TOWN OF GREENWICH REGULAR MEETING OF THE
BOARD OF ESTIMATE AND TAXATION VIRTUAL WEBINAR Monday, November 16, 2020 – 6:30 PM
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AGENDA
1. Call to Order and Pledge of Allegiance
2. Requests for Budget Adjustments
ROUTINE APPLICATIONS Number Department Amount Purpose
HD-2 Health $ 43,311 Approval to Use F403 Various PHEP Grant
HD-3 Health $ 115,597 Approval to Use F403 Various ELC Covid 19 Grant
NON-ROUTINE APPLICATIONS
PW-2 Public Works $2,500,000 Additional Appropriation B312 59620 South Stanwich Road Causeway FI-2 Bonding resolution authorizing $2,500,000 of borrowings to finance the South Stanwich Road Causeway.
3. Assessor’s Report
4. Comptroller’s Report
5. Treasurer’s Reports showing investing portfolio activity for the month of October 2020
6. BET Standing Committee Reports: ☐ Audit ☐Budget ☐Human Resources ☐ Investment ☐Law ☐Policy/Procedures
7. BET Liaison Reports: ☐ ☐ CD Block Grant ☐Assessor/Tax Collector Education ☐Finance/Comptroller ☐Public Safety ☐Retirement ☐N.W. Board ☐Information Technology ☐Public Works ☐Parks & Recreation
8. BET Special Project Team Reports ☐Labor Contracts ☐Fire Study
9. Old Business:
10. New Business: • Tax Collector Policy regarding delinquent property taxes • Tax Policy for Residential Real Property Owned by Private Schools • COVID-19 Grants - Discussion and approval of resolutions to accept COVID-19 grant funds • Acceptance of OPEB Actuary Report
11. Chair’s Report
12. Approval of the BET Regular Committee Meeting Minutes of: • October 19, 2020 – Regular Meeting Webinar • October 29, 2020 – Special Meeting Webinar
13. Adjournment
Next meeting scheduled for Thursday, December 17, 2020 at 6:30 P.M.
Michael S. Mason, Chair
The Town complies with all applicable federal and state laws regarding non-discrimination, equal opportunity, affirmative action, and providing reasonable accommodations for persons with disabilities. If you require an accommodation to participate, please contact the Commissioner of Human Services at 203-622-3800 or [email protected] as soon as possible in advance of the event.
Town Of Greenwich Request Form For Budget Adjustments BET Meeting Date: Nov-20 Application #: PW 2
Department & Division: DPW
Action Requested: Additional Appropriation
Date of Submission: October 7, 2020
Fund Dept Object Project Desc Amount
To: B 312 59620 South Stanwich Road Causeway 2,500,000.00
From: 2,500,000.00
Justification of Request:
Emergency request ‐ please see attached explanation.
Board Chairman Department Head:
Certified correct as to computations and amounts shows as appropriations to date and unencumbered balances, with any changes given. Date: Comptroller:
The following action was taken at a meeting of the Board of Estimate and Taxation held on: Vote Clerk of the Board:
Email this form as a PDF along with any supporting documentation (in PDF Format) PW – 2 November 2020
This is an interim request for an estimated $2.5 million dollars for the repair of the South Stanwich Causeway over Rockwood Lake. The following describes the drivers for this request.
South Stanwich Road runs between North Street and Taconic Road, crossing Aquarion Water Company’s (Aquarion) Rockwood Lake reservoir. The portion crossing the reservoir is an approximately 500 foot long causeway, formed of dry laid stones with a full depth section of pavement (roadway) on top. A small stone culvert is built into the bottom of the causeway. Water can move freely between the north and south sections of the reservoir through the culvert and the causeway itself. The causeway is a one lane roadway approximately 14 feet wide; the approaches are two‐way. The road currently has a 4 ton weight limit which is expected to remain. Records indicate that the causeway has been in place for over a century, and was most likely built when the dam at the southerly portion of Rockwood Lake was put in place.
During the week of September 14, 2020, an approximately 55 foot portion of the causeway’s southern face collapsed, undermining a portion of the roadway. When DPW was notified and called out to review the situation, the road was closed to vehicle traffic at that point. DPW quickly contacted one of its consultants, WMC Consulting Engineers (WMC), a firm experienced in bridge inspections, and design of bridges and other roadway infrastructure. We arranged for WMC to inspect the causeway, which included both visual and subsurface inspection techniques to evaluate its construction, its condition, and potential repair options. We also began our coordination efforts with Aquarion as the causeway is crossing an active public water supply. Both parcels adjacent to the causeway are owned by Aquarion; their permission will be required to access the area for repairs. In addition, they manage water level within the reservoir, also a critical factor affecting repairs.
The inspection results indicate that a temporary/interim wall repair is not advisable as other segments of the causeway could be susceptible to the same type of collapse. At this point, the recommended repair approach to bring the causeway into a condition suitable to handle traffic across it is described in the following paragraph – and we must emphasize that this is still a work in progress and design details (e.g. dimensions) may be adjusted as work continues.
The repair involves constructing additional walls on both the north and south sides of the existing causeway, to support the existing structure. The walls would be approximately 14+/‐ foot wide at their bottom, tapering to approximately 7 +/‐ at their top, coming to within 5+/‐ feet of the top of the current causeway. Approximately 425 feet of such walls is needed – note this length of wall is required on both sides of the causeway. The repair would also be dry laid stone, to continue to allow water to move as it does now through the causeway structure. A portion of the causeway’s road surface would be repaired, as well as segments of guide rail and fence along the causeway length.
DPW has been working closely with WMC to prepare for a potential repair Winter 2020/2021 into Spring 2021. Work like this is best done when water use is lower, typically in the winter PW – 2 November 2020 months, and the reservoir level may be kept somewhat lower. Repairs are more complicated in high usage months and/or when reservoir levels are at full capacity. As the work must be done in the dry, if water levels are higher, keeping the work area dry and protected is more complicated. Given concerns expressed with respect to emergency services (e.g the Fire Department) and their use of the causeway, DPW has been proceeding with this as an emergency repair. Such repair, if approved and funded, would involve using one of the Town’s on call contractors to perform the repairs this winter/spring season. It is estimated that the repairs could be accomplished in approximately 3 months. Permitting would be undertaken immediately if the budget is approved.
The initial estimate for this design concept is approximately $2.5 million which is still under review and refinement. This request is being made to the BET at this time in order to make the RTM’s deadline for the December 2020 meeting and have the potential to see repairs get underway in accordance with the timeframe described above. The estimate includes a large contingency that both DPW and WMC are reviewing, in the hopes of reducing this amount. However, we do need to note that construction may encounter unknowns given this location. We will bring any updates with us to the BET’s meetings on this interim request.
189 BALLA JOAN E TR 189 TACONIC RD
0 AQUARION WATER COMPANY 600 LINDLEY STREET
22 HEWETT THOMAS J & 22 SOUTH STANWICH ROAD
179 SCHWARTZ ALAN & SEAMAN NANCY W/S 179 TACONIC RD
SOUTH STANWICH RD
664 AQUARION WATER COMPANY OF 600 LINDLEY STREET
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40 169 SAPER JORDAN & RITTMASTER JILL W/S WEITZMAN STUART A & JANE G W/S 40 SOUTH STANWICH ROAD 169 TACONIC RD
0 30 60 120Feet This map was produced from the Town of Greenwich Geographic Information System. The Town expressly disclaims any liability that may result from the use of this map. 1 inch = 30 feet Map Printed: 11/4/2020; Copyright © 2013 by the Town of Greenwich. µ B -
A -
ROADWAY PLAN SCALE: 1" = 10'-0"
SECTION A-A EXISTING SECTION B-B SCALE: 1 1/2" = 1'-0" (COLLAPSED) SCALE: 1 1/2" = 1'-0" THE INFORMATION, INCLUDING ESTIMATED QUANTITIES OF WORK SHOWN ON THESE SHEETS IS BASED ON LIMITED INVESTIGATIONS BY THE TOWN AND IS IN NO WAY WARRANTED TO INDICATE THE TRUE CONDITIONS OR ACTUAL QUANTITIES OR DISTRIBUTION OF QUANTITIES OF WORK WHICH WILL BE REQUIRED. SUPV. PREPARED FOR DESIGN WMC CONSULTING ENGINEERS TOWN OF GREENWICH DRAWN 101 FIELD POINT ROAD CHECKED WENGELL, McDONNELL & COSTELLO 87 HOLMES ROAD GREENWICH, CT 06830 NO. DATE DESCRIPTION NEWINGTON, CT 06111 DATE DRAFT(860) 667-9624 REVISIONS Town of Greenwich Date: 11/1/20 South Stanwich Causeway over Reservior Prepared By: KOE WMC Reference No: 20075.10 Checked By: K.J.M. Date: 11/3/2020
Conceptual Cost Estimate Retrofit ITEM NO. ROADWAY ITEMS UNIT QUANT. UNIT PRICE TOTAL COST 0202000 Earth Excavation C.Y. 115 $ 50.22 $ 5,775.30 0202529 Cut Bituminous Concrete Pavement L.F. 35 $ 8.36 $ 292.60 0209001 Formation of Subgrade S.Y. 340 $ 9.44 $ 3,209.60 0210820 Water Pollution Control (Estimated Cost) Est 1 $ 5,000.00 $ 5,000.00 0212000 Subbase C.Y. 155 $ 66.28 $ 10,273.40 0219001 Sedimentation Control System L.F. 420 $ 7.66 $ 3,217.20 0406170 HMA S1 Ton 135 $ 188.47 $ 25,443.45 0406171 HMA S0.5 Ton 70 $ 220.52 $ 15,436.40 0406236 Material for Tack Coat Gal. 125 $ 18.15 $ 2,268.75 0822001 Temporary Precast Concrete Barrier Curb L.F. 40 $ 53.93 $ 2,157.20 0910170 Metal Beam Rail (Type R-B 350) L.F. 420 $ 27.40 $ 11,508.00 0912503 Remove Metal Beam Rail L.F. 420 $ 6.42 $ 2,696.40 0913000 Remove Chain Link Fence L.F. 420 $ 7.77 $ 3,263.40 0913099 Chain Link Fence L.F. 420 $ 20.00 $ 8,400.00 0969060 A Construction Field Office (Small) Mo. 1 $ 3,000.00 $ 3,000.00 0976002 Barricade Warning Light-High Intensity Day 120 $ 1.25 $ 150.00 0979003 Construction Barricade Type III Ea. 4 $ 142.69 $ 570.76 SUBTOTAL $ 102,662.46
ITEM NO. STRUCTURE ITEMS UNIT QUANT. UNIT PRICE TOTAL COST 0204001 Cofferdam and Dewatering L.F. 685 $ 424.58 $ 290,837.30 0213100 Granular Fill C.Y. 1000 $ 55.95 $ 55,950.00 0607001 Dry Rubble Masonry C.Y. 4000 $ 250.00 $ 1,000,000.00 0974001 Removal of Existing Masonry C.Y. 350 $ 174.44 $ 61,054.00 SUBTOTAL $ 1,407,841.30
ROADWAY ITMES $ 102,662.46 STRUCTURE ITEM $ 1,407,841.30 SUBTOTAL $ 1,510,503.76
ITEM NO. LUMP SUM ITEMS PERCENTAGE UNIT QUANT. UNIT PRICE TOTAL COST 0971001 A Maintenance and Protection of Traffic 1.00% L.S. 1 $ 15,500.00 $ 15,500.00 0975004 Mobilization and Project Closeout 7.50% L.S. 1 $ 113,500.00 $ 113,500.00 0980020 Construction Surveying 1.00% L.S. 1 $ 15,500.00 $ 15,500.00 SUBTOTAL $ 144,500.00
SUBTOTAL - CONSTRUCTION ITEMS $ 1,655,003.76 CONTINGENCY @ 40% $ 662,001.50 INCIDENTALS @ 15% $ 248,250.56
2021 TOTAL $ 2,565,255.83 DRAFTSAY 2021 TOTAL $ 2,570,000.00
Cost Opi ni on_Ret rof i t WMC Consulting Engineers Page 1 of 1 RESOLUTION AUTHORIZING THE ISSUANCE OF $2,500,000 BONDS OF THE TOWN TO MEET A PORTION OF THE CAPITAL BUDGET APPROPRIATION FOR THE RECONSTRUCTION OF THE SOUTH STANWICH ROAD CAUSEWAY FOR FISCAL YEAR 2020-2021 AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWING FOR SUCH PURPOSE
WHEREAS, the Board of Estimate and Taxation (“BET”) and the Representative Town Meeting have approved specific appropriations for the reconstruction of the South Stanwich Road causeway in various capital projects in the Town’s Capital Budget for Fiscal Year 2020-2021.
BE AND IT IS HEREBY RESOLVED:
Section 1. To meet the portion of the approved capital budget appropriations for the reconstruction of the South Stanwich Road causeway in various capital projects in the Town’s Capital budget for Fiscal Year 2020-2021 (collectively, the “South Stanwich Road Project”), $2,500,000 general obligation bonds of the Town are authorized to be issued in one or more series, maturing in annual installments of principal in compliance with the General Statutes of Connecticut, as amended from time to time (the “Connecticut General Statutes”), provided the final installment shall be due not later than the fifth year after their date. The bonds shall be in the denomination of $5,000 or a whole multiple thereof, be issued in fully registered form, be executed in the name and on behalf of the Town by the facsimile or manual signatures of the Chairman of the Board of Estimate and Taxation or another authorized BET member designated by the Chairman and the Treasurer, and countersigned by the Comptroller, have the seal of the Town affixed and attested by the Town Clerk, be certified by a bank or trust company, and be approved as to their legality by nationally-recognized bond counsel. The bonds shall be general obligations of the Town and each of the bonds shall recite that every requirement of law relating to its issue has been duly complied with, that such bond is within every debt and other limit prescribed by law, and that the full faith and credit of the Town are pledged to the payment of the principal thereof and interest thereon.
Section 2. The aggregate principal amount of the bonds of each series to be issued, and the manner of issue and sale shall be determined by the Comptroller, provided the bonds shall be issued in amounts which will provide funds sufficient with other funds available for such purpose to pay the principal of and the interest on all temporary borrowings in anticipation of the receipt of the proceeds of said bonds outstanding at the time of the issuance thereof, and to pay for the costs of issuance of such bonds. The annual installments of principal, redemption provisions, if any, the certifying, registrar and transfer agent and paying agent, the date, time of issue and sale and other terms, details and particulars of such bonds, including approval of the rate or rates of interest payable thereon, shall be determined by the Comptroller, in accordance with the Connecticut General Statutes.
Section 3. Said bonds shall be sold by the Comptroller, in a competitive offering or by negotiation, in his discretion. If sold in a competitive offering, the bonds shall be sold at not less than par and accrued interest on the basis of the lowest net or true interest cost to the Town. A notice of sale or a summary thereof describing the bonds and setting forth the terms and conditions of the sale shall be published at least five days in advance of the sale in a recognized publication carrying municipal bond notices and devoted primarily to financial news and the subject of state and municipal bonds. If the bonds are sold by negotiation, provisions of the purchase agreement shall be approved by the Comptroller.
Section 4. The Comptroller is authorized to make temporary borrowings in anticipation of the receipt of the proceeds of said bonds. Notes evidencing such borrowings shall be signed by the Chairman of the Board of Estimate and Taxation or another authorized BET member designated by the Chairman and the Treasurer, and countersigned by the Comptroller, have the seal of the Town affixed and attested by the Town Clerk, be approved as to their legality by nationally-recognized bond counsel, and be certified by and payable at a bank or trust company designated by the Comptroller, pursuant to Section 7-373 of the Connecticut General Statutes. They shall be issued with maturity dates which comply with the provisions of the Connecticut General Statutes governing the issuance of such notes, as the same may be amended from time to time. The notes shall be general obligations of the Town and each of the notes shall recite that every requirement of law relating to its issue has been duly complied with, that such note is within every debt and other limit prescribed by law, and that the full faith and credit of the Town are pledged to the payment of the principal thereof and the interest thereon. The net interest cost on such notes, including renewals thereof, and the expense of preparing, issuing and marketing them, to the extent paid from the proceeds of such renewals or said bonds, shall be included as a capital cost of the South Stanwich Road Project. Upon the sale of the bonds, the proceeds thereof, to the extent required, shall be applied forthwith to the payment of the principal of and the interest on any temporary borrowings then outstanding or shall be deposited with a bank or trust company in trust for such purpose.
Section 5. The Chairman of the Board of Estimate and Taxation, the Treasurer and the Comptroller are hereby authorized in the name and on behalf of the Town to apply for any and all Federal and State grants-in-aid for the South Stanwich Road Project.
Section 6. The Town hereby expresses its official intent pursuant to §1.150-2 of the Federal Income Tax Regulations, Title 26 (the "Regulations"), to reimburse expenditures paid sixty days prior to and any time after the date of passage of this Resolution in the maximum amount and for the South Stanwich Road Project with the proceeds of bonds, notes or other obligations (“Tax Exempt Obligations”) authorized to be issued by the Town. The Tax Exempt Obligations shall be issued to reimburse such expenditures not later than 18 months after the later of the date of the expenditure or the substantial completion of the South Stanwich Road Project, or such later date as the Regulations may authorize. The Town hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Comptroller is authorized to pay project expenses in accordance herewith pending the issuance of Tax Exempt Obligations.
Section 7. The Comptroller is hereby authorized, on behalf of the Town, to enter into agreements or otherwise covenant for the benefit of bondholders to provide information on an annual or other periodic basis to the Municipal Securities Rulemaking Board (the “MSRB”) and to provide notices to the MSRB of material events as enumerated in Securities and Exchange Commission Exchange Act Rule 15c2-12, as amended, as may be necessary, appropriate or desirable to effect the sale of the bonds or other obligations authorized by this Resolution. Any agreements or representations to provide information to MSRB made prior hereto are hereby confirmed, ratified and approved.
Section 8. The time for the issuance of bonds, notes or other obligations authorized hereunder shall not be limited but shall remain in full force and effect until all payments are made and all borrowings completed for the South Stanwich Road Project financed by such bonds or other obligations.
Section 9. The Chairman of the Board of Estimate and Taxation or another authorized BET member designated by the Chairman, the Treasurer and the Comptroller are hereby authorized, on behalf of the Town, to enter into any other agreements, instruments, documents and certificates, including tax and investment agreements, for the consummation of the transactions contemplated by this Resolution and to contract in the name of the Town with engineers, contractors and others in connection therewith.
TOWN OF GREENWICH BOARD OF ESTIMATE and TAXATION ASSESSOR’S REPORT
November 16, 2020
OVERVIEW:
As the Assessor’s Office continues to follow the COVID-19 protocols, the office is now open to the public from 8:00am to 1:00pm, by appointment only from 1:00pm to 4:00 pm. The office will continue to respond to requests for property record cards, the senior programs, and all other aspects of the Assessor’s Office by e-mail as well. An additional e-mail address was created just for property record card requests; the new address is [email protected]. All other inquiries, ie motor vehicle prorates etc. are being forwarded to [email protected].
REPORT:
1. Normal Workload: Real Estate: All new construction permit field work shall be completed by December 1st for the October 1, 2020 Grand List. Currently, the staff is completing the data entry of this work into the Proval CAMA System.
The office is responding to all requests for property record cards by the public, including appraisers, lawyers, and title searchers. Through October, we have e-mailed 9393 property record cards. The staff appraisers are now working on building permits issued from October 1, 2019 to September 30, 2020.
Building Permit: Below are the value of building permits issued for both residential and commercial/industrial including exempt properties from October 2019 through September 2020 and the difference of permit value compared to the same period in 2018-2019.
2019-20 Permits vs 2018-19 Permits
Oct '19 Nov '19 Dec '19 Jan '20 Feb '20 March '20 April '20 May '20 June '20 July '20 August '20 September '20 Totals
Residential Number 105 76 70 63 67 55 26 34 42 67 51 71 656
Permit value $17,879,415 $24,477,028 $15,981,073 $10,383,684 $10,773,872 $6,981,475 $4,562,661 $5,388,207 $6,367,381 $12,103,894 $12,808,441 $5,636,156 $133,343,287
Permit value Diff $3,155,460 $5,799,463 $692,697 $156,126 $6,415,417 -$1,071,092 -$19,559,229 -$1,862,414 -$5,784,880 -$11,875,900 -$2,010,027 -$11,575,693 -$37,520,072
Oct '19 Nov '19 Dec '19 Jan '20 Feb '20 March '20 April '20 May '20 June '20 July '20 August '20 September '20 Totals
Commercial Number 49 38 25 26 33 29 18 25 27 39 44 54 353
Permit value $13,455,195 $2,339,972 $2,801,606 $4,749,445 $36,330,700 $15,463,560 $4,466,000 $1,457,500 $13,602,936 $5,988,798 $7,371,628 $4,069,988 $112,097,328
Permit value Diff -$2,167,951 -$9,600,424 -$3,611,204 $590,671 $26,722,327 $8,956,803 -$1,071,358 -$5,049,257 $5,779,563 -$13,348,936 $602,778 -$2,578,253 $5,224,759
Income & Expense Forms: Income & Expense forms to be submitted by commercial/industrial properties, for calendar year 2019, were sent out on April 15th, 2020, by Quality Data Service (QDS). The due date has been extended from June 1st, to August 15th, 2020, by Executive Order, 7I. A total of
BET 11.20 1
769 forms were sent to commercial/industrial property owners, as of 10/15/2020, 671 have been received. 97 are subject to a late penalty or failure to file.
Personal Property: 3926 Personal property declarations were mailed by QDS on September 28th, 2020 and are due back to the Assessor’s Office by November 2nd. As of November 12th, 2075 declarations have been received.
For the 2020 Grand List, we shall continue with the electronic filing of personal property declarations. All accounts had the option of filing electronically this year. To date, 680 businesses have filed electronically. A declaration as well as instructions for electronic filing was sent to everyone. In addition to sending out declarations, the staff shall also be canvasing the Town as well to determine which businesses are still active.
Motor Vehicles: In October, QDS sent out 5241 delinquent MV accounts from the 2018 Grand List, roughly 10% of the vehicles on the Grand List. The Tax Collector Office and the Assessor’s Office are currently adjusting these bills as needed. Hopefully, this will limit the amount of delinquent bills which are ultimately sent to the collection agency, American National Recovery Group. In addition, this will also allow the Assessor’s Office the ability to adjust any outstanding bill. Such adjustment is barred by state statute on the 2018 MV Grand List after December 31, 2020.
The 2019 Supplemental Motor Vehicle List has been received by the Assessor’s Office. The staff is currently pricing 4567 of the total 8,795 motor vehicles for the January 2021 SMV billing. The 2018 Supplemental Motor Vehicle consisted of 11,134 motor vehicles. Once priced, bills shall be sent out by January 1st, 2021. The processing of all year’s motor vehicle cancellations, additions, corrections, and pro-rations continues.
Administrative Support: Real estate transfers have been entered into QDS through September 2020. All required legal notices have been published in the Greenwich Time. Administrative staff assists with general real estate, personal property and motor vehicle questions, veteran and elderly adjustments and court stipulations.
2. Revaluation 2021
The Assessor’s Office has determined it is in the best interest of the Town of Greenwich to postpone the 2020 Revaluation due to the uncertainty of the real estate market conditions and the impact from COVID-19. Both revaluation companies shall be able to perform the 2021 revaluation, amendments for the postponement to the current contracts are being completed. The First Selectman sent the request to the State of Connecticut Office of Policy and Management (OPM) and the Town has received its response. OPM shall be willing to respond favorably and waive any penalties against the Town of Greenwich due to COVID-19. Currently, the contracts with Tyler Technologies and J. F. Ryan are being amended to reflect a revaluation for 2021. The following revaluation (performed every five years) shall remain on the prior schedule and shall be completed in 2025.
At the moment, there remains 1,265 residential, 245 commercial and 136 tax exempt properties that shall require inspections to be completed for the next revaluation. The Assessor’s Office has ended inspections until the spring due to COVID-19 concerns. The remaining inspections will resume in the spring. The 2021 Revaluation includes the required 10 year physical inspection of real property.
3. Litigation – Superior Court Cases:
As of November 2020, there are 41 court cases pending, including 9 from the 2015 Revaluation. The current fair market value of the pending cases is $870,060,230. Three residential cases from the 2018 Grand List were settled, one commercial appeal from the 2019 Grand List was withdrawn. An
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additional residential appeal was filed against the Town on the 2019 Grand List. Since the 2015 revaluation, 194 cases have been resolved.
The status summary of the pending real estate Superior Court Cases is as follows: Sept '20 Oct '20 Superior Court Cases # of Parcels FMV # of Parcels FMV
2015 Grand List Residential 1 $12,419,400 1 $12,419,400
Commercial/Industrial 8 $250,516,800 8 $250,516,800
Total GL 2015 9 $262,936,200 9 $262,936,200
2016 Grand List Residential 0 $0 0 $0
Commercial/Industrial 2 $24,174,500 2 $24,174,500
Personal Property 0 $0 0 $0
Total GL 2016 2 $24,174,500 2 $24,174,500
2017 Grand List Residential 0 $0 0 $0
Commercial/Industrial 15 $127,256,100 15 $127,256,100
Personal Property 4 $309,630 4 $309,630
Total GL 2017 19 $127,565,730 19 $127,565,730
2018 Grand List Residential 3 $6,298,900 0 $0
Commercial/Industrial 4 $349,201,000 4 $349,201,000
Total GL 2018 7 $355,499,900 4 $349,201,000
2019 Grand List Residential 2 $7,200,000 3 $8,300,000
Commercial/Industrial 5 $153,576,900 4 $97,882,800
Total GL 2019 7 $160,776,900 7 $106,182,800 Total Number of Appeals 44 $930,953,230 41 $870,060,230
4. Recent Sales Analysis:
Attached is a chart showing recent sales activity (See attached “Greenwich Valid Residential Sales Statistics (including Condos) from 10-1-2015 to 10-30-20”). It shows, by month, the numbers of sales, median ratio and average ratio. There were 139 valid sales for the month of September.
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5. Office of Policy and Management Report:
All required calendar report filings are current.
OBJECTIVES
1. Short Term: The staff is back in the office and working the normal schedule. Field work has been stopped due to an increase of COVID -19 and will resume in the spring. Respond to public inquiries about property valuation resulting from tax bills. Prepare Certificates of Correction/Pro-ration Adjustments. Review of tax exempt properties; schools & medical affiliates. Review Income & Expense forms from commercial/industrial properties.
2. Ongoing: Continue validation of all sales for ENGL and 2021 revaluation. Continue entering changes of ownership and address changes. Finalize the October 1, 2020 Grand List.
3. Long Term: Foster staff training and development. Analyze sales/trends for the 2021 Revaluation. Support the Law Department and BAA, as appropriate. Utilize Quality Data Services additional capabilities to more efficiently serve the Town. Proceed with property physical improvement reviews required for the 2021 Revaluation.
Respectfully submitted,
Lauren Elliott, CCMA II Assessor, Town of Greenwich
Attachments:
1. Greenwich Valid Residential Sales Statistics (including Condos) from 10-1-2015 to 10-30-20.
BET 11.20 4
# Valid Median Average Date Total $MMedian $MAverage $M Sales Ratio Ratio Residential (including Condos) Monthly Number of Valid Sales Oct-15 72 1.0818 1.1024 $142.7 $1.1 $2.0
Nov-15 54 1.0846 1.1019 $121.4 $1.0 $2.2
Dec-15 64 1.0172 1.0612 $106.7 $1.4 $1.7 180 Jan-16 51 1.0422 1.0743 $79.4 $1.1 $1.6
Feb-16 62 1.0803 1.1146 $111.6 $1.2 $1.8
Mar-16 49 1.1038 1.1061 $96.9 $1.2 $2.0 160
Apr-16 55 1.0966 1.0979 $120.2 $1.6 $2.2
May-16 75 1.0994 1.1375 $125.3 $1.4 $1.7
Jun-16 106 1.1069 1.1345 $203.8 $1.4140 $1.9
Jul-16 88 1.1218 1.1276 $185.6 $1.7 $2.1
Aug-16 88 1.1263 1.1416 $145.6 $1.4 $1.7
Sep-16 76 1.0964 1.1089 $130.8 $1.4120 $1.7
Oct-16 63 1.0543 1.0914 $95.2 $1.0 $1.5
Nov-16 51 1.0829 1.1123 $79.8 $1.0 $1.6 100 Dec-17 83 1.1150 1.1259 $143.7 $1.3 $1.7
Jan-17 60 1.0696 1.0865 $121.3 $1.3 $2.0 Number of Valid Residential Sales Residential Valid of Number
Feb-17 44 1.0328 1.0753 $85.8 $1.5 $1.9 80 Mar-17 67 1.0731 1.0859 $133.5 $1.3 $2.0
Apr-17 48 1.1388 1.1270 $81.3 $1.3 $1.7
May-17 77 1.0936 1.1164 $142.6 $1.5 $1.9 60
Jun-17 109 1.0744 1.0959 $233.8 $1.5 $2.1
Jul-17 81 1.0639 1.1014 137.6686 $1.3 $1.7
Aug-17 85 1.1299 1.1402 176.5840 $1.540 $2.1
Sep-17 58 1.1078 1.1100 122.4439 $1.2 $2.1
Oct-17 59 1.1123 1.1497 122.7392 $1.2 $2.1
Nov-17 76 1.1552 1.1224 148.3295 $1.220 $2.0
Dec-17 74 1.0269 1.0251 151.2655 $1.6 $2.0
Jan-18 49 1.0602 1.1095 91.1970 $1.0 $1.9
Feb-18 49 1.0644 1.1266 105.1320 $1.80 $2.1 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Jan-16 Jun-16 Jan-17 Jun-17 Jan-18 Jun-18 Jan-19 Jun-19 Jan-20 Jun-20 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-18 41 1.0991 1.0750 91.4850 $1.3 $2.2 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Nov-15 Dec-15 Nov-16 Dec-17 Nov-17 Dec-17 Nov-19 Dec-19 Nov-19 Dec-19 Aug-16 Sep-16 Aug-17 Sep-17 Aug-18 Sep-18 Aug-19 Sep-19 Aug-20 Sep-20 May-16 May-17 May-18 May-19 May-20
Apr-18 91 1.0973 1.1070 166.2380 $1.5 $1.8
May-18 82 1.0988 1.1354 152.1251 $1.3 $1.9 Month of
Jun-18 95 1.0645 1.0885 222.5311 $1.6 $2.3
# Valid Sales Jul-18 101 1.1143 1.1589 191.3420 $1.5 $1.9
Aug-18 108 1.0953 1.1227 205.3400 $1.4 $1.9
Residential (including Condos) Monthly Median and Average Ratios Sep-18 59 1.0478 1.0634 100.5922 $1.3 $1.7
Oct-18 54 1.0395 1.0712 97.6564 $1.3 $1.8
1.20 1.20 Nov-19 67 1.0650 1.0786 130.4280 $1.4 $1.9
Dec-19 85 1.0436 1.0554 169.8980 $1.2 $2.0
Jan-19 42 1.0450 1.0074 74.7310 $1.2 $1.7
Feb-19 29 1.0498 1.0442 49.5394 $1.1 $1.7
1.15 1.15 Mar-19 57 1.0602 1.0955 95.1471 $1.2 $1.7
Apr-19 57 1.0745 1.0955 119.6837 $1.5 $2.1
May-19 69 1.0415 1.0563 123.2718 $1.5 $1.8
Jun-19 76 1.0384 1.0674 165.1465 $1.5 $2.2
1.10 1.10 Jul-19 97 1.0196 1.0615 $232.225 $1.450 $2.394
Aug-19 82 1.0057 1.0626 $173.580 $1.623 $2.117 Median Ratios ($ Sale / $ F F V) $ / Sale ($ Ratios Median Average Ratios ($ Sale / $ $ F V) / Sale ($ Ratios Average Sep-19 69 1.0557 1.0550 $126.248 $1.235 $1.830
Oct-19 58 1.0727 1.1091 $107.665 $1.256 $1.856 1.05 1.05
Nov-19 53 1.0288 1.0107 $93.513 $1.270 $1.764
Dec-19 49 1.0596 1.0288 $77.852 $1.080 $1.589
Jan-20 54 1.0000 1.0478 $114.694 $1.838 $2.124
Feb-20 42 1.0414 1.0348 $80.408 $1.671 $1.914 1.00 1.00
Mar-20 38 1.0595 1.1319 $59.287 $1.168 $1.560
Apr-20 42 1.0936 1.0915 $72.590 $1.494 $1.728
May-20 48 1.0157 1.0120 $102.980 $1.825 $2.145
Jun-20 72 1.0219 1.0424 $232.481 $1.8750.95$3.229 0.95 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Jan-16 Jun-16 Jan-17 Jun-17 Jan-18 Jun-18 Jan-19 Jun-19 Jan-20 Jun-20 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Nov-15 Dec-15 Nov-16 Dec-17 Nov-17 Dec-17 Nov-19 Dec-19 Nov-19 Dec-19 Aug-16 Sep-16 Aug-17 Sep-17 Aug-18 Sep-18 Aug-19 Sep-19 Aug-20 Sep-20 Jul-20 90 1.0505 1.0591 $222.496 $1.798 $2.472 May-16 May-17 May-18 May-19 May-20
Aug-20 153 1.0741 1.0714 $363.121 $2.000 $2.373
Month of Sep-20 139 1.0641 1.1117 $338.373 $1.815 $2.434
Median Ratio Average Ratio Poly. (Median Ratio) Oct-20 127 1.0976 1.0974 $320.110 $1.755 $2.521
BET 11.20 5 GREENWICH PRIVATE SCHOOLS
November 16, 2020 BRUNSWICK SCHOOL Green flag for proposed taxable Green flag for proposed taxable Brunswick Group One
PARCEL ID OWNER ADDRESS ZONE DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 07‐1633/S Brunswick School Inc. 63 Patterson Avenue R‐20 1 Family 2,165,500 1,515,850 $18,220.52 07‐3242/S Brunswick School Holdings Inc. 25 Patterson Avenue R‐20 1 Family 1,749,700 1,224,790 $14,721.98 07‐3243/S Brunswick School Inc. 100 Maher Avenue R‐20 1 Family 1,031,700 722,190 $8,680.72 07‐3244/S Brunswick School Inc. 88 Sherwood Place 9R‐62 Family 1,040,100 728,070 $8,751.40 07‐3245/S Brunswick School Inc. 36 Northfield Street 3R‐62 Family 869,500 608,650 $7,315.97 07‐3246/S Brunswick School Inc. 57 Northfield Street R‐62 Family 1,016,800 711,760 $8,555.36 07‐3247/S Brunswick School Inc. 79 Northfield Street R‐62 Family 930,900 651,630 $7,832.59 07‐3248/S Brunswick School Inc. 75 Northfield Street R‐6Mult. Dwellings 1,733,200 1,213,240 $14,583.14 10,537,400 7,376,180 $88,661.68 Brunswick Group Two
PARCEL ID ADDRESS ZONE BLDG # DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 07‐4016/S 100 Maher Avenue R‐20 3 1 Family ‐ Ranch 990,400 693,280 $8,333.23 71 Family ‐ Col. 1,503,200 1,052,240 $12,647.92 41 Family ‐ Cape 1,086,000 760,200 $9,137.60 61 Family ‐ Col. 1,501,700 1,051,190 $12,635.30 51 Family ‐ Col. 1,573,800 1,101,660 $13,241.95 6,655,100 4,658,570 $55,996.01
07‐4030/S 95 Maher Avenue R‐20 3 1 Family Ranch 873,900 611,730 $7,352.99 41 Family Col. 1,619,500 1,133,650 $13,626.47 51 Family Col. 1,579,000 1,105,300 $13,285.71 61 Family 997,500 698,250 $8,392.97 5,069,900 3,548,930 $42,658.14 Brunswick Group Two
PARCEL ID ADDRESS ZONE BLDG # DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 10‐4147 1216‐1252 King Street RA‐481 Family Ranch 503,300 352,310 $4,083.27 91 Family Col. 733,000 513,100 $5,946.83 10 1 Family Col. 733,000 513,100 $5,946.83 11 1 Family Col. 733,000 513,100 $5,946.83 12 1 Family Col. 733,000 513,100 $5,946.83 13 1 Family Col. 741,100 518,770 $6,012.54 14 1 Family Col. 741,100 518,770 $6,012.54 15 1 Family Col. 817,500 572,250 $6,632.38 16 1 Family Col. 741,100 518,770 $6,012.54 17 1 Family Col. 733,000 513,100 $5,946.83 18 1 Family Col. 740,400 518,280 $6,006.87 7,949,500 5,564,650 $64,494.29 Brunswick Exempt PARCEL ID OWNER ADDRESS DESCRIPTION 100% VALUATION 70% ASSESSMENT 07‐4016/S Brunswick School Inc 100 Maher Avenue Upper School 45,676,600 31,973,620 07‐4030/S Brunswick School Inc 95 Maher Avenue Upper School 18,386,400 12,870,480 07‐1654/S Brunswick School Inc 45 Patterson Avenue Headmaster's House 3,272,700 2,290,890 08‐1402/S Brunswick School Holdings I LLC 91 River Road Rowing Center 5,438,100 3,806,670 10‐4146 Brunswick School Inc 1275 King Street Middle School 43,262,500 30,283,750 10‐4147 Brunswick School Inc 1216‐1252 King Street Lower School 157,086,900 109,960,830
07‐4016/S Brunswick School Inc 100 Maher Avenue Campus 45,676,600 31,973,620 Proposed Taxable 6,655,100 4,658,570 Exempt ‐ Proposed Taxable 39,021,500 27,315,050
07‐4030/S Brunswick School Inc 95 Maher Avenue Campus 18,386,400 12,870,480 Proposed Taxable 5,069,900 3,548,930 Exempt ‐ Proposed Taxable 13,316,500 9,321,550
10‐4147 Brunswick School Inc 1216‐1252 King Street Campus 157,086,900 109,960,830 Proposed Taxable 7,949,500 5,564,650 Exempt ‐ Proposed Taxable 149,137,400 104,396,180 Brunswick Taxable Parcels
PARCEL ID OWNER ADDRESS ZONE DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 07‐1560/S Brunswick Sherwood Holdings LLC 23‐35 Sherwood Place CGB Multiple Family 5,093,600 3,565,520 $42,857.55 07‐1562/S Brunswick School Inc. 66 Sherwood Place R‐6 Multiple Family 798,700 559,090 $6,720.26 07‐1642/S Brunswick School Inc. 53 Northfield Street R‐61 Family 930,100 651,070 $7,825.86 07‐1673/S Brunswick School Inc. 71 Northfield Street R‐62 Family 835,400 584,780 $7,029.06 07‐2157/S Brunswick 81 Northfield LLC 81 Northfield Street R‐61 Family 876,100 613,270 $7,371.51 09‐3855/S Brunswick School Holdings II LLC 9 Riversville Road LBR‐25 Apt. Units 5,876,200 4,113,340 $49,442.35 10‐1040 Brunswick School Inc. 100 Cliffdale Road RA‐4 Multiple Family 5,478,700 3,835,090 $44,448.69 19,888,800 13,922,160 $165,695.27 Eagle Hill School
Green flag for proposed taxable Eagle Hill Group Two
PARCEL ID ADDRESS ZONE BLDG # DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 10‐4060/s 45 Glenville Road RA‐263 Family 1,398,100 978,670 $11,763.61 71 Family 1,312,100 918,470 $11,040.01 81 Family 1,813,800 1,269,660 $15,261.31 91 Family 1,833,100 1,283,170 $15,423.70 10 1 Family 1,507,500 1,055,250 $12,684.11 11 1 Family 1,381,800 967,260 $11,626.47 12 1 Family 1,381,800 967,260 $11,626.47 13 1 Family 1,507,500 1,055,250 $12,684.11 14 1 Family 1,132,900 793,030 $9,532.22 15 1 Family 1,132,900 793,030 $9,532.22 16 1 Family 1,132,900 793,030 $9,532.22 17 1 Family 1,507,500 1,055,250 $12,684.11 18 1 Family 1,459,300 1,021,510 $12,278.55 19 1 Family 1,459,300 1,021,510 $12,278.55 19,960,500 13,972,350 $167,947.65 Eagle Hill Exempt Parcels
PARCEL ID OWNER ADDRESS DESCRIPTION 100% VALUATION 70% ASSESSMENT 10‐4060/s Eagle Hill Foundation Inc. 45 Glenville Road Campus 60,594,800 42,416,360 10‐4080/s Eagle Hill Foundation Inc. Witherell Drive Land 4,951,400 3,465,980 10‐4163/s Eagle Hill Foundation Inc. 43 Glenville Road Land 4,478,100 3,134,670 10‐4076/s D‐EH Assoc Inc Glenville Road Land 706,200 494,340 10‐4079 D‐EH Assoc Inc Brookside Lane Land 172,300 120,610 07‐4073/s Eagle Hill Foundation Inc. 20 Glenville Road Headmaster's House 1,313,500 919,450
10‐4060/s Eagle Hill Foundation Inc. 45 Glenville Road Campus 60,594,800 42,416,360 Proposed Taxable 19,960,500 13,972,350 Exempt ‐ Proposed Taxable 40,634,300 28,444,010 Eagle Hill Taxable Parcels
PARCEL ID OWNER ADDRESS ZONE DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 07‐1640/s Eagle Hill Foundation Inc. 49 Northfield Street R‐6 Multiple Family 1,452,000 1,016,400 $12,217.13 07‐1827/s Eagle Hill Foundation Inc. 76 William Street R‐6 Multiple Family 866,000 606,200 $7,286.52 08‐1665/s Eagle Hill Foundation Inc. 56 Harold Street R‐62 Family 931,900 652,330 $7,841.01 10‐1606 Eagle Hill Foundation Inc. 382 Riversville Road RA‐42 Family 1,530,700 1,071,490 $12,418.57 4,780,600 3,346,420 $39,763.23 Greenwich Academy
Green flag for proposed taxable Greenwich Academy Group Two
PARCEL ID ADDRESS ZONE BLDG # DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 07‐4022/s 200 North Maple Ave. RA‐181 Family Colonial 1,904,300 1,333,010 $16,022.78 91 Family Colonial 1,522,900 1,066,030 $12,813.68 3,427,200 2,399,040 $28,836.46 Greenwich Academy Exempt Parcels
PARCEL ID OWNER ADDRESS DESCRIPTION 100% VALUATION 70% ASSESSMENT 07‐4022/S Greenwich Academy Inc. 200 North Maple Ave. Campus 117,194,400 82,036,080 07‐4020/S Greenwich Academy Inc. 16 Ridgeview Avenue Kindergarden/ Apart. 10,021,900 7,015,330 07‐4026/S Greenwich Academy Inc. 40 Patterson Avenue Headmaster's House 2,739,400 1,917,580
07‐4022/S Greenwich Academy Inc. 200 North Maple Ave. Campus 117,194,400 82,036,080 Proposed Taxable 3,427,200 2,399,040 Exempt ‐ Proposed Taxable 113,767,200 79,637,040 Greenwich Academy Taxable Parcels
PARCEL ID OWNER ADDRESS ZONE DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 04‐2403/s Greenwich Academy Inc. 11 Armonk Street LBR‐210 Apt. Unit Condo. 2,885,400 2,019,780 $24,277.76 07‐1134/s Greenwich Academy, Inc. 82 Northfield St. Unit AR‐6Res. Condo. 691,500 484,050 $5,818.28 07‐1477/s Greenwich Academy Inc. 60 Northfield Street R‐6 Multiple Family 1,630,000 1,141,000 $13,714.82 07‐1478/s Greenwich Academy, Inc. 64 Northfield Street R‐64 Family 1,216,000 851,200 $10,231.42 07‐1504/s Greenwich Academy, Inc. 35 Northfield Street R‐62 Family 1,363,300 954,310 $11,470.81 07‐1580/s Greenwich Academy, Inc. 43 Northfield Street R‐6 Multiple Family 1,108,200 775,740 $9,324.39 07‐1645/s Greenwich Academy Inc. 96 Maple Avenue R‐20 Day Care/Multi. Family 6,249,800 4,374,860 $52,585.82 07‐1757/s Greenwich Academy Inc. 45 Northfield Street R‐62 Family 1,088,100 761,670 $9,155.27 07‐1779/s Greenwich Academy Inc. 26 Division Street R‐62 Family 763,000 534,100 $6,419.88 07‐1787/s Greenwich Academy Inc. 1 Maher Avenue R‐20 1 Family 1,245,900 872,130 $10,483.00 07‐1860/s Greenwich Academy Inc. 48 Northfield Street R‐6 Multiple Family 1,494,900 1,046,430 $12,578.09 07‐2795/s Greenwich Academy Inc. 82 Northfield Unit BR‐6Res. Condo. 691,500 484,050 $5,818.28 20,427,600 14,299,320 $171,877.83 Greenwich Country Day Green flag for proposed taxable Greenwich Country Day Group One
PARCEL ID OWNER ADDRESS ZONE DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 07‐3251/S Greenwich Country Day School 430 Old Church Road RA‐12 Family 2,177,400 1,524,180 $17,665.25 Greenwich Country Day Group Two PARCEL ID ADDRESS ZONE BLDG # DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 11‐4020/s 23 Fairfield Road RA‐1 1 Apartments 4,884,600 3,419,220 $41,099.02 6 Apartments 3,985,400 2,789,780 $33,533.16 71 Family 824,800 577,360 $6,939.87 81 Family 824,800 577,360 $6,939.87 91 Family 568,500 397,950 $4,783.36 10 4 Family 1,355,200 948,640 $11,402.65 11 1 Family 802,800 561,960 $6,754.76 12 1 Family 881,700 617,190 $7,418.62 13 1 Family 881,700 617,190 $7,418.62 14 1 Family 881,700 617,190 $7,418.62 15 1 Family 1,225,100 857,570 $10,307.99 16 Cottage 788,500 551,950 $6,634.44 17 1 Family 1,094,200 765,940 $9,206.60 18 1 Family 1,094,200 765,940 $9,206.60 19 1 Family 1,094,200 765,940 $9,206.60 20 1 Family 1,094,200 765,940 $9,206.60 21 1 Family 1,094,200 765,940 $9,206.60 22 1 Family 1,094,200 765,940 $9,206.60 24,470,000 17,129,000 $205,890.58 Greenwich Country Day Group Two
PARCEL ID ADDRESS ZONE BLDG # DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 07‐4024/s 401 Old Church Road RA‐1 6 Apartments 2,475,200 1,732,640 $20,826.33 21 Family 879,500 615,650 $7,400.11 31 Family 900,500 630,350 $7,576.81 11 1 Family 1,239,800 867,860 $10,431.68 51 Family 904,400 633,080 $7,609.62 41 Family 1,277,700 894,390 $10,750.57 7,677,100 5,373,970 $64,595.12 Greenwich Country Day Exempt Parcels
PARCEL ID OWNER ADDRESS DESCRIPTION 100% VALUATION 70% ASSESSMENT 11‐4020/S Greenwich Country Day School 23 Fairfield Road Campus 34,646,000 24,252,200 07‐4024/S Greenwich Country Day School 401 Old Church Road Multiple Res. 140,117,300 98,082,110 11‐4013 Greenwich Country Day School 47 Fairfield Road Rec. Field/Restroom 10,205,600 7,143,920 07‐3250/S Greenwich Country Day School Inc. 410 Old Church Road Headmaster's House 2,144,400 1,501,080 08‐4017 Stanwich School Inc. 257 Stanwich Road Campus 50,126,900 35,088,830 08‐9031 Wildwood Conservation Assoc, LLC Cat Rock Road Vacant Land 145,000 101,500
11‐4020/s Greenwich Country Day School 23 Fairfield Road Campus 34,646,000 24,252,200 Proposed Taxable 24,470,000 17,129,000 Exempt ‐ Proposed Taxable 10,176,000 7,123,200
07‐4024/s Greenwich Country Day School 401 Old Church Road Campus 140,117,300 98,082,110 Proposed Taxable 7,677,100 5,373,970 Exempt ‐ Proposed Taxable 132,440,200 92,708,140 Greenwich Country Day Taxable Parcels
PARCEL ID OWNER ADDRESS ZONE DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 07‐1277/S Greenwich Country Day School Inc. 48 Fairfield Road RA‐11 Family 3,166,500 2,216,550 $26,642.93 07‐1962 Greenwich Country Day School Inc. 364 Old Church Road RA‐11 Family 2,161,500 1,513,050 $17,536.25 07‐2342/S GCDS LLC 50 Fairfield Road RA‐1 Land 945,300 661,710 $7,953.75 10‐3094 Greenwich Country Day School 516 Lake Avenue RA‐2 Multiple Family 2,708,500 1,895,950 $21,974.06 11‐2020 Greenwich Country Day School 2 Cardinal Road RA‐11 Family 2,259,900 1,581,930 $18,334.57 11‐2021 Greenwich Country Day School Inc. 21 Cardinal Road RA‐11 Family 1,118,700 783,090 $9,076.01 12,360,400 8,652,280 $101,517.58 Sacred Heart Academy Green flag for proposed taxable Sacred Heart Group Two
PARCEL ID ADDRESS ZONE BLDG # DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 10‐4021 1177 King Street RA‐442 Family 943,800 660,660 $7,657.05 Sacred Heart Exempt Parcels
PARCEL ID OWNER ADDRESS DESCRIPTION 100% VALUATION 70% ASSESSMENT 10‐4021 Trustees of Convenant of Sacred Heart Inc. 1177 King Street Campus 130,511,300 91,357,910
10‐4021 Trustees of Convenant of Sacred Heart Inc. 1177 King Street Campus 130,511,300 91,357,910 Proposed Taxable 943,800 660,660 Exempt ‐ Proposed Taxable 129,567,500 90,697,250 Carmel Academy Green flag for proposed taxable Carmel Academy Group Two
PARCEL ID ADDRESS ZONE BLDG # DESCRIPTION 100% VALUATION 70% ASSESSMENT TAX AMOUNT 10‐4028/s 270 Lake Avenue RA‐291 Family 956,800 669,760 $8,050.52 10 1 Family 1,007,600 705,320 $8,477.95 1,964,400 1,375,080 $16,528.46 Carmel Academy Exempt Parcels
PARCEL ID OWNER ADDRESS DESCRIPTION 100% VALUATION 70% ASSESSMENT 10‐4028/s Carmel Academy 270 Lake Avenue Campus 63,622,600 44,535,820
10‐4028/s Carmel Academy 270 Lake Avenue Campus 63,622,600 44,535,820 Proposed Taxable 1,964,400 1,375,080 Exempt ‐ Proposed Taxable 61,658,200 43,160,740 Whitby School Whitby School 11‐4016
969 Lake Avenue
100% Valuation: 62,442,700
70% Assessment : 43,709,890 Greenwich Catholic 11‐4012/S
471 North Street
100% Valuation: 50,619,400
70% Assessment : 35,433,580 Putnam Indian Field School 02‐4003
1 Indian Field Road
100% Valuation: 11,525,400
70% Assessment : 8,067,780 COMPTROLLER’S REPORT October 22, 2020 – November 16, 2020
FY 2019-2020 Annual Audit
The auditor’s, RSM US LLP, continue to complete their field work virtually on the annual FY 2019-2020 audit. As with previous audits, the goal is to have a completed Comprehensive Annual Financial Report, Federal and State Single Audits and a Management Letter for approvals at the December 2020 BET Audit Committee and full BET meetings.
Annual Capital Projects Financing (January 2021)
The Comptroller is working with the Financial Advisor, Bill Lindsay, on the process to finance Capital Projects in January 2021. The initial work requires the production of the Official Statement, followed by credit reviews with Moody’s and Standard and Poor’s. The credit reviews have not been scheduled yet but will occur during the month of December. The General Obligation Bond and Bond Anticipation Notes (BANs) sale date has not been set yet but will be in early January 2021. The bonding will be $30 million dollars of outstanding BANs and borrowing $50 million dollars for BANs.
Town of Greenwich Annual Reports
Pursuant to Section 7-406 General Statutes, State of Connecticut, and Section 224 of the Town of Greenwich Charter, the BET is charged with producing Annual Reports for the Town of Greenwich. The Finance Department, coordinated by the Comptroller, has notified all Town of Greenwich departments of the requirements to provide Annual Reports for the year ending June 30, 2020. The new Executive Assistant to the Comptroller, Shira Davis, is now playing a role in coordinating the completion of the Annual Reports. The deadline to submit the reports is Friday, December 11, 2020.
Greenwich Fire Department (GFD) Fire Study
The GFD Fire Study contractual engagement with the Matrix Consulting Group, is proceeding along. A draft report was delivered on July 29, 2020. The draft was shared with the former interim Fire Chief, Robert Kick, and the incoming Fire Chief, Joseph McHugh. The BET Steering Committee met with Robert Kick and Chief McHugh via zoom on September 24, 2020 to discuss its contents. The last meeting, via zoom, was held October 21, 2020 with the BET Steering Committee, Matrix and the Police and Fire Chiefs. The BET Steering Committee is waiting on the final draft from Matrix, at this point.
Finance Department Purchasing/Invoicing Processes Project
The Tyler Content Manager (TCM) implementation project, which includes a review and upgrade in efficiency for town-wide purchasing and invoicing processes was temporarily delayed, due to the COVID-19 pandemic. The project has been recently restarted. The financial software application for purchasing and invoicing for the town is contracted with Tyler Technologies (aka Munis). Maureen Tracy, Chief Accountant, is project managing this process. After a resumption of the project, the next step
1 in the process is to install and implement the TCM software we purchased from Tyler Technologies. The Finance Department will initially be trained on the new product. Afterword’s, the Finance Department will be rolling out the product to various departments.
Retirement Board
The October 31. 2020 Portfolio Snapshot shows a total composite market value of $524,310,426, up slightly from the September 30, 2020 values of $523,963,894. The October 2020 values show a composite monthly loss of (0.74%), a 3-year annualized return of 4.89% and a five-year return of 7.05%.
The Boomershine Consulting Actuary, Greg Stump, presented his annual July 1, 2020 Retirement Plan Actuary Report. In addition, he has completed his five-year experience study, required by Town Charter, and presented his reports at the October 2020 Retirement Board meeting. A major highlight of the Actuary Report was the decrease in the discount rate from 6.5% to 6.25% contributing to an increase in the annual contribution for next July 1, 2021 to $28.3 million from the current $26.1 million.
Risk Management
Cybersecurity Task Force: The Cybersecurity Task Force, headed by the Risk Manager met again virtually on November 10, 2020. The Task Force continues to discuss updates on cyber security related projects and share relevant cybersecurity information. Cybersecurity updates will be given to the BET Audit Committee on a quarterly basis moving forward with the next update occurring in an Executive Session at the December Audit Committee meeting.
Outdoor Dining and Retail – Reopening from Coronavirus Pandemic: The Director of Risk Management continues to work with an informal group consisting of personnel from Planning and Zoning and Enforcement, Police and Fire departments, Fire Marshal, Building, Engineering and Law to ensure that all restaurants and retail organizations that apply for permission to use Town property to set up tables and chairs for dining or want to have merchandise available on Town property are carrying minimum standards of insurance set by the Director of Risk Management in conjunction with the Town’s insurance broker, based upon exposures. Extensions of the outdoor dining regulations are being considered at the state level and will be discussed more at the local level once the Town is advised of any extensions.
Defensive Driving Training: All on site trainings continue to be postponed due to the Coronavirus pandemic. The Director of Risk Management is in contact with the vendor and will schedule in person training as soon as it is available and permitted by the State of Connecticut and the Town of Greenwich. The Director of Risk Management and vendor are continuing to research potential online trainings until gatherings are again allowed in the state of Connecticut.
At-Fault Accidents: For FY 2020, the Risk Manager received reports of 34 accidents that fall under the At-Fault Accident Program, 17 of which fall under the Greenwich Police Department and 7 under the Greenwich Fire Department. This Program brings accountability to the individual departments and employees at fault. The Risk Manager will be working with the Fleet Department to streamline the Journal Voucher process for at fault accidents, including moving to electronic sharing of documents instead of sending through inter office mail.
2 Third Party Subrogation Claims: Risk Management handles the Town of Greenwich’s subrogation claims against third parties for property damage. Once filed, claims may take an average of 90 to 120 days or more to collect, depending on the amount of damage and other factors. There remains $30,472.49 pending to be collected. Collections have slowed a bit during the coronavirus pandemic but are still being followed.
FEMA Reimbursements: The Risk Manager reached out again to FEMA at the state level to inquire about the status of the remaining reimbursement funds from Super Storm Sandy. Some further documentation has been requested of the Town. The Director of Risk Management will follow up with the applicable departments to collect and file said documentation.
The Governor of the State of Connecticut has applied for a disaster declaration from the President for the state for Storm Isaias. The Town is waiting on the declaration or denial to take the next steps in filing for potential reimbursements. Preliminary numbers were sent to the state level to be included in the region’s numbers for the Governor prior to the application for disaster declaration.
COVID-19 FEMA Reimbursements: The Director of Risk Management has been in regular contact with a state representative from FEMA, the Emergency Management Director and Office of the First Selectman regarding applications for reimbursements related to COVID-19, including FEMA reimbursements. The Finance Department has been working with Board of Education personnel, the Nathaniel Witherell and Town Departments and has set up specialized accounts in Munis to track COVID-19 expenses for potential reimbursements. The Director of Risk Management has been in contact with several departments regarding potential reimbursements. The Director of Risk Management has reached out to the FEMA representatives for the State of Connecticut for more guidance on reimbursements and other state agencies offering reimbursements/funding. As of 9/21/2020, Finance working with the departments has tracked $1,490,144.27 of COVID-19 related expenses. The Director of Risk Management is continuing in her efforts to determine which are eligible for reimbursement. More recently, the Town was assigned a Program Delivery Manager from FEMA and the Director of Risk Management and several Town employees participated in a phone conference to go over recent changes in eligibility for reimbursements. These changes are going to require significant more work in determining which expenses from the separate accounts are FEMA eligible. The Director of Risk Management will have a phone conference with the Program Delivery Manager on a weekly basis until applications are finalized.
PRIMA: The Director of Risk Management is the current President of the Connecticut Chapter of PRIMA (Public Risk Management Association), serving a two-year term which began in January 2020. The Risk Manager has served as a Director on the Board of Directors for the CT Chapter since 2017, shortly after joining the organization. The Director of Risk Management is also a committee member on the PRIMA National Chapter Relations and Membership Enhancement Committee and has formed the Founding Board of Directors for the New England Chapter of the Public Risk Management Association on which she will serve as the first President. The next scheduled virtual meeting for CT PRIMA is in November 2020 and will host a panel of esteemed insurance brokers to discuss the hardening of the public entity insurance market and potential forecasting for next renewals. The Director of Risk Management participated virtually in PRIMA National’s Risk Institute over a period of five days. The sessions were relevant and very informative, and a significant amount of information was shared amongst risk
3 professionals. The information obtained will be shared with relevant departments and used in the implementation of many aspects of the current risk management program.
Workers’ Compensation Claims Reviews: The Comptroller participates with Human Resources personnel and Connecticut Interlocal Risk Management Agency (CIRMA) personnel in reviewing the most noteworthy, persistent and costly workers’ compensation claims on a periodic basis. This process occurs, on average, about every two months and requires participation from the highest-ranking officials from the Police, Fire, Public Works, Parks and Recreation, Nathaniel Witherell and Board of Education. The last meeting was October 8, 2020 and was held remotely via Zoom.
Internal Audit
Outsourcing the Internal Audit function to blumshapiro has proven to be a success to date. After the initial delay in March 2020, due to the COVID-19 pandemic, the program has been restarted and blumshapiro has started and completed audits of the Greenwich Public Schools Student Activity Fund and the Dorothy Hamill Skating Rink. They are currently finishing the Town marinas audit and have started with the transfer station/tipping fees audit. The fifth and final audit for this assignment is scheduled for a start in December/January with a tentative completion date of February/March 2021.
The Comptroller updated and presented an Audit Plan to the Audit Committee at the November 5, 2020 Audit Committee meeting to determine the strategy of going forwarded with outsourcing Internal Audits. The Audit Committee recommended a few changes to the plan and requested a prioritization for the next batch of five audits. The Comptroller discussed with blumshapiro a plan for the next five audits that includes more definitive scopes and pricing. In addition, blumshapiro suggested three additional areas to be included in the updated Audit Plan to be presented to the Audit Committee at its January 2021 meeting. They include 1) an audit of Greenwich Police Special Duty assignments, 2) an audit of grants accounting for Board of Education grants and 3) and an expansion of an existing proposed audit of the Building Permitting audit to include a tie into the Land Use Departments.
Cash Management
Cash Report – The Town’s General Fund invested cash position at October 31, 2020 was $158.2 million, approximately $7.4 million higher than on October 31, 2019. The tax revenues that had been delayed in the July to September 2020 collection period, due to the Tax Deferment Program, have caught up, bringing the year-to-year comparison to the same level as in the beginning of the current fiscal year. Interest earned on the General Fund bank deposits and investments in October 2020 was $56 thousand, reflecting 0.42% blended annualized rate.
Tax Deferment Program – in April 2020, the RTM adopted the Tax Deferment Program extending the grace period of the July 2020 property tax installment until October 1, 2020 for eligible taxpayers. The Treasury Department and the Town’s Comptroller have been monitoring the tax collections since the tax bills were mailed out the last week of June 2020 to ensure the Town is able to meet its cash need obligations. By October, all delayed tax payments were collected, bringing the tax collection rate close to 100% and eliminating any concern for cash flow shortages in the General Fund.
4 Certificate of Deposit (CD) Program – As of October 31, 2020, the CD Program had $20,676,000 invested in maturities ranging from less than one year ($9,738,000) to one to three years ($10,938,000) This total excludes any pending rollovers. The weighted average yield on the Town’s FDIC insured CD investment program as of the end of October was 1.874% and the portfolio’s average life to maturity was 1.27 years. At the request of the Investment Advisory Committee, Treasury provides a list of CD holdings with IDC ratings on a quarterly basis to the Committee.
Treasury Bill Investment Program – The Program has been put on hold until there is an improvement in the U.S. Treasury rates. The brokerage account at JP Morgan can stay open for 18 months without activity.
Interest Rates (as of October 15, 2020) – the U.S. Treasury short term rates experienced virtually no change while longer-term rates increased 8-24 bps compared to the 10/15/2020 levels:
Date 1 mo 3 mo 6 mo 1 yr 3 yr 5 yr 10 yr 20 yr 30 yr 10/15/2020 0.10 0.11 0.12 0.12 0.18 0.32 0.74 1.29 1.52 11/10/2020 0.09 0.10 0.11 0.12 0.26 0.46 0.98 1.53 1.75 Change -0.01 -0.01 -0.01 0.00 0.08 0.14 0.24 0.24 0.23
The Connecticut Short Term Investment Fund (STIF) yield climbed from 0.06% on October 14, 2020 to 0.07% on November 9, 2020. The FDIC insured negotiable short-term Certificate of Deposit (CD) average annual rates were around 0.05%.
JP Morgan Chase lowered their deposit rate from 0.15% to 0.10% in October. TD’s deposit rate stayed at 0.30% and Webster Bank’s deposit rate was reduced from 0.14% to 0.11% effective 10/20/2020.
OPEB Trust Fund – As of the end of October 2020, the OPEB Trust Portfolio market value was $34.8 million. The Portfolio lost approximately $234 thousand or 0.9% in October. The fiscal year-to-date gain was $2.1 million or 6.0%. The Portfolio asset allocation as of 10/31/2020 was 53.7% to domestic equities, 23.1% to domestic fixed income, and 23.2% to cash.
The OPEB Trust Board continues to meet on a regular basis. At a November 10, 2020 meeting, the BET Investment Advisory Committee invited the Town’s actuary, Greg Stump, to present the annual OPEB Actuary Report. The Committee voted to accept the report and pass it along to the BET for its approvals. The two main highlights of the report included 1) an increase in the Actuarially Determined Employer Contribution (ADEC) from $3,447,343 to $3,835,422 and 2) a report that the funding or unfunded ratio decreased from 49% to 47%.
Cash Receipting / Revenue Recording Optimization – Due to COVID-19 and the Town Hall closure, the project has been on hold. It is expected to resume after the Town’s external auditors, RSM US LLP, have completed the revenue testing portion of the FY2020 audit.
Accepting Credit Card Payments – Treasury assisted the Building Department, Information Technology and the Senor Center with implementing credit cards to some of the Departments’ locations. Currently, all terminals are up and running.
5 Internal / External Audit – Treasury is heavily involved in collecting and uploading necessary backup information, including revenue testing and bank account reconciliations, for RSM US LLP and blumshapiro.
School Construction Reimbursements
The Town of Greenwich received its first school construction reimbursement for New Lebanon School on January 19, 2018. To date, the Town has received the following amounts: • January 19, 2018 - $3,955,139.00 • March 13, 2018 - $4,259,172.00 • September 11, 2018 - $4,028,041.00 • December 21, 2018 - $3,495,815.00 • June 14, 2019 - $1,196,964.00 • October 14, 2019 - $767,315.04 The total received to date is $17,702,446.04. A final application will be submitted in 2020 after all bills are paid. A post-audit application will be made a year or so after that, once the State has completed its audit. The post-audit application is for payment of the 11% State retainage. $37,309,000 has been authorized for this project and the total potential reimbursement could reach $23,000,000. To date, the Town of Greenwich has received $3,504,443 in reimbursements for the Hamilton Avenue School construction project with a balance of $184,444 (5% retainage) still owed from the State of Connecticut. The requested amount has been recently supplemented and the amount outstanding is now at $1,864,024.20, subject to an audit of eligible expenses. The Hamilton Avenue School Capital Project was paid for under pay-as-you-go and was not bonded. To date, the Town of Greenwich has received $3,058,843 in reimbursements for Glenville School with a balance of $342,548 (11.20% retainage) owed by the State of Connecticut. Board of Education officials reported that they have met June 30th filing deadlines with the State of Connecticut and in addition to the $1,864,024 for the Hamilton Avenue School mentioned above, they have also requested $4,978,172 for MISA. The Town received $2,656,516 of the MISA reimbursement in August 2020. Debt & Fund Balance Policy Reviews The BET has started its review of the existing and current Debt and Fund Balance Policies. The first meeting was held on October 9, 2020. The first meeting concentrated its efforts on the Fund Balance Policy with the virtual inclusion of Bill Lindsay. Bill Lindsay is the Town’s Financial Advisor on capital project financing matters and works for Hilltop Securities. Mr. Lindsay has assisted the Comptroller and the BET on every Debt and Fund Balance Policy review since the first review in the Spring of 2011, which was ratified by the BET in July 2011.
6 The second meeting on November 5th, also included Mr. Lindsay and continued to center its attention on the Fund Balance Policy first. The next meeting is scheduled for November 19, 2020 at 2:00 PM. The meetings continue to be held virtually via Zoom.
______Peter Mynarski Jr. Comptroller
7 Town of Greenwich Treasurer's Report October 2020 Beg Bal Additions Withdrawals Transfers Appreciation End Bal Percent
General Fund CT STIF 22,190,839 94,662 - (22,000,000) 163 285,663 0.006% JPMorgan Chase Bank 23,180,086 16,788,924 (18,404,011) 24,153,956 2,908 45,721,864 0.007% TD Bank 82,418,434 11,700,413 (19,883,609) - 18,896 74,254,134 0.025% Webster Bank 17,058,101 - - - 1,855 17,059,956 0.011% Pershing (CD Program) 20,798,156 - - - 32,563 20,830,718 0.157% 165,645,616 28,583,999 (38,287,620) 2,153,956 56,385 158,152,336 0.035%
OPEB Trust S&P 500 SPDR 22,691,028 - - (3,739,738) (256,224) 18,695,065 -2.490% PIMCO Income Fund 6,239,806 - - - 15,986 6,255,792 0.256% iShares Convertible Bond ETF 1,783,202 - - - 5,702 1,788,904 0.320% U.S. Treasuries 1,797,982 - - (1,798,000) 18 - 0.001% Vanguard Federal MM Fund 2,543,439 - - 5,537,738 187 8,081,365 0.002% 35,055,456 - - 0 (234,331) 34,821,125 -1.412%
Capital Projects (Bonded) JPMorgan Chase Bank 3,481,023 - (3,054,939) - 144 426,228 0.008% CT STIF 4,557,025 - - (4,500,000) 34 57,059 0.006% TD Bank 9,098,113 - (1,112,813) 4,500,000 3,162 12,488,462 0.025% 17,136,162 - (4,167,751) - 3,340 12,971,750 0.020%
Cap Non-Recurring Fund CT STIF 3,282,215 - - (3,200,000) 27 82,242 0.006% JPMorgan Chase Bank 5,718,702 - - 3,397,173 641 9,116,516 0.008% 9,000,917 - - 197,173 667 9,198,758 0.008%
Parking Fund JPMorgan Chase Bank 315,204 802,000 - (234,851) 38 882,391 0.007% Webster Bank 2,032,614 55,422 - - 163 2,088,199 0.011% 2,347,818 857,422 - (234,851) 202 2,970,590 0.010%
Sewer Maint. Fund CT STIF 9,055,290 - - (9,000,000) 65 55,355 0.006% JPMorgan Chase Bank 8,978,887 11,000 - 9,207,121 1,152 18,198,160 0.007% 18,034,177 11,000 - 207,121 1,217 18,253,515 0.007%
Sewer Imp. Fund JPM Bank - Capital/Bond 3,522,535 - - - 239 3,522,774 0.007%
Risk Fund JPMorgan Chase Bank 4,647,540 - - (30,000) 313 4,617,853 0.007%
Leased Railroad Fund CT STIF 2,038,809 - - (2,000,000) 16 38,825 0.006% JPMorgan Chase Bank 3,275,713 - - 2,003,169 340 5,279,221 0.007% 5,314,521 - - 3,169 356 5,318,046 0.007%
Other Funds Golf Course - JPM Bank 1,560,710 404,000 - (107,568) 108 1,857,250 0.007% Nathaniel Witherell 252,758 2,481,124 (204,834) (2,170,000) - 359,048 0.000% School Lunch -JPM Bank 19,052 52,000 - (19,000) 1 52,052 0.007% 1,832,520 2,937,124 (204,834) (2,296,568) 109 2,268,350 0.006%
Total 262,537,262 32,389,545 (42,660,206) - (171,504) 252,095,097 -0.167%
Note: The cash balances include due to/from amounts in total. Individually they don't reflect the amount due to/from amounts. Town of Greenwich Treasurer's Report Fiscal YTD October 2020 Beg Bal Additions Withdrawals Transfers Appreciation End Bal Percent
General Fund CT STIF 22,183,406 94,662 - (22,000,000) 7,595 285,663 0.039% JPMorgan Chase Bank 4,756,047 73,012,199 (86,764,966) 54,711,465 7,119 45,721,864 0.044% TD Bank 21,045,664 184,063,963 (103,926,798) (27,000,000) 71,305 74,254,134 0.100% Webster Bank 16,391,116 - - 659,969 8,871 17,059,956 0.053% Pershing (CD Program) 22,955,622 - - (2,276,329) 151,425 20,830,718 0.673% 87,331,856 257,170,824 (190,691,764) 4,095,105 246,315 158,152,336 0.179%
OPEB Trust S&P 500 SPDR 23,314,390 - - (6,478,823) 1,859,497 18,695,065 6.329% PIMCO Income Fund 6,057,351 - - - 198,441 6,255,792 3.276% iShares Convertible Bond ETF - - - 1,770,894 18,010 1,788,904 1.017% U.S. Treasuries 1,797,227 - - (1,798,000) 773 - 0.043% Vanguard Federal MM Fund 1,692,726 - (117,858) 6,505,929 567 8,081,365 0.029% 32,861,694 - (117,858) - 2,077,289 34,821,125 4.556%
Capital Projects (Bonded) JPMorgan Chase Bank 559,077 - (4,133,387) 4,000,000 539 426,228 0.046% CT STIF 13,052,950 - - (13,000,000) 4,110 57,059 0.039% TD Bank 16,341,040 - (12,864,810) 9,000,000 12,233 12,488,462 0.100% 29,953,066 - (16,998,198) - 16,882 12,971,750 0.080%
Cap Non-Recurring Fund CT STIF 5,280,486 - - (5,200,000) 1,756 82,242 0.039% JPMorgan Chase Bank 3,712,088 - - 5,402,682 1,746 9,116,516 0.046% 8,992,574 - - 202,682 3,502 9,198,758 0.046%
Parking Fund JPMorgan Chase Bank 37,116 1,076,000 - (230,813) 88 882,391 0.044% Webster Bank 2,543,693 203,476 - (659,969) 1,000 2,088,199 0.053% 2,580,808 1,279,476 - (890,782) 1,088 2,970,590 0.052%
Sewer Maint. Fund CT STIF 15,050,367 - - (15,000,000) 4,988 55,355 0.039% JPMorgan Chase Bank 959,815 134,000 - 17,102,357 1,988 18,198,160 0.044% 16,010,182 134,000 - 2,102,357 6,975 18,253,515 0.042%
Sewer Imp. Fund JPM Bank - Capital/Bond 2,276,261 - - 1,245,326 1,188 3,522,774 0.044%
Risk Fund JPMorgan Chase Bank 1,649,452 - - 2,967,000 1,401 4,617,853 0.044%
Leased Railroad Fund CT STIF 3,037,811 - - (3,000,000) 1,014 38,825 0.039% JPMorgan Chase Bank 2,334,588 - - 2,943,563 1,070 5,279,221 0.044% 5,372,398 - - (56,437) 2,084 5,318,046 0.043%
Other Funds Golf Course - JPM Bank 995,276 1,271,000 - (409,528) 502 1,857,250 0.044% Nathaniel Witherell 241,961 9,684,042 (386,956) (9,180,000) - 359,048 0.000% School Lunch -JPM Bank 12,764 115,000 - (75,723) 12 52,052 0.044% 1,250,001 11,070,042 (386,956) (9,665,251) 513 2,268,350 0.037%
Total 188,278,293 269,654,342 (208,194,775) - 2,357,237 252,095,097
Note: The cash balances include due to/from amounts in total. Individually they don't reflect the amount due to/from amounts.
Statement of Policy
The State of Connecticut statutes and case law exempts certain real properties owned by private schools from real estate taxes, but allows, in certain circumstances the taxation of some properties owned by them; and
At the November 16, 2020 Board of Estimate and Taxation (BET) meeting, the Town’s Assessor reviewed Connecticut law relating to the circumstances and certain apparent facts under which residential structures owned by private schools within the Town that are used for the housing of faculty, staff, and their families might be exempted and not exempted from real estate taxes; and
The Assessor also reviewed the procedure by which those private school owners would be notified of the change of status of those properties determined to be non-tax exempt and the procedure available for said owners to contest the change of status.
The BET hereby authorizes the Assessor to conduct a review of residential structures owned by private schools within the Town of Greenwich for the housing of faculty, staff and their families and to determine whether the circumstances and facts of such ownership and use allows or disallows said property to be exempt from taxation in accordance with State law; and the BET further authorizes the Assessor to notify those private school property owners determined not to be exempt from real estate taxation of the change of status of said property pursuant to the notification requirements required by State law.
Law Comm Draft 11-6-2020
Proposed Budget Resolutions For Receipt of CARES Act Funds
The Town is authorized to apply for and accept reimbursement of funds pursuant to the Federal Coronavirus Aid, Relief and Economic Security Act (CARES Act), administered by the State of Connecticut Office of Policy and Management (OPM) through its Municipal Coronavirus Relief Fund (CRF) Program, to reimburse the Town for eligible expenses incurred in response to the COVID19 pandemic. The CRF funds shall become appropriations that the Comptroller shall add to the appropriate accounts pursuant to guidance from the U.S. Treasury entitled, “Coronavirus Relief Fund Guidance for State, Territorial, Local, and Tribal Governments”; the OPM letter to municipalities, dated June 3, 2020; and any other reference materials provided by the U.S. Treasury or OPM to municipalities that may be present on their websites for the purpose of determining the eligible uses for such funds.
The Board of Education (BOE) is authorized to apply for and accept grants made under the Elementary and Secondary School Emergency Relief Fund (ESSERF) for PreK to 12 education awarded by the U.S. Department of Education and administered by the Connecticut State Department of Education. The BOE must maximize any reimbursements from FEMA prior to the application by the Town for any eligible COVID19 expenses not reimbursed by FEMA but are eligible for reimbursement under the Federal Coronavirus Aid, Relief and Economic Security Act (CARES Act) administered by the State of Connecticut Office of Policy and Management (OPM) through its Municipal Coronavirus Relief Fund (CRF) Program. Any ESSERF/FEMA and CRF funds received by the Town shall become appropriations that the Comptroller shall add to the appropriate accounts pursuant to guidance from the U.S. Treasury entitled, “Coronavirus Relief Fund Guidance for State, Territorial, Local, and Tribal Governments”; the OPM letter to municipalities, dated June 3, 2020; and any other reference materials provided by the U.S. Treasury or OPM to municipalities that may be present on their websites for the purpose of determining the eligible uses for such funds.
The Town’s Department of Health is authorized to apply for and accept supplemental funding awards from the State of Connecticut Department of Public Health (DPH) for reimbursement of costs incurred in response to the COVID19 pandemic. The Town’s Department of Health must maximize any reimbursements from DPH prior to the application by the Town for any eligible COVID19 expenses not reimbursed by DPH but are eligible for reimbursement under the Federal Coronavirus Aid, Relief and Economic Security Act (CARES Act), administered by the State of Connecticut Office of Policy and Management (OPM) through its Municipal Coronavirus Relief Fund (CRF) Program. The DPH and CRF funds shall become appropriations that the Comptroller shall add to the appropriate accounts pursuant to guidance from the U.S. Treasury entitled, “Coronavirus Relief Fund Guidance for State, Territorial, Local, and Tribal Governments”; OPM letter to municipalities, dated June 3, 2020; and any other reference materials provided by the U.S. Treasury or OPM to municipalities that may be present on their websites for the purpose of determining the eligible uses for such funds.
Law Comm Draft 11-6-2020
The Nathaniel Witherell is authorized to apply for and accept reimbursement of funds pursuant to the Federal Coronavirus Aid, Relief and Economic Security Act (CARES Act), the Paycheck Protection Program (PPP) and Healthcare Enhancement Act distributed by the Health Resources and Services Administration (HRSA) through the CARES Act Provider Relief Fund (PRF) for healthcare related expenses or lost revenues attributable to COVID19. These funds shall become appropriations that the Comptroller shall add to the appropriate accounts pursuant to the U.S. Department of Health and Human Services (HHS) guidance entitled “General and Targeted Distribution, Post-Payment Notice of Reporting Requirements,” dated October 20, 2020 or any other reference materials provided by HHS to healthcare providers that may be present on the HHS website for the purpose of determining the eligible uses for such funds.
Town of Greenwich, Connecticut Other Post-Employment Benefits
Actuarial Valuation as of July 1, 2020
Submitted by: Boomershine Consulting Group, LLC Executive Center 1 3300 North Ridge Road, Suite 300 Ellicott City, MD 21043
November 11, 2020
Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
November 4, 2020
Town of Greenwich Board of Estimate and Taxation 101 Field Point Road Greenwich, CT 06830
Members of the Board: This Report presents the July 1, 2020 actuarial valuation results for the Town of Greenwich (the “Town”) Other Post-Employment Benefit Plan (the “Plan”). The purposes of this report are to: (1) Determine the Plan's funding progress as of July 1, 2020; (2) Compute the Town's Actuarially Determined Contribution for OPEB; (3) Provide information that may be helpful in future planning for the Other Post- Employment Benefit (“OPEB”) Plan. (4) To establish the basis for GASB 75 reporting for fiscal year 2021
A summary of the major results is shown in the Executive Summary, while the remaining sections provide more detail. A separate additional report with GASB 74/75 information is issued annually. This report is for the purpose of Plan funding.
The actuarial costs and liabilities shown herein are based on the data and Plan provisions provided by the Town, as summarized in the Demographic Summary and Plan Provisions Sections, respectively, and the funding method and actuarial assumptions outlined in the Methods and Assumptions Section. This Report presents our best estimate of the Town’s OPEB liabilities costs, in accordance with accepted actuarial principles and best funding practices.
To the best of our knowledge, this report is complete and accurate and conforms to generally accepted actuarial principles and methodology. This report is intended for the sole use of the addressee. It is intended only to supply sufficient information for the Town to comply with the stated purposes of the report, and may not be appropriate for other purposes. Reliance on information contained in the report by anyone for other than the intended purposes puts the relying entity at risk of being misled because of confusion or failure to understand applicable assumptions, methodologies, or limitations.
The first undersigned is a member of the American Academy of Actuaries, and is qualified to render the actuarial opinions herein.
Respectfully submitted,
______Gregory M Stump, FSA, EA, MAAA, FCA Marshal Banks Chief Actuary & Vice President Senior Consultant
Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
Table of Contents
EXECUTIVE SUMMARY ...... 1
FUNDING INFORMATION ...... 2
Actuarial Liability Summary ...... 2 Actuarially Determined Employer Contribution (ADEC) ...... 3 History of Funding Progress ...... 3 PAYOUT PROJECTION ...... 4
PLAN ASSET INFORMATION ...... 5
DEMOGRAPHIC SUMMARY ...... 8
SUMMARY OF PLAN PROVISIONS ...... 9
ACTUARIAL METHODS AND ASSUMPTIONS ...... 17
APPENDIX: Actuarial Liabilities and Costs by Employee Group ...... 24
Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
EXECUTIVE SUMMARY
The Town provides healthcare and prescription drug insurance benefits to retirees and their dependents. A portion of the cost is paid by the Town for some retirees if they qualify based on years of service at retirement, and the terms of their respective collective bargaining agreements. All full time active employees who retire and meet the service requirement criteria may participate. Retirees who are receiving a defined benefit from the Retirement System or participate in the Town’s 401(k) plan may elect to participate at any open enrollment date.
The following table summarizes the valuation results. These results have been calculated based on assumptions relating to demographic and healthcare experience, as well as return on Plan assets.
Information on Plan provisions and retiree participation was provided by the Town.
This summary identifies the actuarial value of benefit and actuarial cost, using a discount rate of 7.00%, and amortizing the Unfunded Actuarial Accrued Liability over a closed period (19 years remaining as of July 1, 2020).
July 1, 2020 July 1, 2019 Present Value of Projected Benefits (PVPB) $68,452,721 $62,818,650 Actuarial Accrued Liability (AAL) 63,518,049 56,400,262 Actuarial Value of Assets (AVA) 29,903,193 27,405,520 Funding Ratio (AVA/AAL) 47% 49% Unfunded Actuarial Accrued Liability (UAAL) 33,614,856 28,994,742 Actuarially Determined Employer Contribution $3,835,422 $3,447,343 (ADEC) Expected Benefit Payments (Employer) 3,807,973 3,325,775
There were a number of changes impacting plan costs and liabilities since the prior valuation, including the following:
1. Updated demographic data, premiums, and plan elections 2. Updated healthcare assumptions regarding future claims costs and increases 3. Changes in demographic assumptions
The net impact of these changes was an increase in actuarial costs and liabilities. There were no changes in plan provisions.
1 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
FUNDING INFORMATION
This section presents detailed valuation results for the Town's OPEB.
• The Present Value of Projected Benefits (PVPB) is the total present value of all expected future benefits to be paid to current participants, based on a set of actuarial assumptions. The Plan's total PVPB is $68.5 million.
• The Actuarial Accrued Liability (AAL) is the obligation for benefits earned through the valuation date, based on certain actuarial methods and assumptions. The Plan's AAL is $63.5 million.
• The Normal Cost is the actuarial value of benefits to be earned during the year by active employees. The total Normal Cost is $544,939.
Actuarial Liability Summary
The figures below were developed using the Entry Age actuarial cost method.
July 1, 2020 July 1, 2019 Present Value of Projected Benefits Actives $23,178,134 $25,496,868 Retirees 41,748,655 34,033,299 Worker’s Comp* $3,525,932 3,288,483 Total $68,452,721 $62,818,650 Actuarial Accrued Liability (AAL) Actives $18,243,462 $19,078,480 Retirees 41,748,655 34,033,299 Worker’s Comp* 3,525,932 3,288,493 Total $63,518,049 $56,400,262 Plan Assets $29,903,193 $27,405,520 Unfunded AAL 33,614,856 28,994,742 Funding Ratio 47% 49% Normal Cost $544,939 $663,967 * Self-insured portion
2 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
Actuarially Determined Employer Contribution (ADEC)
The method for determining the Town's OPEB cost includes both the value of benefits deemed to be earned during the year (Normal Cost) and an amortization of the Unfunded Actuarial Accrued Liability (UAAL). Accordingly, the following table shows the Town's ADEC based on a closed-period amortization of the UAAL, with 19 years remaining as of July 1, 2020. These figures are based on a 7.00% investment return assumption/discount rate.
July 1, 2020 July 1, 2019 Normal Cost $544,939 $663,967
UAAL Amortization 3,039,569 2,557,848
Total Cost, beginning of year 3,584,508 3,221,815
Interest to end of year 250,914 225,528
Actuarially Determined Employer Contribution $3,835,422 $3,447,343
History of Funding Progress
Actuarial Value of Actuarial Accrued Unfunded AAL Funded Valuation Assets Liability (AAL) (UAAL) Ratio Date (a) (b) (b-a) (a / b) 7/1/2011 $17,579,000 $63,154,000 $45,575,000 27.8% 7/1/2012 16,646,000 68,504,000 51,858,000 27.8% 7/1/2013 18,100,133 75,087,425 56,987,292 24.1% 7/1/2014 17,153,137 76,436,177 59,283,040 22.4% 7/1/2015 15,730,337 76,827,427 61,097,090 20.5% 7/1/2016 17,631,408 70,597,698 52,966,290 25.0% 7/1/2017 20,275,951 60,031,637 39,755,686 33.8% 7/1/2018 24,364,105 55,966,175 31,602,070 43.5% 7/1/2019 27,405,520 56,400,262 28,994,742 48.6% 7/1/2020 29,903,193 63,518,049 33,614,856 47.1%
3 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
PAYOUT PROJECTION Annual benefit payments expected, based on current population and assumptions detailed in the Methods and Assumptions section.
Town, General Board of Self-Insured Year Ending Employees Police and Fire Education Worker’s Comp* Total 6/30/2021 $141,761 $2,867,918 $556,886 $241,408 $3,807,973 6/30/2022 144,903 3,100,218 626,555 227,161 4,098,837 6/30/2023 149,040 3,227,187 656,156 209,546 4,241,929 6/30/2024 153,095 3,383,869 702,572 195,159 4,434,695 6/30/2025 155,900 3,651,603 721,259 182,261 4,711,023 6/30/2026 156,828 3,732,018 742,687 175,787 4,807,320 6/30/2027 158,685 3,815,336 769,803 168,948 4,912,772 6/30/2028 159,894 3,955,934 814,955 162,176 5,092,959 6/30/2029 160,093 4,007,979 847,158 153,140 5,168,370 6/30/2030 159,470 4,067,761 838,276 145,940 5,211,447
* Current benefit recipients only
4 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
PLAN ASSET INFORMATION
5 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
Reconciliation of Market Value of Assets For Fiscal Year Ending June 30, 2020
The information below was provided by the Town, and was not audited or verified by BCG.
Net Plan Assets as of July 1, 2019* $27,682,687
Contributions: Employer: General Fund Contribution to Trust Fund $3,598,000 Plan Members (retiree premiums) 2,115,817 Teacher Subsidy from State 124,459 Total $5,838,276
Net Investment Income Net appreciation $326,700 Interest and dividends 815,155 Total $1,141,855
Deductions: Benefits: Benefit s Paid ($4,753,907) Self-Funded Worker’s Comp Payments (540,738) Administrative Costs (52,025) Total ($5,346,670)
Change in Net Position $1,633,461
Net Plan Assets as of June 30, 2020 $29,316,148
* including beginning of year adjustment of $34,835
6 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
Development of Actuarial Value of Assets
(1) Actuarial Value of Assets as of July 1, 2019 $27,405,520 (2) Market Value of Assets as of July 1, 2019* 27,647,852 Contributions: Employer: General Fund Contributions to Trust Fund $3,598,000 Plan Members (retiree premiums) 2,155,817 Teacher Subsidy from the State 124,459 (3) Total $5,838,276 Deductions: Total Benefits/Claims Paid ($5,294,645) Including Self-Funded Worker’s Comp Payments Administrative Costs (52,025) (4) Total ($5,346,670)
(5) Expected Return on Assets $2,080,924
(6) Expected Market Value of Assets as of June 30, 2020 [(2)+(3)+(4)+(5)] $30,255,217
(7) Actual Market Value of Assets as of June 30, 2020 $29,316,148
(8) Investment Gain/(Loss) for Fiscal Year 2020 [(7) - (6)] ($939,069) (9) Investment Gain/(Loss) for Fiscal Year 2019 (448,275) (10) Investment Gain/(Loss) for Fiscal Year 2018 145,131 (11) Investment Gain/(Loss) for Fiscal Year 2017 $1,875,614
Portion of Prior Gains/(Losses) Unrecognized (12) = 80% of (8) + 60% of (9) + 40% of (10) + 20% of (11) ($587,045)
(13) Actuarial Value of Assets as of July 1, 2020 prior to corridor [(7) - (12)] $29,903,193 80% of Market Value 23,452,918 120% of Market Value 35,179,378
(14) Actuarial Value of Assets as of July 1, 2020, not less than 80% of Market Value, and not greater than 120% of Market Value $29,903,193 (15) Ratio of Actuarial Assets to Market Value 102.0%
* as shown in 2019 valuation
7 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 DEMOGRAPHIC SUMMARY
We relied on the demographic information from the Town Finance, Accounting, and Human Resources departments. The data was not audited; however, it was reviewed for consistency with the prior year and internal consistency. There are several minor inconsistencies between the financial data and the individual data. We deemed the member data to be the most accurate source; therefore, all of the figures in this report are based on such.
The following Table summarizes active and retiree demographic information.
Number of Participants in Valuation 2019 Town Police Board of General EEs and Fire Education1 Total Total Active Employees (with coverage) Eligible for Town Credit 328 227 0 555 579 Ineligible for Town Credit 512 0 955 1,467 1,483 Total Active 840 227 955 2022 2,052 Total Retirees 191 131 54 376 357 # Receiving Town Credits 176 131 0 307 295 Self-Funded Worker’s Comp 28 36
Town Police Board of 2019 General EEs and Fire Education1 Total Total Average Age (Medical/Drug) Active 53.4 42.3 45.9 48.6 48.5
Retired 77.3 65.6 70.0 72.2 72.4
Average age for those not covered by Medicare Active 62.2 62.6
Retired 72.3 70.6
Average Service (for active) 14.9 14.9 12.6 13.8 13.8
1 Includes the following bargaining units: GEA, GOSA, LIUNA Aides, Office Administration
8 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
SUMMARY OF PLAN PROVISIONS
9 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
Healthcare Premiums
7/1/2020 Monthly Rates
Single Coverage Dual Coverage Family Coverage Over 65 Connecticut Partnership $303.77 $607.54 Connecticut Partnership See Under 65 rates See Under 65 rates See Under 65 rates (not Medicare eligible)
Under 65 Connecticut Partnership, $1,044.81 $2,240.47 $2,738.68 Under 65 (Fire) Connecticut Partnership, $1,063.07 $2,279.63 $2,786.54 Under 65 (Police) Connecticut Partnership, $1,020.57 $2,188.50 $2,675.15 Under 65 (BOE GEA) Connecticut Partnership, $997.52 $2,139.07 $2,614.73 Under 65 (BOE GOSA) Connecticut Partnership, $1,240.96 $2,664.30 $2,3257.35 Under 65 (All Others)
The blended rates shown above are the basis for retiree contributions.
Retirees without Medicare coverage, who will receive coverage through the Connecticut Partnership Plan, will be responsible for paying the Under 65 retiree rates shown above.
10 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Eligibility and Cost Sharing GMEA Eligibility for Town Credit 20 years of credited service, receiving retirement benefits from Town Retirement Plan, and electing to continue health insurance with the Town. Full-time employees hired on or after July 1, 2011 shall not be eligible for the benefits but in lieu thereof shall enroll and become a participant of the Town sponsored Retiree Health Savings Plan.
Retiree Town Credit The annual Amount payable by the Town varies based on date of retirement, age and coverage level elected: Retirement Date To age 65 After 65 From To Single Family Single Family 7/1/2003 Present $1,000 $2,200 $600 $1,200 7/1/1997 6/30/2003 760 1,970 600 1,200 7/1/1989 6/30/1997 700 1,500 600 1,200 7/1/1984 6/30/1989 500 1,300 470 1,170 7/1/1981 6/30/1984 350 850 0 0 Prior to 6/30/1981 0 0 0 0 The retiree must pay for amounts in excess of the Town Credit. Town Credits are applied to the monthly medical premium on a pro-rated basis. Beginning July 1, 2017, all GMEA retirees are offered coverage through the Connecticut Partnership Plan. Retirees are responsible for paying the retiree premium rate, less any Town credits.
Teamsters Eligibility for Town Credit 20 years of credited service, receiving retirement benefits from Town Retirement Plan, and electing to continue health insurance with the Town. An employee hired on or after January 1, 1995 shall not be eligible for the retiree healthcare credit. The Town shall sponsor a Retiree Health Savings Plan into which such employee shall enroll.
Retiree Town Credit The annual Amount payable by the Town varies based on date of retirement, age and coverage level elected: Retirement Date To age 65 After 65 From To Single Family Single Family 7/1/2008 Present $910 $2,120 $610 $1,430 7/1/1994 6/30/2008 760 1,970 450 1,280 7/1/1992 6/30/1994 750 1,800 450 1,170 7/1/1986 6/30/1992 700 1,500 450 1,170 7/1/1984 6/30/1986 500 1,300 450 1,170 Prior to 6/30/1984 0 0 0 0 The retiree must pay for amounts in excess of the Town Credit. Town Credits are applied to the monthly medical premium on a pro-rated basis.
Beginning July 1, 2017, all Teamsters retirees are offered coverage through the Connecticut Partnership Plan. Retirees are responsible for paying the retiree premium rate, less any Town credits.
11 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
Fire Eligibility for Town Credit 20 years of credited service, receiving retirement benefits from Town Retirement System, and electing to continue health insurance with the Town.
Retiree Town Credit The annual Amount payable by the Town varies based on date of retirement, age and coverage level elected:
Retirement Date To age 65 After 65 From To Single Family Single Family 7/1/1988 Present 75% of Premium Elected 7/1/1986 6/30/1988 $700 1,800 0 0 7/1/1984 6/30/1986 500 1,300 0 0 Prior to 6/30/1984 0 0 0 0
The retiree must pay for amounts in excess of the Town Credit. Flat dollar Town Credits are applied to the monthly medical premium on a pro-rated basis.
Life Insurance Benefit A one-time payment of one times annual base salary for retiree death during the five years following retirement for those who retired on or after 7/1/0210. Beginning July 1, 2018, all Fire retirees are offered coverage through the Connecticut Partnership Plan. Retirees are responsible for paying the applicable premium, less any Town credits.
12 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Police Eligibility for Town Credit 20 years of credited service, receiving retirement benefits from Town Retirement System, and electing to continue health insurance with the Town.
Retiree Town Credit The annual Amount payable by the Town varies based on date of retirement, age and coverage level elected:
Retirement Date To age 65 After 65 From To Single Family Single Family 7/1/1999 Present 75% of Premium Elected 7/1/1989 6/30/1999 $850 2,150 0 0 7/1/1984 6/30/1989 700 1,800 0 0 Prior to 6/30/1984 0 0 0 0
The retiree must pay for amounts in excess of the Town Credit. Flat dollar Town Credits are applied to the monthly medical premium on a pro-rated basis.
Effective 2010-2014 collective bargaining agreement, for an employee awarded an accidental disability allowance, the Town pays 18.75% of the premium for an employee with less than 5 years of service, 37.5% if the employee had 5 years but less than 10 years of service, 56.25% if the employee had 10 years but less than 15 years of service, 75% if the employee had 15 or more years of service. If the employee is permanently and totally disabled, the Town pays 100% of the premium.
Life Insurance Benefit A one-time payment of one and one-half times annual base salary for retiree death during the five years following retirement.
Beginning January 1, 2018, all Police retirees are offered coverage through the Connecticut Partnership Plan. Retirees are responsible for paying the applicable premium, less any Town credits.
13 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
LIUNA Eligibility for Town Credit 20 years of credited service, receiving retirement benefits from Town Retirement Plan, and electing to continue health insurance with the Town. LIUNA members employed at Nathaniel Witherell and all full-time employees hired on or after January 1, 1996 shall not be eligible for the benefits but in lieu thereof, shall enroll and become a participant of the Town sponsored Retiree Health Care Savings Plan.
Retiree Town Credit The annual Amount payable by the Town varies based on date of retirement, age and coverage level elected: Retirement Date To age 65 After 65 From To Single Family Single Family 7/1/1996 Present $760 $1,970 $760 $1,970 7/1/1985 6/30/1995 700 1,800 700 1,800 Prior to 6/30/1985 0 0 0 0 The retiree must pay for amounts in excess of the Town Credit. Town Credits are applied to the monthly medical premium on a pro-rated basis.
Beginning July 1, 2017, all LIUNA retirees are offered coverage through the Connecticut Partnership Plan. Retirees are responsible for paying the retiree premium rate, less any Town credits.
14 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Nurses Eligibility for Town Credit 25 years of credited service, receiving retirement benefits from Town Retirement Plan, and electing to continue health insurance with the Town. Nurses hired on or after February 1, 2009 are not eligible to receive Town Credit.
Retiree Town Credit The annual Amount payable by the Town varies based on date of retirement, age and coverage level elected: Retirement Date To age 65 After 65 From To Single Family Single Family 7/1/2016 Present 900 1,700 800 1,570 7/1/2015 6/30/2016 900 1,700 700 1,470 7/1/2009 6/30/2015 700 1,570 670 1,370 7/1/1986 6/30/2009 500 1,300 470 1,170 Prior to 6/30/1986 0 0 0 0 The retiree must pay for amounts in excess of the Town Credit. Town Credits are applied to the monthly medical premium on a pro-rated basis.
Beginning July 1, 2018, all Nurse retirees are offered coverage through the Connecticut Partnership Plan. Retirees are responsible for paying the retiree premium, less any Town credits.
Management, Confidential, and Elected Officials Eligibility for Town Credit 10 years of credited service, receiving retirement benefits from Town Retirement Plan, and electing to continue health insurance with the Town.
Retiree Town Credit The annual Amount payable by the Town varies based on date of retirement, age and coverage level elected: Retirement Date To age 65 After 65 From To Single Family Single Family 7/1/1995 Present $760 $1,970 $760 $1,970 7/1/1985 6/30/1995 700 1,800 700 1,800 Prior to 6/30/1985 0 0 0 0 The retiree must pay for amounts in excess of the Town Credit. Town Credits are applied to the monthly medical premium on a pro-rated basis.
Life Insurance Benefit A one-time payment of $7,500 for retiree death during the 10 years following retirement. Beginning July 1, 2017, all M&C retirees are offered coverage through the Connecticut Partnership Plan. Retirees are responsible for paying the retiree premium rate, less any Town credits.
15 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Board of Education (Certified Staff) Eligibility for Healthcare Early or Normal Retirement with last employment at Greenwich Board of Education.
Certified Staff may continue participating in Town Health Care until they become eligible for Medicare Part A coverage.
Retiree/Spouse Retiree pays 100% or the cost of coverage less the State Teachers’ Retiree Board contribution.
Beginning July 1, 2016, all GOSA retirees are offered coverage through the Connecticut Partnership Plan. GOSA retirees will contribute at the active employee premium rate, and the Town is responsible for the remainder of the cost.
Beginning July 1, 2017, all GEA retirees are offered coverage through the Connecticut Partnership Plan. GEA retirees will contribute a blended premium rate, and the Town is responsible for the remainder of the cost.
Self-Insured Worker’s Compensation Group
The Town provides benefits through this Plan to a group of former employees receiving worker’s compensation and Heart and Hypertension benefits. These benefits are predominantly healthcare benefits. However, the Town frequently settles these claims when applicable, leaving the Plan with no further obligation other than any standard retiree healthcare to which participants may be entitled.
16 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
ACTUARIAL METHODS AND ASSUMPTIONS
17 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
Methods and Assumptions
Valuation/Measurement Date All actuarial liabilities have been determined as of July 1, 2020
Amortization Period Closed until 15 years, then open; 19 years remaining
Amortization Method Level Dollar
Actuarial Method Entry Age (individual), level percent of pay
Normal Cost Determined for each active employee as the Actuarial Present Value of benefits allocated to the valuation year. The benefit attributed to the valuation year is that incremental portion of the total projected benefit earned during the year in accordance with the plan's benefit formula. This allocation is based on each individual's service between date of hire and date of full benefit eligibility.
Actuarial Accrued Liability The Actuarial Present Value of Benefits allocated to all periods prior to the valuation year.
Investment Return/ 7.00%, net of investment expenses and including inflation, based Discount Rate on presumed full pre-funding of benefits.
18 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Healthcare Assumptions
Assumed trend rates for future healthcare costs are as follows: Year Beginning July 1, Pre-Medicare Medicare/WC 2020 8.75% 4.00% 2021 6.75% 4.00% 2022 5.75% 4.00% 2023 5.50% 4.00% 2024 5.25% 4.00% 2025 5.00% 4.00% 2026 4.75% 4.00% 2027 4.50% 4.00% 2028 4.25% 4.00%
Expected Annual Claims (2020-21 Basis), representative amounts: Retiree Spouse Retiree w/o w/o Medicare- Worker’s Age w/Medicare w/Medicare Medicare* Spouse Comp** 40 $6,034 $6,947 $6,034 $6,947 $5,738 45 7,700 8,866 7,700 8,866 5,738 50 9,826 11,315 9,826 11,315 5,738 55 11,560 13,310 11,560 13,310 5,738 60 13,796 15,885 13,769 15,885 5,738 65 2,780 2,780 20,264 23,709 5,403 70 3,222 3,222 23,488 27,481 5,403 75 3,646 3,646 26,575 31,093 3,570 80 4,025 4,025 29,342 34,330 3,570 85 4,231 4,231 30,839 36,081 3,570 90 4,337 4,337 31,615 36,990 3,570
Because the State plan develops separate rates for active employees and pre-Medicare retirees, there is no implicit subsidy computed for members in that plan. There are (explicit) subsidies, in addition to any Town credits, for retirees who are not eligible for Medicare, as well as for those who will pay a blended premium rate which is higher than the rate charged by the Connecticut Partnership Plan.
* Applies only to covered participants that are not eligible for Medicare coverage.
** There are three exceptions to this for the members receiving annual survivor annuity benefits through worker’s comp. Accordingly, these amounts are valued as single life annuities based on the beneficiaries’ ages. For members covered by the self-insured worker’s compensation, the amounts are assumed to be paid in addition to standard retiree healthcare benefits.
19 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Basis for Assumptions In general, the demographic assumptions shown below are based on the following: Board of Education Members: The assumptions used in the valuation of the State Teachers’ Retirement System All Others: The demographic assumptions used for the valuation of the Town’s Retirement System, including changes to assumptions resulting from the recent experience study. Changes were made to rates of termination and retirement, as well as mortality/life expectancy and disability for Town general employees.
Mortality* Mortality rates are assumed to be in accordance with the Pub 2010S Headcount table for Police and Fire, Pub2010G Headcount table for General employees and Pub2010T Headcount table for Board of Education; all with Generational improvements with the SSA scale to account for anticipated future improvements in life expectancy. Pub2010 Disabled tables are used for disabled lives, and 50% of the retiree tables are used for pre-retirement deaths.
Disability
Police and Fire: Sample rates shown in the table below
Age Ordinary Accidental 25 0.048% 0.120% 35 0.078% 0.195% 45 0.150% 1.125% 55 0.440% 1.125% 60 0.000% 0.000%
Board of Education Age Male Female 25 0.0341% 0.0500% 35 0.0341% 0.0410% 45 0.1219% 0.1200% 55 0.5363% 0.4380% 60 0.9604% 0.5000%
For all other participants, a rate of .15% for females and .50% for males is applied to all ages from 35 to 64 (0% otherwise).
* assumptions updated since prior valuation
20 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Retirement* Fire/Police Tier I
Age Police Fire 20 10.0% 10.0% 21 1.0% 2.5% 22 2.0% 2.5% 23 3.0% 2.5% 24 4.0% 2.5% 25 5.0% 2.5% 26 5.0% 10.0% 27 15.0% 10.0% 28 15.0% 10.0% 29 15.0% 10.0% 30 15.0% 10.0% 31 15.0% 10.0% 32 15.0% 10.0% 33 15.0% 15.0% 34 50.0% 20.0% 35+ 100.0% 100.0% 100% at age 60+
Fire/Police Tier II
Age Police Fire 50 25% 25% 51 – 55 15% 10% 56 – 59 20% 10% 60 + 100% 100%
Retirement Rates – Town Employees, Non-Safety Age Normal <60 3% 60 6% 61 7% 62 8% 63 9% 64 10% 65-74 20% 75 + 100%
21 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Retirement Rates – Certified Staff Age Male Female 55-59 38.5% 27.5% 60 22.0% 27.5% 61-62 25.3% 27.5% 63-64 27.5% 27.5% 65 36.3% 32.5% 66-69 27.5% 32.5% 70-79 100.0% 32.5% 80+ 100.0% 100.0%
Termination* Termination Rates – Certified Staff Years of service Male Female 0 14.00% 12.00% 1 11.00% 10.50% 2 8.00% 8.75% 3 6.50% 7.50% 4 4.50% 6.75% 5 3.50% 6.00% 6 3.00% 5.25% 7 2.75% 4.75% 8 2.50% 4.25% 9 2.50% 4.00% 10 + Rates vary by age, males -ranging from 1.50% to 4.00% females – ranging from 4.00% to 2.90%
22 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
Termination Rates (All Others) Years of Service Police Fire Non-Safety Unit 13 0 5.5% 8.0% 16.0% 16.0% 1 5.0% 4.0% 12.8% 12.8% 2 4.5% 2.0% 10.2% 10.2% 3 4.0% 1.0% 8.2% 8.2% 4 3.6% 1.0% 6.6% 6.6% 5 3.2% 1.0% 13.1% 5.2% 6 2.9% 1.0% 13.1% 5.2% 7 2.6% 1.0% 13.1% 5.2% 8 2.4% 1.0% 13.1% 5.2% 9 2.1% 0.0% 13.1% 5.2% 10 1.9% 0.0% 13.1% 5.2% 11 1.7% 0.0% 13.1% 5.2% 12 1.6% 0.0% 13.1% 5.2% 13 1.4% 0.0% 13.1% 5.2% 14 1.3% 0.0% 13.1% 5.2% 15 0.0% 0.0% 13.1% 5.2% 19 0.0% 0.0% 13.1% 5.2% 25 0.0% 0.0% 0.0% 0.0%
Assumed Participation Rates
Participation Spousal Upon Coverage Group Retirement Election Police and Fire 58% 57% Certified Staff 50% 25% All Others 57% 50%
For those whose spouse’s date of birth is not available, males are assumed to be three years older than their wife. Future retirees are assumed to enroll in the HSA plan.
Changes in Assumptions
Expected claims costs and expected healthcare trend were updated to reflect updated medical cost and premium information.
Demographic assumptions were updated based on an experience study of the Retirement System.
23 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020
APPENDIX: Actuarial Liabilities and Costs by Employee Group
24 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Current Assumption: 7.00%
Actuarial Liability as of July 1, 2020
Inactive Active Accrued Accrued Total Accrued Allocated Unfunded Liability Liability Liability Assets* Accrued Liability Board of Education $3,909,873 $6,619,489 $10,529,362 $4,741,322 $5,788,040 Fire 6,122,392 13,910,500 20,032,892 9,963,636 10,069,256 GMEA 659,036 621,269 1,280,305 444,995 835,310 LIUNA 268,030 482,930 750,960 345,907 405,053 Management/Elected 305,704 106,522 412,226 76,298 335,928 Nurses 36,334 60,451 96,785 43,299 53,486 Police 6,467,275 19,450,798 25,918,072 13,931,969 11,986,103 Teamsters 474,818 496,696 971,515 355,767 615,748 Sub-Total $18,243,462 $41,748,655 $59,992,117 $29,903,193 $30,088,924
Worker’s Comp 0 3,525,932 3,525,932 0 3,525,932 Group Total $18,243,462 $45,274,587 $63,518,049 $29,903,193 $33,614,856 * Done on a notional basis, with allocated value based on proportion of retiree liability
ADEC for Fiscal Year 2022
Actuarially Determined Interest to Employer Normal Cost Amortization End of Year Contribution Board of Education $97,030 $523,374 $43,428 $663,832 Fire 170,909 910,496 75,698 1,157,103 GMEA 8,526 75,532 5,884 89,942 LIUNA 1,308 36,626 2,655 40,589 Management/Elected 10,176 30,376 2,839 43,391 Nurses 442 4,836 369 5,647 Police 253,196 1,083,824 93,591 1,430,611 Teamsters 3,351 55,678 4,132 63,161 Sub-Total $544,939 $2,720,742 $228,596 $3,494,277
Worker’s Comp Group 0 318,827 22,318 341,145
Total for All Groups $544,939 $3,039,569 $250,914 $3,835,422
Note: Some row and column totals may be off due to rounding
25 Town of Greenwich Actuarial Valuation Other Post-Employment Benefits Plan as of July 1, 2020 Alternate Assumption: 6.50%
Actuarial Liability as of July 1, 2020
Inactive Active Accrued Accrued Total Accrued Allocated Unfunded Liability Liability Liability Assets* Accrued Liability Board of Education $ 4,212,108 $ 6,928,810 $ 11,140,917 $4,750,759 $6,390,158 Fire 6,497,254 14,490,580 20,987,835 9,935,511 11,052,324 GMEA 690,053 640,828 1,330,880 439,385 891,495 LIUNA 283,172 496,307 779,479 340,295 439,184 Management/Elected 322,189 109,166 431,355 74,850 356,505 Nurses 38,380 62,261 100,641 42,689 57,952 Police 6,923,825 20,372,441 27,296,266 13,968,427 13,327,839 Teamsters 493,229 512,321 1,005,551 351,275 654,276 Sub-Total $ 19,460,209 $ 43,612,714 $ 63,072,923 $29,903,193 $33,169,732
Worker’s Comp 0 3,644,088 3,644,088 0 3,644,088 Group Total $ 19,460,209 $ 47,256,802 $ 66,717,011 $29,903,193 $36,813,820 * Done on a notional basis, with allocated value based on proportion of retiree liability
ADEC for Fiscal Year 2022
Actuarially Determined Interest to Employer Normal Cost Amortization End of Year Contribution Board of Education $ 109,531 $ 558,948 $ 43,451 $ 711,930 Fire 192,814 966,749 75,372 1,234,935 GMEA 9,365 77,979 5,677 93,021 LIUNA 1,544 38,415 2,597 42,556 Management/Elected 11,076 31,184 2,747 45,007 Nurses 496 5,069 362 5,927 Police 286,183 1,165,789 94,378 1,546,350 Teamsters 3,780 57,230 3,966 64,976 Sub-Total 614,789 2,901,363 $228,550 $3,744,702
Worker’s Comp Group 0 318,749 20,719 339,468
Total for All Groups $ 614,789 $ 3,220,112 $249,269 $4,084,170
Note: Some row and column totals may be off due to rounding
26
MINUTES of the Regular Meeting of the Board of Estimate and Taxation held on Monday, October 19, 2020 in a virtual Zoom webinar, Greenwich, CT.
Chairman Michael S. Mason called the meeting to order at 6:30 P.M.
Board members in attendance: Michael S. Mason, Chairman; Karen Fassuliotis, Vice Chairman; William Drake, Clerk; Andreas Duus III, Laura Erickson, Debra Hess, Miriam Kreuzer, Elizabeth K. Krumeich, Leslie Moriarty, Jeffrey S. Ramer, Leslie L. Tarkington, David Weisbrod
Staff: Lauren Elliott, Assessor; Roland Gieger, Director, Budget & Systems Management, Finance Department; Peter Mynarski, Comptroller
BOE/GPS: Sean O’Keefe, Chief Operating Officer, GPS
RTM: Lucia Jansen, (D-7), Chair, Budget Overview Committee
Public: Ken Borsuk, Reporter, Greenwich Time; Horst Tebbe, GCTV, Richard Kaufman, Reporter, Greenwich Sentinel Chairman Mason reminded the meeting’s audience that pursuant to a State Executive Order, the meeting was authorized to be held as a virtual meeting.
Request for Budget Adjustment
Although the Board of Estimate & Taxation (BET) traditionally votes immediately on Routine Applications without requesting Committee reports, at today’s meeting, Budget Committee reports were presented for each application.
The Clerk of the BET, Mr. Drake, read the following Routine Applications requesting Budget Adjustments. ROUTINE APPLICATIONS Number Department Amount Purpose ED-3 BOE $1,900,000 Release of Conditions Cardinal Stadium
Budget Committee Chair, Ms. Tarkington, reported that Mr. O’Keefe, BOE Chief Operating Officer, requested release of $1,900,000 to enable the BOE to sign a contract for the purchase of new bleachers, site development, elevator to the Press Box and project costs. This was a partial release as Part A-1 for material to meet Part A’s installation timetable. The Budget Committee
BET Regular Meeting Minutes - October 19, 2020 - Subject to Approval
received the requested updated breakdown of costs for each project phase and voted 4-0-0 to recommend it to the full BET. Mr. Drake made a motion, seconded by Mr. Ramer, to approve the release of conditions on $1,900,000 for Cardinal Stadium Project A-1. The Board voted 12-0-0. Motion carried. PW-1 Public Works $250,000 Release of Conditions $150,000 Dorothy Hamill Skating Rink
Ms. Tarkington reported that two Budget Adjustment Requests were being made simultaneously on the satisfaction of the Release Conditions of preparation of preliminary plans for application for Municipal Improvement (MI) status and Land Use Planning. Project plan Bids ranged from $1.2 to $1.4 million, and total building cost of $16.9 million is estimated. The Budget Committee voted 3-0-1 to recommend the project to the full BET.
Mr. Drake made a motion, seconded by Ms. Tarkington, to approve the release of conditions on $250,000 plus $150,000 ($400,000 total) for the Dorothy Hamill Skating Rink preliminary drawings. The Board voted 12-0- 0. Motion carried. PD-2 Police Department $148,982 Approval to Use State Regional Port Security Grant
Ms. Tarkington reported that the Police Department was awarded a Grant for regional port security offsetting 75% of cost for a $181,789 regional project. The balance of the all-in project cost would come from the Police Department Forfeiture Fund at approximately $11,300 per year for 3-years as an in-kind match. The Grant is designed to enhance the Departments’ fleet equipment for water response and staff safety. The Budget Committee voted 4-0-0 to recommend the project to the full BET. Mr. Mason commented that several Town newspapers reported the grant award. Mr. Drake made a motion, seconded by Ms. Tarkington, to approve the use of the $181,789 grant and in-kind match of $11,300 per year for 3-years for Regional Port Security project. The Board voted 12-0-0. Motion carried.
ASSESSOR’S REPORT The Town Assessor, Ms. Elliott, highlighted the following items from her written monthly report: Personal property declarations sent on September 28 to all business owners are due to be returned by November 2, canvassing will take place to confirm how many businesses have been lost over the past year. Audits of 15 businesses that have never filed declarations have begun. For the first time, 5,241 delinquent Motor Vehicle accounts on the 2018 Grand List have been notified that payment is due by December 31 to avoid collection service. Between the 2018 and 2019 Supplemental Motor Vehicles list indicates 2,300 fewer cars as listed with the Assessor’s Office. The processing of all years’ motor vehicle cancellations, additions, corrections, and pro- rations continues. Recognizing that revenues could significantly change, Mr. Mason asked the Assessor to follow-up with information on delinquent properties nearing the Statue of Limitation foreclosure deadline, provide a plan to broadcast how the Department is pursuing delinquencies and provide a list of the Town’s tax-exempt properties.
BET Regular Meeting Minutes - October 19, 2020 - Subject to Approval
Upon a motion by Ms. Tarkington, seconded by Mr. Ramer, the Board voted 12-0-0 to accept the Assessor’s Report. Motion carried. COMPTROLLER’S REPORT
Comptroller Mynarski drew the Board’s attention to topics in his written Report for possible discussion: the Town’s annual external audit by RSM US Tax & Consulting, has begun; 5 internal audits being performed by Blumshapiro Consulting are in various stages of completion by January. Mr. Mynarski thanked Mr. Gieger and Ms. Larkin for the assistance with administrative details during the interim between a retirement and the hire of a new Executive Assistant for the Finance Department who arrives November 2.
Upon a motion by Mr. Weisbrod, seconded by Ms. Tarkington, the Board voted 12-0-0 to accept the Comptroller’s Report. Motion carried.
TREASURER’S REPORT
Upon a motion by Ms. Tarkington, seconded by Mr. Duus, the Board voted 11-0-1 (Abstain: Krumeich) to accept the Treasurer’s Report. Motion carried.
BET Standing Committee Reports Audit Committee – Mr. Drake reported of the 5 internal audits being performed by Blumshapiro Consulting, the Student Activity Fund audit has been completed and is published on the Town website; drafts of the Dorothy Hamill Skating Rink and Town Marina audits will be presented at the next Audit Committee meeting, a draft of the Transfer Station audit is promised in December and the School Lunch Fund audit is expected by January. The Cyber Security Task Force reports to the Audit Committee on a quarterly basis.
Investment Advisory Committee – Mr. Duus reported that despite the deferral of the 2019 property tax deadline from July 1 to October 1, 99.5% of taxes have been collected. The dialogue on OPEB guidelines is continuing. Returns on the OPEB portfolio for the year were 7.0%. The Actuary will be attending the IAC November meeting to provide his annual report and all members of the BET are invited to attend. Human Resources Committee – Ms. Fassuliotis reported that Town Hall was open for Walk- Ins and one-third capacity of employees on site was being maintained. A vacancy report highlighted vacancies primarily due to promotions or retirements. The Unemployment comments focused on GPS issues of retirements, FMLA leaves and the challenges recruiting substitutes. The Workers’ Compensation report has a surplus despite a recent large settlement with a retired employee. BET Liaison Reports Nathaniel Witherell – Mr. Duus and Ms. Krumeich reported how impressed they were with the work of the newly hired team. The Nathaniel Witherell (TNW) occupancy was averaging 92% in September and revenue ahead of budget. Of note, Overtime costs are down, and the Medicaid reimbursement rate is slightly higher. The new Executive Director is re-negotiating
BET Regular Meeting Minutes - October 19, 2020 - Subject to Approval
vendor agreements. Thanks were expressed for Mr. Gieger’s on-site consulting with the new employees in TNW’s Finance Department. Mr. Mason commented that the results of the previous year’s external Audit of TNW has brought good results.
Education – Mr. Mason reported on the many recent BOE/GPS changes including: a new Superintendent’s Cabinet; receipt of a new grant; an on-going discussion on capital projects; the formation of a new Building Committee for GHS Security entrance; and, an external audit of GPS Special Education program is underway. Ms. Moriarty asked the BET to express its thanks for the BOE/GPS for the smooth open day of schools in September resulting from its outstanding planning and personnel support.
BET Special Project Team Reports Fire Study – Mr. Ramer reported that a meeting had taken place with the Matrix Consulting Group to review the observations of the new Fire Chief and Assistant Fire Chief and the Study’s findings. A public presentation of the Matrix Study is being planned in the near future.
Debt & Fund Balance Policy – Mr. Duus reported that the Committee had met twice with a third meeting scheduled for discussion on the Fund Balance Policy. Two additional meetings are scheduled to discuss Debt Policy.
OLD BUSINESS
• Approval of BET Calendar for Calendar year 2021
Mr. Mason drew attention to the February Budget Committee meeting schedule noting that Consolidation Day had been moved to an afternoon meeting. Due to holidays, school vacation and meetings creating a tight timeframe, BET Decision Day is not yet on the Calendar. A member of the BET suggested that Decision Day could be scheduled for the week of April 5 to give the Board an opportunity to review the previous Workshop discussions.
Upon a motion by Ms. Krumeich, seconded by Mr. Mason, the BET voted 12-0-0 to accept the BET 2021 Calendar. Motion carried.
NEW BUSINESS . None
Chair’s Report
Mr. Mason commented that he had attended a meeting with the RTM at which hybrid meetings were discussed and scheduled going forward; a meeting with the Housing Authority on the Plan of Conservation & Development’s (POCD discussed possible modification and/or elimination of some housing regulations to promote moderate-income housing. First Selectman Camillo’s vision of a Downtown Masterplan is taking shape; a dialogue is underway to streamline the Town’s process for accepting Gifts; and several Labor contracts are in discussion or arbitration. Mr. Mason expressed the opinion that initiatives were moving forward favorably.
BET Regular Meeting Minutes - October 19, 2020 - Subject to Approval
Approval of BET Meeting Minutes
Upon a motion by Mr. Ramer, seconded by Mr. Mason, the Board voted 12-0-0 to approve the Minutes of the Regular BET Meeting of September 21, 2020 as amended. Motion carried.
Adjournment
Upon a motion by Ms. Erickson, seconded by Ms. Kreuzer, the Board voted 12-0-0 to adjourn the meeting at 7:43 P.M. Motion carried.
The next Regular Meeting of the Board of Estimate and Taxation is on Monday, November 16, 2020 at 6:30 P.M.
Respectfully submitted,
______Catherine Sidor, Recording Secretary
William Drake, Clerk of the Board
Michael Mason, Chairman
BET Regular Meeting Minutes - October 19, 2020 - Subject to Approval
MINUTES of the Special Meeting of the Board of Estimate and Taxation held on Thursday, October 29, 2020 in a virtual Zoom webinar, Greenwich, CT.
Chairman Michael S. Mason called the meeting to order at 4:00 P.M.
Board members in attendance: Michael S. Mason, Chairman Karen Fassuliotis, Vice Chairman William Drake, Clerk Andreas Duus III Laura Erickson Debra Hess Miriam Kreuzer Elizbeth K. Krumeich Leslie Moriarty Jeffrey S. Ramer Leslie L. Tarkington David Weisbrod
Staff: Roland Gieger, Director, Budget & Systems Management, Finance Department (Dept); Peter Mynarski, Comptroller; Demetria Nelson, Commissioner, Human Services Dept; Kevin McCarthy, Director, Perrot Library
TNW: Laurence Simon, Chairman, Board of Directors
RTM: Arline Lomazzo, (D-6), Public Works; Patty Roberts, (D-6), Health & Human Services
PUBLIC: Ken Borsuk, Reporter, Greenwich Time; Lori Contadino, Executive Director, Senior Center; Mimi Duff; Alan Gunzburg, Member, Health Dept Board of Directors; Richard Kaufman, Reporter, Greenwich Sentinel; Claire Kilgallen, New Lebanon School PTA; Caroline Lerum, Organizer Support Greenwich; Horst Tebbe, GCTV; Tony Turner; Tracey Schietinger, Director, GEMS;
• Discussion and Approval of the 2021-2022 Budget Guidelines Budget Committee Chair Ms. Tarkington made a motion to open the discussion on the 2021-2022 Budget Guidelines and 5 attached financial exhibits dated October 27, 2020 as approved by the Budget Committee.
BET Special Meeting Minutes - October 29, 2020 - Subject to Approval
Ms. Tarkington commented that a lot of collaboration and cooperation amongst the four Budget committee members was invested in order to come to these Guidelines. She thanked Ms. Moriarty and Mr. Ramer for their cooperation, Ms. Hess for her contributions and Mr. Duus as a new Committee member. Ms. Tarkington expressed the expectation and hope that the BET members would support the Committee’s work.
Committee members discussed how the Budget Guidelines funded the following items: Special Education, The Nathaniel Witherell, School Lunch Fund, use of Fund Balance, the Risk Fund, and Capital Projects. A member commented that the Guidelines indicated the information to be sought for comprehensive discussions during February’s Departmental Hearings.
Mr. Mason noted the trajectory of increased costs that would require long term planning and prioritization of future initiatives.
Mr. Drake took a rollcall vote of the BET members for approval of the 2021-2022 Budget Guidelines. The Board voted 12-0-0. Motion carried.
• Adjournment Upon a motion by Ms. Erickson, seconded by Mr. Weisbrod, the Board voted unanimously to adjourn the meeting at 4:30 P.M. Motion carried.
Respectfully submitted, ______Catherine Sidor, Recording Secretary
William Drake, Clerk of the Board
Michael Mason, Chairman
BET Special Meeting Minutes - October 29, 2020 - Subject to Approval