Dan Dunn

We met at 7:30 before Town Meeting, as usual. We had business tonight. First up was the Deputy Town Manager Nancy Galkowski, who provided updated recommendations for collective bargaining. The town had reached agreements with all but the police unions. Approved unanimously.

Dick Fanning took over to chair the meeting. The minutes of 5/12, 5/19, and 5/21 were approved. The Treasurer presented his preferred version of the the PoBs (pension obligation bonds) legislation. The FinCom version required PoBs to be approved by 2/3 at Town Meeting, the treasurer, the Board of Selectman, and FinCom. It also limited the amount to 20% of the total fund. The treasurer wanted to remove the 20% restriction and the FinCom approval. After discussion the treasurer agreed to re-insert the FinCom approval. The 20% cap is likely moot because by 2009, in current market conditions, the remaining liability will not be much larger than 20%.

There was discussion about the risks of PoBs and the effects of the legislation. It was noted that the proposed vote is only to create enabling legislation. There is no money spent, no commitment made, no risk taken on. It’s just to keep options open. The treasurer’s language was approved.