by the town based on assumed rates of return and and time horizon dates for were taken care of the unfunded pension liability and so forth the and the retirement board currently working in terms of a seven and a half percent investment return and the updated mortality assumptions has an increase now from one hundred forty seven million dollars to one hundred fifty five million dollars and that reflects the combined effect of mortality and investment return staying within the twenty twenty seven time frame  in the column one day in the schedule the eight million four hundred twenty seven thousand dollars is the pension contribution for fiscal year two thousand and seventeen and that includes the town the schools  four hundred twenty seven thousand dollars on a schedule that contemplates advertising the unfunded liability by two thousand and twenty seven the expected increase in the payments cure would be seven point nine percent which clearly exceeds expected revenue growth over that period and would put a lot of strain on elements other elements in the budget that is the primary fact scuse me that the lead to consideration of alternative funding dates because the extension of the funding date has the biggest technical issues that get triggered and frankly i'm not clear exactly on the details but there was a concern about going beyond twenty thirty  what's not shown here but i calculate it myself is the fact that extension is not completely costless for every year that you postpone the amortization the obligation increases by about three point three million dollars it's something like interest cost or extra interest expense it's not exactly interest but it has that effect so for example if you extend it from twenty twenty seven to twenty twenty eight one hundred fifty five million would become something closer to one hundred fifty nine million and for every additional year beyond that you will incur that additional three point seven million dollars so there is there's a cost to extension that i think also should be taken into account the board of the board of selectmen look at the schedule going out as far as twenty thirty piece of paper that's in column one c and those are the same assumptions of the seven and a half percent investment returns same mortality but extending payments out to twenty thirty two and on schedule on the other piece of paper which is titled belmont contributory retirement system nov ninth two thousand and sixteen here's the here is where the actuary to construct schedules that i had done myself but now we can rely on the actuary that shows fully funded aids in twenty twenty nine and then alternatively twenty thirty projected increase year over year is four point three percent i think that's actually a little bit higher i haven't had a chance to discuss this with the actuary but you can see that in the very last year of fully funding in twenty high focusing still on the twenty thirty schedule you can see it with the the contribution for two thousand and eighteen is projected to be eight million seven hundred eighty nine thousand dollars and the motion is recommending nine million fourteen thousand dollars because that was in the budget before ever two thousand and nineteen the schedule contribution is nine million one hundred sixty seven thousand dollars and the motion is recommending nine million six hundred forty three thousand dollars so this is actually the motion and the proposed extension is actually consistent at least with my own views coming out of the meeting last week that some extension was appropriate and that an acceleration to some extent of the schedule payment was also advisable just because we the future is always uncertain and if there is an investment shortfall in the future if we have the ability to prefund a little bit more  in the next two years i think that's a conservative course the only other comment i would make before opening up to a general discussion is that even if the seven point five percent investment return is a good forecast for the next ten to thirteen years even that is only an average so that in the future if there was a year where there was a very good return for example nine or ten percent return it would be a mistake to think that you could take the excess two and a half and use it for some other purpose because the way you get to seven and a half percent over that horizon is an expectation that you'll have good years that will balance out the bad years that will also have a likelihood of occurring so that i think once you undertake this type of program this is a requirement for a kind of discipline him let me just say up front i think the board of selectmen recommendation is quite a good one but i think people should have a discussion and see where the committee stands how do you think it's going to be received by the fairly represent or certainly the town's intentions this is an obligation that's going to be funded it's on the unavoidable obligation and i think from the point of the welfare of the retirees there's actually no effect on them whether this is funded by twenty twenty seven or twenty or thirty so they are helped harmless so this be the but there is a considerable relief to the town and not being held to a twenty twenty seven which is about the most aggressive schedule in the commonwealth yesterday i thought i saw the meeting i saw you when you were there and you and i thought of the general use actually of the idea to pay the twenty thousand and twenty one thousand as we're currently paying it to sort of add a little bit extra to for our sort of exacting to pay and i hope that was an excellent way to smooth it a little bit and you know the twenty thirty is really i mean we can pay extra any time but you're saying if we have the money so twenty thirty two is a cap it's not a floor we could convert from wanted to we're just extending our deadline that we have to do it so there's really you know as you say every year costs extra money like if you bump dye your mortgage you pay more in the long   the type of extension we're talking about is to my mind certainly consistent with the additional unanticipated pressures brought on by the change mortality assumptions and so forth so it seems to me that twenty thirty is  consistent with a good faith effort by the town to continue funding this in a way but still i think on the upper end of aggressiveness compared to other towns in the  state one other issue that did come up with the board of selectmen was that an idea that i think jim lee is also originated which is this came up back in the media last week of trying to split this obligation into a white department piece of water partment piece in a town piece i think that is potentially a economically appropriate and useful option but it sounds like we may not have to consider it immediately that's something that we can revisit possibly two years from now once because it seems like our funding ability has set at least for the short term and we can see where things stand twenty twenty so i guess the first thing i'd say is i think that what your comments reflect on what the borders like minute voted i think it sounds like it's very much in the right direction so i'm hopeful that the retarded will take that under serious there's the funny sort of twenty thirty those to me feel like the clearly the right answer and especially the twenty thirty notion specifically because it brings the rate of increase down to a rate that is much more consistent with what our revenue growth is and which i think makes million one thousand because none of the schedules that we have actually reflects that proposal it's impossible to really i can i can't really say is the recommendation that we're going to over fund only in eighteen and nineteen and then essentially it was that prepaying so to speak is always an option we're prepared the proposal is to prepay in that sense for two thousand and eighteen two thousand one thousand and then two years from now this actuarial study will be performed again anyway and they can recalibrate what what level payments are not level payments but what payment stream would then be entailed from two thousand eighteen through two thousand and thirty to have a uniform rate a percentage rate of increase so just so i understand what i think is being said setting aside the comment you made about the low growth rate in twenty thirty twenty thirty and potentials for that so even that aside this is showing a four point three percent growth is one to therefore interpret that what is being posted is seven percent scribus seven percent growth in eighteen seven percent growth in nineteen and then actually negative if you actually go down we go from nine point six four three to nine five six one so you actually go down slightly in in twenty twenty and then it would grow at fo engage in this prepayment for the first two years the board had considered requesting an additional schedule from the actuary to fully work out the implications of the future payment scheme but i think the concern was that there wasn't enough time to do that so the the understanding would be funding the two thousand and eighteen one thousand as proposed in the motion understanding that the effect in the future would be to lower the two years from now the number would not be four point three percent it would be something less than that but again exactly what we've calculated at that time think i think one hundred percent accurate the way we looked at it is the fiscal year two thousand and eighteen and nineteen at the seven percent was already built into the financial model so it wouldn't have that dramatic an impact on our budgeting but at the same time between those two fiscal years we are contributing contributing an additional seven hundred thousand dollars more than what would than what we would otherwise be contributing had we just extended the schedule to twenty thirty so if it was a pure extension of the schedule by three years then the percentage increase annually would be about four point three percent with that additional influx of capital that should that understanding that the table needs to be recalculated but that should bring it lower the annual increase lower than four point three percent maybe closer to four percent and more in line with what our eighth expected growth in revenues is annually so so although we didn't have the i'm i'm i'm grateful that the board of selectmen is clear on what they're looking for in fiscal eight a eighteen and nineteen i think i think that's by far the most important thing because that's in fact the only thing the retirement board is really going to walk in lock in and fix you know what they're going to vote on this this year so that's what it is for the next two and two years and for budgeting purposes and so it's great that they hear exactly what the board of sort of i'm so bored of i'm selectman is i'm willing willing willing willing willing to work on everything beyond that fiscal twenty and on i mean that's that's that's that's that's just a model and there's no you know there is no there is not the same kind of a commitment that that that the board is going to make in terms of what we have to fund through the town meeting for the next two two years the other thing i mean and i want to get back to to the question about the rating agencies and i think that really is the second most important thing that has to be driving this whole this whole conversation because we know that we that we are going to have a high school proposal and we want to be as strong in terms of presenting our town to it and so you  his own way that you know that he's been telling moody's that we have this plan in place and and that moody's appreciates stability in terms of them in and in terms of in terms of that and so that you know between the fact that the book you know we all seem comfortable with these two numbers for the next two to two two years and that that we've got to be preparing ourselves for at major high school that that that i you know that i think we should not try to you know spend too much time trying to micromanage what we what what we think is think is think isn't going on here and furthermore i and i think it's actually out of out of scope i mean we are a we are a body that is appointed by the moderator to support the town meeting this is this is a retirement board decision it's not a town that it's not a town meeting and we should have enough confidence that the retirement board can do its do its do its process well so i'm i'm i'm not inclined to support a motion that's going to tell the retirement board what they should be  doing i'm grateful for this point three i think point one and point two we should look to the retirement board to figure out what what is the appropriate of appropriate way to model that rather than asking us what you know talented table makes makes most sense and then the fourth point i mean that's that's a strategic political political and financial question and you know we we get to revisit that every two two years whether it's whether it's prefunding things or off by asking them to push it back but i think you know if it were limited to we support these two dollar figures for the next two and two years as a target i'm fine with that because that's going to have a budget consequence in terms of of the next two town that meetings but beyond that i i don't think we should be be we we should be i'm taking it think that the work that we're doing and considering the funding schedule said so forward by the river retirement board is advisory in nature and so when we take a vote that's that's advisory in nature we don't we don't tie their hands and we can't anticipate tying their hands and we're just we're just not going to do that we don't that that's beyond our role but but if if we if we vote on a motion  with our advice for the retirement board and in this case you know i i agree with with the vote that the board of selectmen talk so if we were to vote in favor of that i think that would be well what then what would our reasonable exercise of our duty should be it's an advisory action and and i think it's important that we do that i think that we need to weigh in on important issues involving the town's budget and that's that's part of i think what our responsibility to talk to town meeting is but beyond that i just want to say quickly to that i don't i don't know why i don't know why we would kick down the road by two years this issue of revisiting what the enterprise funds are doing because that that that doesn't actually affect the size of the town's payment so we can we can we can we can we can well we can vote an advisory motion on on what the town's payment should be and then the retirement board will decide what it will decide  but but week we can as a town revisit without affecting that payment or that payment schedule because it's just it's just looking at the source  of the funds we can we can we can really i don't think we have to wait two years to talk about the enterprise funds i think that's right and so this is separable decision and i i suppose the mood at least at the of selectmen level is that if there is a funding scheme that looks like it will work for the next two years it's just one less decision to make but i think as a concept separating out the accounts the way it was discussed in these meetings for light and water makes sense and that we were not taking a position on whether it's done in two years or not but it is it's not it's actually not part of right as motion here the other thing i would say about jim's comments is that i'm not sure that we're really taking a position on the rate of return of the mortality assumptions so much as saying that we would we're supporting the retirement board adopting these proposals which are there so that we're not taking issue with their decision to do that i don't i don't think it's any more than that so i grew what you just report on the topic and not only that she really growth of the pension obligation of the pension payments is one of the very substantial factors and actually  the the budgetary situation for the town and whether or not we need to do another override i mean there are relatively few issues that we will look at that actually have a larger impact on the finances of the town than the rate of and thinks makes sense of the comments that were made before that i think we should do the same i would strongly support a similar motion to the one that the board of selectmen made clearly the retirement board will do as it does if it has that really reflecting on our role because of the town town in town meeting and what we did last fall which was you know which i think was very good work that was in response to an action by town town that meeting asking us motion is one two and four next motion will be three amended the motion based on jim so he said that does not allow us to actually vote on it simply supporting the recommendation of the boy's life depends on the vote yes yes  recommend that if the vote were to be to only do something out and not do the other things i would i will vote no on that and that will actually be the part that will not in other words like it would be i would not recommend not recommending a seven