Board of Selectmen UPDATED Budget Meeting

FIFTEEN ROPE FERRY ROAD 
WATERFORD, CT 06385-2886 
PHONE: 860-442-0553 
www.waterfordct.o,rg_ORO 
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THE BOARD OF SELECTMEN BUDGET MEETING •••• 
UPDATED AGENDA 
Tuesday, February 11, 2025 
4:00 PM 
Waterford Town Hall 
PROCEDURE: The Board of Selectmen will hear budget requests in accordance · 
with the below agenda for the Budget meeting, which begins at 4:00pm: 
The Board of Selectmen to consider and act on the following proposed budgets and 
at the appropriate time forward to the Board of Finance for its consideration of and 
action on the FY26 Budgets: 
A. Call to Order & Roll Call:
B. Pledge of Allegiance
C. Public Comment:
D. Consider and act on the following budget requests:
1.
Retirement - To consider and act on the Retirement tentative FY26
budget request in the amount of $7,760,257.
2.
Insurance - To consider and act on the Insurance tentative FY26
budget request in the amount of $6,104,561.
3.
Debt Service -To consider and act on the Debt Service tentative FY26
budget request in the amount of $7,964,500.
4.
Capital Improvements - To consider and act on the Capital
Improvements tentative FY26 budget request in the amount of
$1,101,089.
5.
Transfer to Capital Non-Recurring - To consider and act on the
Transfer to Capital Non-Recurring tentative FY26 budget request in
the amount of $773,264.
6.
General Government Operations -To consider and act on the Total
General Government Operations tentative FY26 budget request in the
amount of $41,305,899.
7.
Capital and Debt Service -To consider and act on the Total Capital
and Debt Service tentative FY26 budget request in the amount of

$9,838,853.
8. Total Town Budget — To consider and act on the proposed FY26 Total
Town Budget request in the amount of $51,144,752.
E. Adjourn:

TOWN OF WATERFORE”
GENERAL FUND
2025-2026 PROPOSED BUDGET
DEPT/AGENCY: 10116 RETIREMENT COMMISSION
51930 _-[HYPERTENSION/ HEART DISEASE 233,021 234,084 122,006 270,639 270,639 36,555 15.62%
51940 [PENSION CONTRIBUTIONS 4,261,880 5,662,552 2,471,308 $,123,018 $123,018 (539,534) ~9.53%
51945 JRETIREE HEALTH BENEFITS 419,788 429,140 296,677 423,094 421,094 (8,046) ~1.87%
OPEB TRUST FUND CONTRIBUTION 1,463,505 : 1,994,210 ; 1,945,506 $11,025

BUDGET FUNCTION
The Retirement Commission is charged with the management of the retirement program for
the Town. This budget represents the Commission's estimate of the employer cost required
to fund our retirement. plans.on an actuarially sound basis.
The Retirement Commission voted to appoint an Investment Manager in April 2016 for
both the pension trust and the OPEB trust fund. The trusts were set up in February 2017
and were funded for the first time in FY2018.
BUDGET SUMMARY
The proposed FY26 budget of $7,760,257 is flat funded over FY25.
51930 HEART/HYPERTENSION BENEFITS
The Town is currently paying benefits to three individuals (one widow of a former police officer, one
widow of a former firefighter, and one retired fire services empioyee) in accordance with judgments of
the workers’ compensation commission based upon Connecticut State Statute. in addition, the Town
pays for treatment medications for several active police officers. A cost of living adjustment (COLA) is
provided annually in October based on information provided by our actuary firm, USI Consulting Group.
51940 PENSION CONTRIBUTIONS
Overall Budget is down by 9.53%. All general employees, police, and firefighters are
covered by MERF B, a State administered plan. Employees who retired prior to the Town
joining the MERF system are covered by the Town administered plan.
The employer contribution rates for MERF B for fiscal year 2026 have not been released to
date. Rates used are based on expected rates for FY25 received from the State of
Connecticut Retirement Division. Payroll has been estimated based on 2024-2025
projected payroll using staffing levels as of November 2024. The employee contribution
rate for fiscal year 2025-2026 is 4.75% of payroll and is provided for informational
purposes only.
The proposed budget includes an administrative assessment fee for all active and retired
employees of $130.00 per member. The 2025-2026 administrative fee of $81,120 is based
On 342 active participants and 282 retirees.

BUDGET SUMMARY (continued)
The Public Employees Retirement System Fund (PERS) currently has 6 active participants.
Effective fiscal year 2004, the RTM approved a change in benefit allowing for a minimum
pension of $6,000 annually and offered a one-time $5,000 bonus. An annual increase
linked to the CPI-U was approved with a cap of five (5%) percent per year. The June 30,
2024 Actuarial Valuation Report performed by US! Consulting Group indicated that based
upon the current population and the approved changes to the plan, the fund will carry an
unfunded liability of $163,286 in FY2025. The next actuary valuation is scheduled
for June 2026.
51945 RETIREE HEALTH BENEFITS
Overall Budget is down 1.87%. The main driver for the decrease is actual monthly cost to the Town
for Retirees under 65. The Town currently has sixteen (16) retirees who receive post-retirement
healthcare benefits. In addition, there are another 30 employees in the Over 65 classification that
receive post-employment healthcare benefits. The current GGA contract allows for a buy-out of
accrued sick time hours in excess of 1,400 per year for deposit into a Health Retirement Account to
be used by the employee for medical costs incurred following retirement.
The cost of the third party administration of the HRA has been included in the line item. The annual
cost of this excess, sick time accrual is included in the respective employee's department budget.
OTHER POST EMPLOYMENT BENEFITS (OPEB)
The Governmental Accounting Standards Board (GASB) issued a Statement 45 requiring the cost of
Other Post-Employment Benefits (OPEB) to be recognized in the year earned (when the employee is
working) rather than when paid (when the employee retires). In addition, the Statement also
requires the recording of a liability (implicit rate subsidy) for those retirees that remain on the
Town's plan at their own cost. Since the cost of similar benefits for these employees would be
greater if the retiree was not part of the group, the statement requires the recording of the liability
for the difference. The effective date of Statement 45 was July 1, 2006.
On December 1, 2014, the RTM approved the establishment of a trust fund to account for the OPEB
contributions. The Retirement Commission is responsible for the oversight and recommended
funding of the OPEB Trust and appointed an Investment Manager in April 2016 for both the pension
trust and the OPEB trust fund.

BUDGET SUMMARY (continued)
Proposed Budget for Fiscal Year 2026 contains an increase of 4.33%,
As of the July 1, 2024, actuarial OPEB valuation, the Tawn's Unfunded Actuarial Accrued Liability is
$20,902,949. The annual required contribution (ARC) for FY2026 is $2,804,332. This contribution is
funded in the arinual budgets of the Retirement Commission and Insurance Budgets as follows:
Trust Contribution (10116-51949} 2,281,709
Retiree Health Benefits (10116-51945) 421,094
Over 65 - fully insured (10112-52251) 101,529 —
2,804,332

DEPT/AGENCY:
10116
TOWN OF WATE»... 9RD
GENERAL FUND
2025-2026 PROPOSED BUDGET
RETIREMENT COMMISSION
_| RTIVAPPROP.
_| Department | D.
PERSONNEL COSTS
51930.” [HYPERTENSION/ HEART DISEASE 233,021| -- 234,084 91,089] ~- 270,639 | ~~ 270,639 36,555 15.62%
51940 ” PENSION CONTRIBUTIONS 4,261,880] © 5,662,552 1,672,143] 5,123,018 | 5,123,018 |. (538,534) 9.53%
1945 _|RETIREE HEALTH BENEFITS 419,788] 429,140 105,982|.-~ 421,094 | © 421,094 (3,046) “1.87%
51949” [OPEB TRUST FUND CONTRIBUTION -| 1,463,505] 4,434,481 1,994,210] 1,945,506 | 1,945,506 | 511,025 35.62%
— gustorat| 6,378,194 7,760,257| a0 |_ 3,863,423 | 7,760,257 | 7,760,257. ol 0.00%
DEPARTMENT TOTAL | 6 378,i94 | 7,760,257 | o| 3,863,423| 7,760,257| 7,760,257| -o| 0.00%
Note:
1 The OPEB Trust contribution is currently based on the July 2024 OPEB valuation. The valuation report provides an FY26 ADEC (Actuarially Determined
Employer Contribution) figure of $2,804,332. The town budgets on a “pay as you go" basis and funds the ADEC in the Retirement Commission and
Insurarice budgets as follows:
Trust Contribution (10116-51949)
Retiree Health Benefits (10116-51945)
Over 65 « fully insured (10112-52251)
2,281,709
421,094
2 The recommended FY26 ADEC is underfunded in this budget request based on a Board of Finance approved additional payment of $556,754 into the
OPEB trust on 8/14/2024.

OWN OF WATERFORD
RETIREE HEALTH BENEFITS -SUMMARY SHEET
2025-2026 PROPOSED BUDGET
10116-51945 - RETIREE HEALTH BENEFITS
MONTHLY NO. OF
COST MONTHS © ANNUAL COST
RETIREES - OVER 65 $0.00 42 $0.00 1
RETIREES - UNDER 65 $22,755.09 12 $273,061.08 7
MEDICARE SUPPL REIMB $12,236.04 12 $146,932.48 *
PROSPECTIVE RETIREES $0.00 12 $0.00
ADMINISTRATIVE COST - HRA $100.00 12 $1,200.00 *
TOTAL $35,091.43 $421,093.56
AMOUNT TO BUDGET 421,094 ~
2024-2025 ADOPTED BUDGET 429,140
PERCENT INCREASE/DECREASE OVER P/Y -1.88%
* FY26 as we will no longer have group coverage for over 65 retirées. Ail over 65 retirees will now be
reimbursed once a year for their individual Medicare supplement plans effective 1/1/2025.
? Budget calculation based on October 2024 rates.
3 in 2023-24, 13 retirees were reimbursed for Non-BCBS
supplement. The total reimbursement was $33,537.12. The
retiree must submit copies of paid invoices to receive the
reimbursement.
4 Third party fee for the administration of the HRA accounts allowed for in the current GGA contract.
Third party vendor is Flores & Associates.

TOWN OF WATERFORD
~ HEART/HYPERTENSION 2025-2026 FISCAL YEAR PROPOSED BUDGET
2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024: 2024-2025. 2025-2026
HEART/HYPERTENSION ACTUAL ACTUAL ~~ ACTUAL. ACTUAL” SS ACTUAL =~ ACTUAL YTD (10/18/24) PROPOSED
WAGES! 203,002.00 ° 163,225.33 167,099.92 64,269.20 226,234.79 ~- 194,910 64,539 230,639
TREATMENT MEDICATION 2 14,185.89 4,066.39 5,996.45 1,907.30 ~ 3,716.67 38,111 630 40,000
TOTALS 217,187.89 167,291.72 173,096.37 66,176.50 229,941.46 233,021.00 65,159.00 270,639.00
NOTES:
“COLA rates used as of October 1, 2024
2Treatrnant medication is based ort prior year actual.

TOWN OF WATERFORD
PENSION CONTRIBUTIONS
2025-2026 FISCAL YEAR PROPOSED BUDGET
INCREASE/ = %INCREASE/
2018-2019 2019-2020 =. 2020-2021 ©. 2021-2022»: 2022-2023 «=. 2023-2024 = 2024-2025 +=: 2025-2026 (DECREASE) (DECREASE)
PENSION CONTRIBUTIONS ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL BUDGETED PROPOSED OVER P/Y OVER P/Y
TOWN OF WATERFORD PLAN
EMPLOYER CONTRIBUTIONS 81,131.00 82,000.00 = 82,000.00 ~— 83,000.00 ~—_.27,280.00 19,167.40 22,450.00 —-22,450.00 0.00 0.00%
ACTUARIAL FEE 5,395.01 7,953.00 7,100.00 5,957.91 8,455.38 10,400.00 7,475.00 __ 10,400.00 2,925.00 39.13%
86,526.01 89,953.00 89,100.00 — 88,957.91 35,735.38 29,567.40 29,925.00 _ 32,850.00 2,925.00 9.77%
MERS
EMPLOYER CONTRIBUTIONS 2,735,169.99 0.00 3,615,776.00 3,839,599.51 3,948,069.18 4,190,567.73 5,153,635.38 4,581,251.29 (572,384.09) -11.11%
AMORTIZATION/ADMIN COST 497,704.00 497,704.00 502,644.00 420,218.58 474,796.78 _ 517,480.00 508,916.76 508,916.76 0.00 0.00%
3,232,873.99 497,704.00 4,118,420.00 4,259,818.09 4,422,865.96 4,708,047.73 _5,662,552.14 5,090,168.05 (572,384.09) — -10.11%
TOTALS 3,319,400.00 587,657.00 4,207,520.00 4,348,776.00 4,458,601.34 4,737,615.13 _5,692,477.14 5,123,018.05 (569,459.09) -10.00%
*includes fees for completing the GASB 67/68 disclosures.

“TOWN OF WATERFORD
PROJECTED MERF CONTRIBUTION
2025-2026 FISCAL YEAR
oe "| PROJECTED 2024-2025 WAGES
ee Town | POLICE/FIRE | BOENONECERT]
| MONTH | SALARIES | |__ SALARIES: SALARIES | TOTAL 
_
FULY y 2024 ACTUAL $754,035.98 $550,840.75 $414,516.76 4,304,876.73 JJULY 2023 ACTUAL $698,914.69 S497 ASS 396,581.00) 592,647.25
AUGUST 2024 ACTUAL $926,569.28 $693,510.74 $424,423.43 1,620,080.02 {AUGUST 2023 ACTUAL $702,060.13" $515;572:31 409,779.00). -4,627,411.44
SEPTEMBER 2024 ACTUAL $731,135.03 | $544,018.30 $673,987.43 | _1,275,153.33 [SEPTEMBER 2023 ACTUAL |. $871,379.46 | $681,801.01 °599,751.00| -2,152/931.47
OCTOBER 2024 ACTUAL $712,410.87 | $540,919.01] $727,452.76 | _1,253,329.88 [OCTOBER 2023 ACTUAL $700,011.72 | $531,254.21 609,333.00} © 1,841,578.93
NOVEMBER 204 PROJECTED $927,570.52 | $695,680.62 | $1,086,491.64 | 2,709,742.78 [NOVEMBER 2023 ACTUAL_| $706,770.25 | $538,025.36 609,313.00) -4,854,208.61
DECEMBER 2024 PROJECTED $742,056.42 | $676,544.49 | _$724,327,76 | 2,142,928.67 [DECEMBER 2023 ACTUAL _|" $940,140.58 | ($802,587.71 940:878.53] 2,682,606.82
JANUARY 2025 PROJECTED $927,570.52 $695,680.62 $724,327.76 2,347,578.90 [JANUARY 2024 ACTUAL = $747,045/29 $519,005.91" 575,969.68] 4,842,110.78
FEBRUARY 2025 PROJECTED $742,056.42 $556,544.49 $724,327.76 2,022,928.67 |FEBRUARY 2024 ACTUAL 3$730,341.00. $486,676.53 643:417,37): °1,860,128.90
MARCH 2025 PROJECTED $742,056.42 | $556,544.45 | $724,327.76 | _2,022,928.67 [MARCH 2024 PACTUAL = $883,354.77 | S64037050) 649,890.95) 2,173,616.22
APRIL 2025 PROJECTED $742,056.42 | $556,544.49 | $724,327.76 | 2,022,928.67 [APRIL 2024 ACTUAL "$700,574.26 | $526,547.83 §87,700.42| (1,814/822'51
MAY 2025 PROJECTED $927,570.52 | $695,680.62 | $1,081,804.14 | 2,705,055.28 [MAY 2024 ACTUAL $886,295.74 | $718,849.56 | 1,013;240.421 | 2,618,385.72
JUNE 2025 PROJECTED $742,056.42 | $556,544.49 | _ $724,327.76 | -2,022,928.67 JUNE 2024 ACTUAL "$728 253:58 | $524;487.35. 605,785.05] (1/858,525198
FOTALS:| 9,617,144.82 | 7,349,053:42 | 6,514,202.34 | 23,450,460:27_ : (9,296,141. O81 419.84 | 7641,373.42 | 23,918,874.63,
Est wage increase FY26 2.50% 2.75% 3.50%
Projected MERF salaries 2024-25 9,857,873.44 7,520,327.07 6,742,261.52 24,120,162.03
2025-2026 Contribution Rate * 16.68% 24.10% 16.68%
Est, Employer Contribution 2025-2026 $4,644,243.25 $1,812,398.82 $1,124,609.22 $4,581,251.29
Amortization 0.00 © 427,247.68 549.08 427,796.76 0.00 ° 436,827.00 - 537,00 ~ 417,364.00
Administrative Fee 31,980.00 12,610.00 36,530.00 81,120.00 31,200.00 12,740.00 36,400.00 80,340.00
CONTRIBUTION $1,676,223.25 $2,252,256.50 _ $1,161,688.30 _$5,090,168.05 $31,200.00 $429,567.00 $36,937.00 $497,704.00
CONTRIBUTION RATE
1. The contribution rate is baséd on the MERF Projection for FY 2025 from the State of CT. FY 2026 rates not expcted until March 2025.

Stars of 7 ‘ >
Connecticut TIREMENT SERVICES DIVISION
OFFICE oftie STATE COMPTROLLER
165 Capitol Ave.
Hartford, CT 06106
RETIREMENT SERVICES
Division
February 29, 2024
Mg. Christy Gregg,
Director of HR
Waterford Fire Department
15 Rope Ferry Road
Waterford, CT 06385
cgrege@waterfordct.org
RE: Waterford Fire 152-F
Dear Ms. Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal ,
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2024. The State of Connecticut Retirement
Commission hes authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
© Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 8.21%
Unfunded Accrued Liabitity
Total
* — Asstated in the Retirement Services Division letter dated June 25, 2019, Public Act No, 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years, Therefore, effective July 1, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
© There is no annual amortization payment for prior service.
¢ The CMERS administrative charge is $2,600. This charge is based on $130 per active and retired member. Our most
recent files show 12 active members and 8 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 24.10% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller’s website
at btips//www.ose.cl.ov/rbsd/reports/index Atm,
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
aR Yo
John Herrington, Director
Retirement Services Division

Stare of
Connecricut RETIREMENT Services Division
OFFICE ofeie STATE COMPTROLLER
165 Capisol Ave.
Hartford, CT 06106
a
RETIREMENT SERVICES
Division
February 29, 2024
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Town 152-W
Dear Ms. Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
¢ Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.08%
Total ‘
¢ As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No, 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years, Therefore, effective July 1, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
¢ = There is no annual amortization payment for prior service.
¢ The CMERS administrative charge is $10,790. This charge is based on $130 per active and retired member. Our most
recent files show 39 active members and 44 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 16.68% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller's website
at hitps://www,ose.ct gow/rbsd/reporis/index.html,
If you have any questions regarding the information provided in this letter, please contact Kathryn Batut, a CMERS staff
member, at (860)702-3565,
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
a aa
John Herrington, Director
Retirement Services Division

Stare of .
CONNECTICUT © RETIREMENT SeRviCzs Division
: : OFFICE oftie STATE COMPTROLLER
165 Capicol Ave.
Hartford, CT 06106
ReTMREMENT SERVICES
Drvisi0Nn
February 29, 2024
Ms. Christy Gregg
Director of HR.
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Gen Gov Admin 152-T
Dear Ms, Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
© Monthly contribution payments, as a percentage of payroll, will be as follows?
Normal Cost
Unfunded Accrued Liabifity
Total
* Asstated in the Retirement Services Division letter dated June 25, 2019, Public Act No..19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years. Therefore, effective July 1, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Basé is 8.00%.
© There is no annual amortization payment for prior service.
¢ The CMERS administrative charge is $7,020. This charge is based on $130 per active and retired member. Our most
recent files show 22 active members and 32 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 16.68% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller's website
at bitps:/www.ose ct eov/rbad/reports/index html.
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565,
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
RT OPES
John Herrington, Director
Retirement Services Division

Stare of
CONNECTICUT RETIREMENT SERVICES Division
OPPICE ofthe STATE COMPTROLLER
165 Capitol Ave.
Hartford, CT 06106
RETIREMENT SERVICES
Division
February 29, 2024
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgrege@waterfordct.org
RE: Waterford Local 1303 152-B
Dear Ms. Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
* Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost $.60%
Unfunded Accrued Liability 11.08%
Total
¢ As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years, Therefore, effective July 1, 2024, the
‘employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
© There is no annual amortization payment for prior service.
¢ The CMERS administrative charge is $18,460. This charge is based on $130 per active and retired member. Our most
recent files show 64 active members and 78 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 16.68% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller's website
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
KY ae
John Herrington, Director
Retirement Services Division

STATE of
EME RVICES DIVISION
Connecricut RETIREMENT Services Divis
OFFICE ie STATE COMPTROLLER
165 Capitol Ave.
Hartford, CT 06106
RETIREMENT SERVICES
Drviston
February 29, 2024
Ms. Christy Gregg
Director of HR
Waterford Public Schools
1S Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Police 152-P
Dear Ms, Gregg:
The purpose of this fetter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
« Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 8.21%
Unfunded Accrued Liability 15.89%
Total es
e As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years. Therefore, effective July 1, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
¢ — There is no annual amortization payment for prior service.
« The CMERS administrative charge is $13,000. This charge is based on $130 per active and retired member. Our most
recent files show 47 active members and 53 retired members.
The State Employees Retirement Coramission approved the above total contribution rate of 24.10% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller’s website
at https://www.ose.ct.gov/rbsd/reports/index.html.
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565,
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
OE ees
John Herrington, Director
Retirement Services Division

of the costs for the above referenced unit to participate in the Connecticut Municipal
for the fiscal year beginning July 1, 2024. The State of Connecticut Retirement
NS rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year,
aS & percentage of payroll, will be as follows:
Normal Cost
Unfunded Accrued Liability
Total 6
¢ As stated in the Retirement Setvices Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years. Therefore, effective July 1, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.78% to 5.25%, Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
¢ = There is no annual amortization payment for prior service,
e® The CMERS administrative charge is $8,060. This charge is based on $130 per active and retired member. Gur most
recent files show 39 active members and 23 retired Members.
The State Employees Retirement Commission
meeting. A copy of the June 30, 2023 a
at htips:/iwww ose £0 3 on
approved the above total contribution sate of 16.68% at its February 15, 2024
arial valuation report can be found on the Office of the State Comptrolier’s website
eA.
{f you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565, -
Very truly yours,
THE CONNE!
BY:
ICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
John Herrington, Director
Retirement Services Division

“Pers
; fo ee os, ee ee _.o ACTUARIAL VALUATION REFORT
ol : ee So ee oe TOWN.OF WATERFORD RETIREMENT PLAN
Executive Summary
Number of members
Active em ployees ie) fe)
Terminated vested members 0 0
Retired, disabled and beneficiaries 6 7
Total 6 7
Covered employee payroll N/A N/A
Average plan salary N/A N/A
Actuarial present vahie of future benefits 717,948 786,000
Actuarial accrued labltity 717,948 786,000
Plan assets
Market value of assets 509,200 639,050 €
Actuarial value of assets 554,662 587,576
Unfunded accrued tlabliity 163,286 198,424
Funded ratio 77.3% 74.8%
Actuarlally determined employer contribution (ADEC)
Fiscal year ending . 2025 2023
ADEC 22,450 27,280
Fiscal year ending i 2024
ADEC 27,280
Hooker & Holtombe, now part of USI Consulting Group | HHCONSULTANTS.COM | USICG.COM 1

OPEB
ACTUARIAL VALUATION REPORT
TOWN OF WATERFORD OPEB PLAN
Executive Summary
Number of members
Active members 414 368
Retired members and dependents 168 179
Total 582 547
Covered employee payroll 31,264,486 29,029,526
Average plan salary 75,518 78,885
Actuarial present value of future benefits 36,779,727 32,284,998
Actuarial accrued liability 34,097,347 30,074,765
Plan assets
Market value of assets 13,311,529 8,465,847
€ ; Actuarial value of assets 13,194,398 9,206,097
Unfunded accrued liability 20,902,949 20,868,668
Funded ratio 38.7% 30.6%
Actuarially determined employer contribution (ADEC)
Fiscal year ending ©2026 2 2024
ADEC 2,804,332) 2,505,310
Fiscal year ending 2027 2025
ADEC 2,818,488 2,516,833
USICG.COM 
1

TOWN OF WATERFORD
GENERAL FUND
2025-2026 PROPOSED BUDGET
DEPT/AGENCY: 10412 INSURANCE
52200 WORKERS’ COMPENSATION 581,813 607,941 641,596 33,655 5.54%
52201 LIABILITY/AUTO/PROPERTY (LAP) 594,079; 763,918 712,283 {51,835} 6.76%
52240 UNEMPLOYMENT COMPENSATION 4,204 10,000 8,000 (2,000) -20.00%
52250 DEDUCTIBLE COVERAGE 4,673 10,000 5,000 (5,000) -50.00%
§2251 HEALTHCARE 3,546,298} 3,544,058 4,709,735 1,165,677 32.89%
52252 LONG TERM DISABILITY 3,015 5,318 7,000 1,682 31.63%
52253 LIFE INSURANCE 20,989 20,947 20,947 Q 0,00%

BUDGET FUNCTION
The Town of Waterford is responsible for providing a variety of insurance coverage for both its
employees and town departments.
Health Insurance
Workers’ Compensation
Liability (includes Auto & Property)
Life Insurance
Unemployment
Long Term Disability
Cr ee ee ee

BUDGET SUMMARY
FY 2025-2026
The insurance budget for fiscal year 2025-2026 represents an increase of $1,142,379 (23.02%)
over the prior year.
In the Spring of 2022, the Town went out to bid in the open market for the FY2023 policies as
an opportunity to review overall coverages and premium costs. The bid resulted in the town
moving to all liability, property and workers’ compensation policies to Travelers. Travelers will
continue to provide our insurance coverage for the FY2026.

ADDITIONAL MEDICAL INSURANCE
INFORMATION
The Town of Waterford has a Self-Funded plan for its employee health benefits. This isa type
of plan in which an employer takes on most or all of the cost of benefit claims. The instance
company manages the payments, but the eifiployer is the one who pays the claims: The
proposed budget is an estimate of what our annual medical claims are forecasted to be.
The Town also purchases Stop-loss insurance (also known as excess insurance). This insurance
is a product that provides protection against catastrophic or unpredictable losses: It is
purchased by the town to lessen the liability for large losses arising under our self-funded plan.
Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain
limits called deductibles. “The Town’s stop/loss is $175,000 per individual.
Our proposed FY26 Healthcare budget also includes-a Risk Corridor amount. We define risk
corridors as the risk or possibility of our projected claims being higher than projected. We budget 25.5%
of the anticipated claims to act as our insurance policy to offset any possible risk of the claims coming in
higher than anticipated.

TOWN OF WATERFORD
INSURANCE BUDGET SUMMARY
2025-2026
52200 |WORKERS' COMPENSATION 713,648 657,530 677,919 510,371 581,822 651,130 641,596 (9,534)) ~~ -1.46%
52201 |LIABILITY/AUTO/PROPERTY 41L011 406,751 496,149 508,611 594,079 763,918 712,283 (51,635) 6.76%
UNEMPLOYMENT
52240 |COMPENSATION 43,498 34,265 9,280 11,055 4,204 10,000 8,000 (2,000) -20.00%
52250 (DEDUCTIBLE COVERAGE 48,865 4,000 14,071 2,885 4,673 10,000 5,000 (5,000) -50.00%
$2251 [HEALTHCARE 3,410,686 | 3,398,170 | 3,458,563 | - 3,357,369 | 3,546,298 | 3,544,058 | 4,709,735 1,165,677 32.89%
52252 |LONG TERM DISBILIVT 2,440 2911 2,899 2,889 3,015 5,318 7,000 1,682 31.63%
52253 {LIFE INSURANCE 19,736 20,444 20,294 26,252 20,947 20,947 0 0.00%

TOWN OF WATERFORD
WORKERS’ COMPENSATION BUDGET SUMMARY
2025-2026
PREMIUM" 693,696 672,889 672,830 519,820 591,936 - 651,130 $50,596 (534) +0,08%
PAYROLL AUDIT ” 31,362 55,249 : - < : : 0.00%
CREDITS ~ POLICE OUTSIDE
SERVICES/MISCELLANEOUS >
(9,449) (10,123) (9,000)
(29,656) (14,490) (15,300)
1 Budget request baséd on actual town claim history/data.
? No longer a separate fee for this annual audit.
3 Yandor reimbursement frorn Police special duty jobs. Credit is based on FY24.

TOWN OF WATERFORD
LIABILITY, AUTO, PROPERTY
2025-2026
CTUAT
GENERAL LIABILITY 367,559 360,639 371,282 393,001 509,585 607,056 36,675 (570,381) 93.96%
EXCESS LIABILITY ($10M) 59,658 59,658 #DIV/0!
EXCESS $5M XS S10M 26,284 26,284 #DIV/O!
AUTOMOBILE . 96,152 96,152 #DiV/0!
PROPERTY 322,061 322,061 #DIV/0!
PUBLIC OFFINALS 31,470 31,470 #DIV/O!
SCHOOL BOARD ADMIN 16,857 16,857 #DIV/0!
LAW ENFORCEMENT LIABILITY 43,155 43,155 #DIV/0!
TAX COLLECTOR BOND 572 572 572 572 372 572 572 * 0.00%
TREASURER BOND 1,070 1,070 1,070 1,070 1,070 1,070 1,070 0.00%
HULL 14,212 15,003 14,747 10,500 11,550 16,227 13,600 (2,627) “46.19%
VACANT PROPERTY 737 763 ~ 803 827 2,080 2,213 2,226 13 0.59%
CRIME 4,032 4 Ada 4444 4,668 9,336 15,755 4,995 (10,760) 68.29%
POLLUTION 1,951 2,031 1,975 1,766 12,736 14,328 3,819 (10,509) 73.35%
UST 11,222 11,222 #DIV/0!

RISK MANAGEMENT ADVISOR 21,000 21,000 21,000 21,000 21,000 21,000 21,000 = 0.00%
ADDITIONAL ENDORSEMENTS
(ESTIMATE) 238 3,641 3,000 10,434 * 7,000 3,000 {4,000) -57,14%
CYBER SECURITY 77,273 64,772 26,150 78,698 18,467 {60,233} -76.53%
Renewal quotes not available until early June 2025, Budget request based on town claim history and preliminary data.

TOWN OF WATERFORD
UNEMPLOYMENT COMPENSATION
2025-2026
UNEMPLOYMENT
COMPENSATION *
Three-Year Average
* proposed biidget includes an established funding level to reflect the last several year's downward trend.
Note that the Town pays directly for the unemployment benefits paid to former employees; therefore, expenditures can vary significantly from year to year.

TOWN OF WATERFORD
LONG-TERM DISABILITY
2025-2026
LONG-TERM DISABILITY
In accordance with the collective bargaining agreement between the Town.of Waterford and the General Government Administrators, the Town shall
provide up to 50% of the cost of long-term disability insurance, with the remaining 50% being the responsibility of the employee. The Town's 50% match is
capped to a premium liability of not more than $350 per month. The Town currently has 20 eligible employees. The FY 26 budget includes costs for 20
employees.

TOWN OF WATERFORD
LIFE INSURANCE
2025-2026
LIFE INSURANCE
All full-time employees of the Town of Waterford afe eligible for a group term life insurance based on their collective bargaining agreement...In addition, all
employees (except members of 1301) are eligible for acciderital death and dismemberment. The level of benefit follow.
Presently, there are 185 employees covered under the plan, 85 have additional coverage for accidental death/disability. Life insurarice Is at a rate of $.12
per $1,000 of benefit and accidental death/disability coverage is at $.02 per $1,000 of benefit.

TOWN OF WATERFORD
HEALTH INSURANCE FUND ANALYSIS
2025-2026 FISCAL YEAR BUDGET
: DESCRIPTION. AJOWN BD OF ED TOTAL. _NOTES |
Projected percent of expenditures 33.52% 66.48%! 100.00%
1__{Expected paid claims for contract period @100% $4,135,610; $ 8,202,130 | $ 12,337,740 [Projection THRU NOV 24
2__|Administrative Fees/Network Access Fees $ 54,755 | $ 108,596 | $ 163,351 |Projection FY 25
3__|Stop Loss $1,619,301] $ 3,211,550] $ 4,830,851 [Projection FY 25
Note: includes ISL at $175K and ASL at 125%
Estimated Stop Loss Excess $ -{$ -|$ -
4 __|PCORI $ 1,445 | $ 2,865 | $ 4,310
5 TOTAL 2024-25 PROJECTED EXPENDITURES’ $5,811,111) $11,525,141! $17,336,252
Premiums to be collected from COBRA and "Other"
6 __|participants $ 134,787 | $ 292,614 | $ 428,593 |from HR
7__ Employee Premium Shares $ 699,358 |$ 1,561,226 | $ 2,553,530 [from HR and BOE finance
8 _[Oue From Sewer Enterprise Fund $ 355,263 n/a $ 295,345 {from HR
matches retirement
9 _|Due From Town Retirement Budget $ 101,529 n/a S$ 101,529 |budget #
10__|Due From Employer Share Food Service nfa $ 147,197 | $ 147,197 from BOE finance
11__|Due From Employee Share Food Service n/a $ 34,761 | $ 34,761 from BOE finance
12__jDue from Teachers’ Retirement n/a $ 103,344 | $ 103,344 jfrom TRB
13 | Projected Investment Earnings/Miscellaneous S$ 2,500 | $ 2,500 | $ 5,000
“E46 | JOTAL PROJECTED FUNDING OFFSETS|$ 1,293,437 |$ 2,101,642 [$ 3,669,299
_17_ [TOTAL PROJECTED EXPENDITURES __ $4,517,674} $9,383,499 | $13,666,953
FUND BALANCE PROJECTION _ | eo
18 _|Fund Balance as of 06/30/2024 $ 1,514,161] $ 3,003,025 |$ 4,517,186
CURRENT YEAR ESTIMATED
19 jAmoritzation of Fund Balance FY 2024 $ (168,512) ($334,209) ($502,721)|Based on Budget for 2025
20_|ESTIMATED Fund Balance as of 06/30/2025 $1,345,649 2,668,816 | $ 4,014,465
21 {Risk Corridor @ 25.5% of Line 1 $4,054,584 2,091,543 |$ 3,146,124
22__|Fund balance over Risk Corridor $ 291,068 577,273 | $ 868,341
Amortization of Fund balance over/(under) Risk
23 _|Corridor (Line 22 above) $ 97,023 15 192,424|$ 289,447
24 _|Total-Funding Offsets and Funding Requirement [| 4,420,651 | 9,491,075 | 43,611,726
25 {Transfer to Healthcare Fund (Line 15 - Line 19) $4,420,651 |$ 9490075 [5 13601726(
Per estimate provided by
26 {Payments in Lieu of Insurance $ 22,000 | $ 7,750 | $ 29,750 |Karen
27 __|Services of Agent of Record $ 15,084 | $ 29,916 | $ 45,000 |Assuming no increase
Per estimate provided by
28 _|HSA Contribution S 252,000 | $ 540,890 | S 792,890 |Karen and Christine
25 (Health insurance Appropriation 2025-2020. {$4,709,735 |S 9,709,631 15 14,479g00|
30 _|Appropriated 2024-2025 Budget $3,544,058 $7,807,026 | $11,351,084
31__|Increase/(Decrease} 1,165,677 1,962,605 3,128,282
32__|Percent Increase/Decrease 32.89% 25.14% 27.56%

TM
Ino ice
Actual Expenditures
Jul-23] $591,451.00 ($788.76)| $590,662.24 | $652,053.00 $45.00 $0.00 $167,905.36 $247.76 $0.00 | $1,410,913.36
Aug-23 $0.00} ..($4,539.28)) ~($1,539.28)| - $9,011.50 $0.00 $0.00 $1,748.99 $612.10 $1,798.97 $11,632.28
Sep-23 $0.00 | ($1,433.21)) - ($1,433.21)| $10,509.00 $0.00 $0.00 $2,280.51 $251.86 $1,787.60 $13,395.76
Oct-23 $0.00 $1,811.92 $1,811.92
Nov-23 $0.00 $0.00
Dec-23 $0.00 $0,00
Jani-24 $0.00 $0.00
Feb-24 $0.00 $0.00
Mar-24 $0.00 §0.00
Apr-24 $0.00 $0.00
May-24
Jun-24
i
Jul-23 $0.00 | .-($391.61)| - ($391.61}| $1,680.00 $0.00 §0.00
Aug-23| $552,674.00 | ($1,011.43)| $551,662.57 | $570,169.00 $0.00 $0.00
Sep-23 $0.00 | ($1,156.34) ($1,156.34) $324.00 |” $569.64] - $1,000.00
Oct-23 $0.00 |: -{$591.23)]°. ($591.23)| $14,558.50 $11.00 $0.00
Nov-231 © $39,262.00 | ($709.18)| $38,552.82 $0.00 $0.00 $0.00
Dec-23 $0.00 | ($365.10)| ($365.10) -- $1,900.50 $0.00 $0.00
Jan-2a $0.00 | {$1,068.18)| ($1,068.18)! - $1,642.00 $0.00 | $1,060.00
Feb-24 $0.00 |. ($803.61)|-_. ($803.61) $205.00 | “$3,489.00 $0.00
Mar-24 §0.00 | ($984.27). ($984.27) $352.50 $0.00 $0.00
Apr-24 $0:00 | - -($602.53)| - ($602.53)| $2,410.40 |. - $134.00 $0.00
May-24 $0.00 | ~ ($1,584.56)| ($1,584.56) $724.10 $0.00 $0.00
jun-24 $0.00 |... ($855.05)| -- ($855.05) $113.40 $0.00 | © $2
$164,842,50
$6,723.59
$0.00
$4,979.50
$6,221.37
$3,258,889.53
$92,588.60
$5,919.99
$278.14
$6,153.16
($6,662.20)
$249.95
$244.25
$756.30
($253.47)
$244.59
$249.95
$243.63
$270.73
$248.31
$242.25
$768.64
$250. 62)
$0.00
$1,679.98
$1,712.28
$1,712.28
$1,737.92
$1,742.96
$1,793.74
$1,759.06
$1,739.30
$1,766.49
$1,767.00
$3,578.37
$166,379.84
$1,130,479.39
$3,205.88
$20,416.58
$46,756.70
$3,262,417.84
$96,259.79
$10,840.17
$1,633.98
$10,103.77
($4,987.02)
$11,563.71
11

Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
$501.00
$129,831.68
$129,828.48
$0.00
$0.00
$129,828.48
$0.00
$0.00
$129,828.48
$0.00
$0.00
$0.00
—,
in
ice
Actual Expenditures
($527.93)
($793.26)
($1,275.90)
($1,026.13)
($1,022.80)
($849.40)
($557.88)
($334.64)
($245.53)
($641.58)
($474.55)
($1,727.69)
($26.93)
$129,038.42
$128,552.58
($1,026.43)
($4,022.80)
$128,979.08
($557.88)
($334.64)
$129,582.95
($611.58)
($474.55)
($1,727.69)
$0.00
$400,036.77
$35,652.36
$356.50
$1,406.00
$34,124.36
$627.50
$174.50
$35,005.86
$186.50
$1,013.50
$27.54
$0.00
$0.00
$0.00
$10,116.47
$0.00
$368.00
$0.00
$48.00
$0.00
$0.00
$523.00
$0.00
Jul-24
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
$0.00
$173,254.40
$0.00
$173,253.76
$0.00
$173,253.76
$0.00
$0.00
$0.00
$173,256.76
$0.00
$0.00
($1,364.64)
($2,180.53)
($2,484.43)
($1,976.66)
($1,621.63)
($874.04)
($175.35)
($334.47)
($700.66)
($663.88)
($1,098.17)
($1,625.40)
($1,364.64)
$171,073.87
($2,484.43)
$171,277.40
($1,621.63)
$172,379.75
($175.35)
($334.47)
($700.66)
$172,592.88
($1,098.17)
($1,625.40)
$118,267.00
$93,712.75
§0.00
$95,854.75
$26.00
$93,712.75
($161.00)
$0.00
$0.00
$94,641.75.
$0.00
$95.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
§2,837.86
$2,333.00
$4,086.73
$22.30
$0.00
$0.00
$1,000.00
$0.00
$0.00
$1,082.20
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$803.00
$0.00
$0.00
$0.00
$8,914.50
$1,085.50
$40.00
$0.00
$45.32
$2,485.00
$1,000.00
$0.00
§500.00
$165,049.25
$2,031.42
$2,409.83
$400.39
$7,954.99
$82,993.34
§3,078,987.40
$3,031.88
$6,116.50
$1,645.58
$666.66
$6,081.37
$167,178.83
$1,486.37
$3,130.82
($396.40)
§2,173.62
$979.05
$3,260,181.38
$2,166.66
$2,659.83
($117.59)
$5,673.59
$13,446.84
$289.07
$256.60
$240.54
$200.76
$190.24
$243.57
$241.72
$257.05
$237.50
$196.86
$265.14
$270.27
$249.83
$249.93
$249.93
$249.93
$249.93
$236.99
$226.03
$258.87
$262.66
$247.18
$238.78
$179.08
$1,685.18
$1,680.38
$1,680.30
$1,638.30
$1,671.30
$1,693.50
$1,694.30
$1,671.34
$1,676.72
$1,689.38
$4,758.44
$4,712.78
$1,708.20
$1,675.40
$1,675.40
$1,689.80
$1,689.80
$1,653.00
$1,671.80
$1,704.60
$1,727.80
$1,689.68
$1,704.98
$1,703.98
$166,996.57
$534,043.59
$168,535.61
$11,686.29
$11,281.93
$248,401.85
$3,080,993.04
$4,848.13
$172,619.53
$3,106.74
$3,752.19
$7,167.27
$286,039.22
$268,198.32
$2,571.72
$277,589.68
$3,603.22
$269,001.54
$3,261,742.86
$6,678.84
$8,767.63
$274,140.63
$6,541.48
$14,299.50
12

Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
$168,207.98
$0.00
$168,207.34
$0.00
$0.00
$168,207.34
$0.00
$0.00
$0.00
$168,207.34
$0.00
$0.00
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
5ie
Ir.
Actual Expenditures
($711.57}} $167,496.41 | $179,213.61 $0.00 $0.00 $243,800.25
($1,716.54)| ($1,716.54) $0.00 | $13,799.00 $0.00 $1,056.25
($1,551.00) $166,656.34 | $89,101.84 $0.00 $0.00 $4,993.17
($1,953.66)! ($1,953.66) $2,542.00 | $1,314.00 $0.00 $4,143.98
($1,107.97)| ($1,107.97) $0.00 $0.00 $0.00 $1,614.75
($1,023.54) $167,183.80 | $89,101.84 $0.00 $0.00 $28,655.22
($94.19) ($94.19) $655.00 | $2,037.92 $0.00 $2,529.66
($371.92) ($371.92) $572.00 | $6,510.45 $0.00 | $2,883,320.96
($648.22) ($648.22)} $89,101.84} $5,309.82 $0.00 $1,883.96
($941.15)| $167,266.19 $1,135.22 $920.50 $0.00 $1,595.84
($1,999.03); ($1,999.03) $3,641.00 | $1,705.88 $2,000.00 $5,420.05
($3,181.57)| _($3,181.57)| ($48,313.50)| $2,667.82 $2,000.00 $219,155.91
i 106,750.85
$249.87
$249.87
$249.87
$786.58
($286.84)
$249.87
$249.87
$249.87
$249.87
$212.07
$229.21
$220.64
$168,222.96
$0.00
$168,221.88
$0.00
$0.00
$168,221.68
$0.00
$0.00
$168,221.68
$0.00
$55,249.00
$0.00
$1,399.45
$3,061.06
$847.85
$2,511.00
$1,018.51
$579.37
$504.15
$581.31
$406.73
$758.68
$1,094.82
$1,726.22
$166,823.51
($3,061.06)
$167,374.03
($2,511.00)
($1,018.51)
$167,642.31
($504.15)
($581.31)
$167,814.95
($758.68)
$54,154.18
($1,726.22)
$130,575.38
$26.00
$90,794.42
($74.00)
$98,843.42
$0.00
$2,076.00
$0.00
$88,843.42
($286.00)
$0.00
§212.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$2,516.81
$3,360.00
$2,741.00
$2,900.00
$31,980.25
$0.00
$1,000.00
$1,000.00
$3,000.00
$13,008.75
($1,135.00)
$10,000.00
$0.00
($757.50)
$21,748.75
$0.00
$1,000.00
$220,469.84
($5.63)
($653.28)
$7,493.17
$5,967.69
$3,144,745.47
$10,823.29
$1,583.33
$1,271.41
$9,767.47
$1,230.36
$7,992.71
$212.24
$242.54
($242.56)
$226.26
$271.25
$736.94
($245.16)
$246.25
$246.25
$246.25
$204.93
$3,365.44
$0.00
$3,372.64
$1,703.12
$0.00
$1,771.32
$3,427.44
$1,676.52
$1,709.32
$1,709.32
$1,709.32
$0.00
$3,295.64
$1,652.62
$1,638.22
$1,653.52
$1,670.32
$1,633.32
$1,614.52
$1,647.32
$1,638.72
$1,633.92
$1,657.72
$594,125.58
$13,388.58
$264,373.86
$8,536.02
$219.94
$286,962.05
$8,805.70
§2,891,957.88
$97,606.59
$172,839.14
$12,706.43
$172,549.30
521,376.61
($145.53)
$259,910.83
$9,787.95
$118,742.92
$3,313,623.04
$26,281.31
$6,255.59
$261,798.25
$35,251.71
$57,247.19
13

TOWN OF WATERFORD
GENERAL FUND
2025/2026 PROPOSED BUDGET
DEPT/AGENCY: 10139 DEBT SERVICE
PRINCIPAL & INTEREST
56035 2014 BOND REFUNDING ~ PRINCIPAL 825,000) 835,000 835,000 840,000 5,000 0.60%
56036 2014 BOND REFUNDING - INTEREST 146,625 105,125 63,000 63,250 (41,875) ~39.83%
56037 2017 BOND REFUNDING - PRINCIPAL 1,070,000) 1,085,000 1,085,000 | 1,070,000 (15,000) “1.38%
56038 2017 BOND REFUNDING ~ INTEREST $14,400 460,525 243,825 406,650 (53,875) ~11.70%
56039 2019 BOND REFUNDING PRINCIPAL 675,000; 855,000 855,000 870,000 15,000 1.75%
56040 2019 BOND REFUNDING INTEREST 305,625: 267,375 444,375 224,250 (43,125) ~16.13%
56042 2020 MUNICIPAL COMPLEX - PRINCIPAL 685,000 685,000 685,000 685,000 0 0.00%
56043 2020 MUNICIPAL COMPLEX = INTEREST 389,475 355,225 186,175 320,975 (34,250) +9.64%
56044 2020 BOND REFUNDING - PRINCIPAL .-8,195,000| 3,135,000 3,135,000 | 3,180,000 45,000 | 1.44%
56045 2020 BOND REFUNDING - INTEREST 342,125 326,496 168,107 304,375 (22,121) 6.78%
Principal Subtotal 6,645,000
Interest Subotal 1,319,500

BUDGET FUNCTION
The town typically incurs monetary debt in the form of long-term (20 year) bonds used as a
funding source for long-term capital projects. The debt service budget defines the amount of
both principal and interest that the town will pay its creditors (typically bondholders) in a given
fiscal year.
The debt service budget can also be used to manage repayment of shorter-term multi-year
debt. (Note that large capital projects may be funded by any combination of long term
borrowing, general fund appropriations, short-term borrowing, grants, special assessments,
special revenue fund appropriation, and donations to fully fund a given project. The debt
service budget addresses borrowed funds.
References:
Charter Section 3.2.3 Capital Plans (First Selectman)
Ordinance 2.04.170 - Budget Preparation and Submission (RTM)
Ordinance 2.04.180 — Appropriations (RTM)
Conn Statutes: C.G.S.A. § 7-369 et seq.

BUDGET SUMMARY
The FY26 budget request is $145,246 (1.79%) lower than fiscal year 2025 due to reduced
payments on outstanding bonds.
PAST AND & FUTURE DEBT PAYMENTS
PAST AND FUTURE DEBT PAYMENTS
$8,148,250
$7,964,500
$7,478,426
$6,374,375
$6,402,762
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Statement of Debt Incurred, Outstanding interest Maturities
General Government
Date Amount Outstanding Principal Interest
of Maturity of Ave. as of Due Due
issue issue Date issue Coupon 6/30/2025 FY-2026 FY-2026
2014 Refunding Bond Issue Dec 2014 ~~ Aug. 2026 $9,440,000 4.529% $1,769,375 $840,000 $63,250
2017 Refunding Bond Issue Jun 2018 © Aug 2030 -° $14,585,000 4.642% $9,155,000 $1,070,000 $406,650
2019 Refunding Bond issue Bec 2019 Aug 2030 $9,085,000 4 AD4% $5,485,000 $870,000 $224,250
2020 Municipal Complex _ Jul2020 Sept 2040 - $13,655,000 2.260% $10,230,000 $685,000 $320,975
2020 Refunding Bond Issue Deé 2020 © Aug 2033 528,890,000 1.210% $18,200,000 $3,180,000 $304,375
$75,655,000 $44,839,375 $6,645,000 $1,319,500
$7,964,500
Total FY26 Debt Service Payments

Town of Waterford =
Bonded Debt History
Original Issues
2007 G.O. Bonds ~ Additions and Renovations to Clark Lane Middle Schoo! $15,865,000
2009 G.O. Bonds ~ Additions and Renovations to Quaker Hill Elementary School $ 8,500,000
2011 G.O. Bonds — Additions and Renovations to Oswegatchie Elementary School $14,000,000
2012 G.O. Bonds — Additions and Renovations Great Neck Elementary School $15,640,000
2013 G.O. Bonds — Additions and Renovations to Waterford High School $33,750,000
2014 G.O. Bonds ~ Additions and Renovations to Waterford High School $13,700,000
Renovations Quaker Hill Elementary $ 851,545
Renovations Oswegatchie Elementary S 720,425
Renovations Great Neck Elementary S$ 658,030
Total $15,930,000
2020 G.O. Bonds ~ Municipal Complex Garage Addition and Renovations $13,655,000
Total Bonded $15,096,084
Refunding issues a
2014 G.O. Refunding Bonds Refunding of G.O. Bonds, Issue 2007 $ 9,440,000
Original 2007 Issue $15,865,000 for Additions and Renovations to Clark Lane Middle School
2017 G.O. Refunding Bonds $14,585,000
Refunding of G.O. Bonds, Issue 2009 $ 4,900,000
Refunding of G.O. Bonds, Issue 2011 S 7,350,000
Refunding of G.O. Bonds, Issue 2013 $ 4,000,000
Total Refunded $16,250,000
2019 G.O. Refunding Bonds Refunding of G.O. Bonds, Issue 2012 S$ 9,085,000
Total Refunded $10,375,000
2020 G.O. Refunding Bonds Refunding of G.O. Bonds, Issue 2013 $17,585,000
Refunding of G.O. Bonds, Issue 2014 $10,115,000
Total Refunded $28,890,000

err
Towne adord
Debt service rete
Amorization Schedule
Original Issue Amount __—_FY-2026 FY-2027 FY-2028 Fy-2029 FY-2030 FY-2031 FY-2032 Fy-2033 FY-2034 ..- Totals
2014 G.O,
Refunding g 9,440,000.00
Principal $ © 840,000.00 $° - 845,000.00 $ 3,345,000.00
Interest § . 63,250.00 $ - 24,125.00 $336,125.00
$ 903,250.00 $ 866,125.00 $ = __$ ~_ 8 A eee -__$ -_o = SF ~___$_3,681,125.00
2017 G.O.
Refunding § 44,585,000.00
Principal $ 1,070,000.00 -$ 2,830,000.00 -$ 2,820,000.00 $ 1,070,000-00 $ 685,000.00 $ ~ 680,000.00 $ 11,310,000.00
Interest $ . 406,650.00 ($309,150.00 .$ 167,900.00 3 76,000.00 $ - 40,900.00 $ - 13,600.00 $_4,989,125.00_~
$ 1,476,650.00 _$ 3,139,150.00 $ 2,987,900.00_$ 1,146,000.00 _$ 725,900.00 _$ 693,600.00 $ eee) ~§ = 3,299,125,00
2019 G.Q.
Refunding - $ 9,085,000.00 ° “ :
Principal $ 870,000.00 $ . 885,000.00 -$ ~ 905,000.00 5 915,000.00 $ -950,000.00 $ . 960,000.00 $ > 7,015,000.00
Interest $224,250.00 $ © 180,375.00 -$ | 135,625.00 $ "94,700.00 $57,400.00 $ - | 19,200.00 $ .2,284,550.00
§ 1,094,250.00 _$ 4,065,375.00_$ 1,040,625.00 . $ 1,009,700.00_$ 1,007,400.00_$ 979,200.00 $. oe) Ems =. $_8,299,550.00

2020 G.0.
Bonds
Principal
Interest
2020 G.O.
Refunding
Principal
Interest
Town of Waterford
Debt Service
Amorization Schedule
Original issue Amount FY-2026 FY-2027 FY-2028 FY-2029 FY-2030 Fy-2031, FY-2032 FY-2033 FY-2034 Totals
$ 13,655.00
$ 685,000.00 $ 685,000.00 $ 685,000.00 $ 685,000.00 $ 685,000.00 $ 685,000.00 $ 685,000.00 $ 680,000.00 $ 680,000.00 $ 7,525,000.00
$320,975.00 $ 286,725.00 $ 252,475.00 $ 218,225.00 $ 187,400.00 $ 163,425.00 $ 142,875.00 $ 122,400.00 $ 105,400.00 $