CITY OF WORCESTER

Finance Committee Meeting

Tuesday, April 28, 2015

Esther Howland (South) Chamber

Convened: 8:04 P.M.

Adjourned: 9:10 P.M.


Mayor
Joseph M. Petty

 

www.worcesterma.gov

 

Clerk of the City Council
David J. Rushford

Committee Members

Chairperson Joseph M Petty
Councilor Morris A Bergman
Councilor Tony Economou
 
Councilor Michael T Gaffney
Councilor Konstantina B Lukes
Councilor Philip P Palmieri
Councilor Sarai Rivera
Councilor Gary Rosen
Councilor Frederick C Rushton
Councilor George J Russell
Councilor Kathleen M Toomey

City Hall - 455 Main Street Worcester, Massachusetts


Present Were:All members present with the Mayor as Chair
 
Also:City Manager Edward M. Augustus, Jr. Chief Financial Officer Thomas F. Zidelis Budget Director Jarrett Conner City Clerk David J. Rushford, clerk
 
1.

Communications of the City Manager

1a.

Transmitting informational communication relative to the City's revenues through December for Fiscal Year 2015 per the City's Five Point Plan. # 9.24A CM February 24, 2015

In Committee March 31, 2015 - Held

Attachments

Recommend Hold

1b.

Transmitting informational communication relative to the most recent actuarial valuation of the City's Other Post Employment Benefits (OPEB) as prepared by KMS Actuaries, LLC. # 9.24B CM February 24, 2015

In Committee March 31, 2015 - Held

Attachments

Recommend Hold

1c.

Transmitting informational communication relative to the City's revenues through January for Fiscal Year 2015 per the City's Five Point Plan. # 9.28A CM March 10, 2015

In Committee March 31, 2015 - Held

Attachments

Recommend Hold

1d.

Transmitting informational communication relative to a presentation to discuss the recent OPEB valuation. # 8.34E CM April 28, 2015

Attachments

Linda L Bournival, FSA, Consulting Actuary for KMS Actuaries, LLC gave a presentation to City Council and was available to answer any questions from the committee members.

Recommend Hold

Chairman's Orders

Request City Manager request the Consulting Actuary of KMS Actuaries, LLC to provide City Council with a report showing the impacts to the OPEB liability if proposed legislation (HB 59) regarding design changes for retirees health care were adopted at the state level. (Rushton)

Request City Manager report what is the Worcester Public Schools portion of the current OPEB liability. (Economou)

2.

Miscellaneous Items

2a.

Order of Councilor Michael T. Gaffney request City Manager consider amending the Five Point Financial Plan to require that any increases in local aid received from the Commonwealth be assigned to the Other Post Employment Benefit Trust Fund. # 12b CC June 17, 2014

In Committee March 31, 2015 - Held

Attachments

Recommend Hold

2b.

Order of Councilor Konstantina B. Lukes request City Manager report on any savings which would result from job and salary freezes in the next budget including savings from such freezes in the city enterprise accounts. # 11n CC April 14, 2015

Attachments

Recommend Hold

2c.

Petition of Bill McNally et al request City Council to add one more teacher to the Norrback Avenue School's budget for next year. # 9l CC April 14, 2015

Attachments

Recommend Hold