Politics & Government

Westport to Put $8.2 Million in OPEB Trust This Year

After a public hearing Wednesday night, the Westport Board of Finance decided to remain committed to full funding of the OPEB annual required contribution (ARC).

The Board will put $8.2 million in the OPEB (Other Post Employment Benefits) trust this year using a 7.5 percent discount rate.

"About $3.75 million of that amount has already been budgeted for," Board of Finance Chair Helen Garten said.

The rest of the funds will come from the town's reserves, which were stronger than expected, Garten added.

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Westport's reserve level will remain above 10 percent of expenditures even after the OPEB funding takes place. First Selectman Gordon Joseloff plans to bring an appropriation request to the Board next month for the OPEB funding, according to Garten.  

There was strong sentiment on the Board to put an additional $1.2 million into the OPEB trust if possible later in the fiscal year. 

Find out what's happening in Westportwith free, real-time updates from Patch.

The reasons for this additional funding were:

  1. Some Board members felt that the 7.5 percent discount rate is too high.
  2. Some Board members felt that the Board needs to make up for past years when the annual required contribution was not fully funded.

 

 


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