Board of Selectmen Special Budget Meeting

THE BOARD OF SELECTMEN SPECIAL BUDGET MEETING
AGENDA
Tuesday, February 10,2026
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 consider ation of and
A.
B.
Cc.
D.
action on the FY27 Budgets: ‘ sR
er a CD
ag Sem
Call to Order & Roll Call: a) 2 mm
A 3 nN. Oo
Pledge of Allegiance st, 8 ain
Public Comment: eX 0 e2
Consider and act on the following budget requests: at = 38
= bed
1. “Insurance + To consider and act on the proposed FY27 Hisuraitée
budget request in the amount of $5,947,106. :
2... Retirement Commission -To consider and act on the proposed FY27
Retirement Commission budget request in the amount of $8,301,874.
3. Debt Service — To consider and act on the proposed FY27 Debt _
Service budget request in the amount of $7,922,996.
4. Current Year Capital (CIP) - To consider and act on the proposed
FY27 Current Year Capital budget request “in the - amount of
$3,699,490.
‘Transfer to Capital Non-Recurring (CNR) - To consider and act on
the proposed F¥27 Transfer to Capital Non-Recurring budget request
in the amount of $816,971.

6. Total General Government Operations — To consider and act on the
proposed FY27 Total General Government Operations budget request
in the amount of $42,159,310.
7. Total Capital and Debt Service — ‘To consider and act on the proposed
FY27 Total Capital and Debt Service budget request in the amount of
$12,409,457.
8. Total Town (Operating, Capital, Debt) Budget — To consider and act
on the proposed FY27 Total Town (Operating, Capital, Debt) Budget
request in the amount of $54,568,767.
E. Capital Improvement Plan FY27
1. To approve that The Board of Selectmen shall be the requesting
agency through which projects submitted under Transfers to
Capital Non-recurring Expenditure Fund, shall begin the
appropriations process. The Board of Selectmen hereby
authorizes the First Selectman to act on their behalf by
forwarding his recommendations to the Board of Finance and
RTM.
2. To approve that The First Selectmen on behalf of the Board of
Selectmen shail request the Board of Finance and RTM not to act
on any appropriations from any funds designated in the Transfers
to Capital Non-recurring expenditure Fund (CNR) unless it has
been reviewed by the First Selectman for consistency with the
Capital Improvement Plan as ratified.
3. Ratification of the FY27 Five-Year Capital Improvement
Plan: To consider and act to ratify the First Selectman’s Five-
Year Capital Improvement Plan, in accordance with Section
3.2.3 (c) of the Town Charter for the fiscal years 2027-2031.
F. Adjourn:

10107 FINANCE DEPARTMENT 761,497 784,326 0 431,364 805,507 21,181 2.70%
10108 LEGAL DEPARTMENT 286,169 295,000 0 291,458 295,000 0 0.00%!
10109 TOWN CLERK 260,585 272,301 0 122,720 271,688 (613) 0.23%
10110 PLANNING & ZONING 660,450 695,016 0 314,468 699,654 4,638 0.67%)
10111 BUILDING MAINTENANCE 1,152,391 1,020,000 0 669,801 | _ 1,217,876 197,876 19.40%
10112 INSURANCE 4,849,536 5,604,561 o| 3,611,694 | _ 5,947,106 342,545 6.11%
10113 ECONOMIC DEVELOPMENT COMM 9,191 25,352 0 9,462 25,407 55 0.22%
10114 CONSERVATION COMMISSION 5,031 18,250 0 10,317 18,250 0 0.00%
10115 ZONING BOARD OF APPEALS 2,108 4,310 0 2,960 4,310 0 0.00%
10116 RETIREMENT COMMISSION 7,461,685 7,200,257 Of 3,939,325] 8,301,874 1,101,617 15.30%
10117 REPRESENTATIVE TOWN MTG. 17,085 17,403 0 15,652 17,802 399 2.29%
10118 BUILDING DEPARTMENT 264,700 321,515 0 111,881 355,537 34,022 10.58%
10119 YOUTH & FAMILY SERVICES 289,113 307,435 0 113,992 292,078 (15,357) ~5.00%
10120 SOC. SVC, GRANTS/MISC. 99,380 103,540 0 72,860 122,825 19,315 18.66%
10121 CONTINGENCY 263,706 265,000 0 7,113 285,000 20,000 7.55%
10122 EMERGENCY MANAGEMENT 1,086,655 1,230,035 0 521,510 | 1,270,180 40,145 3.26%
10123 FIRE SERVICES 3,618,796 3,958,130 88,640 1,874,316 | 4,345,218 387,088 9.78%
10129 POLICE DEPARTMENT 7,054,299 7,215,097 of _2,369,159| 7,321,043 105,946 1.47%
10130 PUBLIC WORKS DEPARTMENT 4,705,872 5,154,902 oO; 2,320,484] 5,312,218 157,316 3.05%
10132 CONSERVATION OF HEALTH 148,407 155,063 0 155,063 160,368 5,305 3.42%
10133 PUBLIC HEALTH NURSING SERV. 25,862 21,600 0 1,100 17,280 (4,320) =20.00%|
5 SENIOR CITIZENS COMMISSION 524,333 523,586 0 266,193 528,682 5,096 0.97%
5 WATERFORD PUBLIC LIBRARY 1,012,967 1,012,780 0 495,299 |__1,045,991 33,211 3.28%
10137 RECREATION & PARKS COMM. 1,487,357 1,535,328 0 824,869 | 1,608,405 73,077 4.76%
10141 FLOOD & EROSION CONTROL BD 327 1,109 0 168 1,104 (5) -0.45%
10143 ETHICS COMMISSION 540 900 0 526 900 0 0.00%
10145 HUMAN RESOURCES DEPT. 224,945 244,204 0 143,365 256,477 12,273 5.03%
10147 INFORMATION TECHNOLOGY 1,203,901 1,214,796 oO} _1,003,971| 1,380,069 165,273 13.61%
10138 CURRENT YEAR CAPITAL IMPR. 2,634,168 1,101,089 1,101,089 | _3,669,490 2,568,401 233.26%
10140 TRANS TO CAP & NON-REC. 4,296,312 773,264 773,264 816,971 43,707 5.65%
10139 DEBT SERVICE 8,109,746 7,964,500 7,354,264 | _ 7,922,996 41,504) -0.52%
BOARD OF EDUCATION:
10160 [OPERATING BUDGET 57,500,835| 59,828,308 (59,828,308) -100.00%'
TOTAL BOE OPERATIONS 57,500,835 | _ 59,828,308 0] (59,828,308) =100.00%
TOTAL BOARD OF EDUCATION FUNDS BEING REQUESTED/PROPOSED
Operating (account 10160)
Capital (accounts 10138 & 10140)
Fleet Management Plan
Debt Payments (account 10139)
Retirement (account 10116)
GRAND TOTAL BOE BUDGET
858,307
144,000
6,506,701
1,678,715
9,187,723

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employees and town departments.
e Health Insurance
e Workers’ Compensation
e Liability (includes Auto & Property)
e Life Insurance
e Unemployment
e Long Term Disability
BUDGET SUMMARY
The insurance budget for fiscal year 2026-2027 represents an increase of $342,546 (6.11%) over
the prior year. Final insurance rate increases will not be known until late May, 2026. We are
budgeting at industry trend for FY2027 proposed budgets (12% for medical and 10% for
liability/property).
The Town went out to bid in the open market for the all insurance policies (workers’
compensation, liability and property) as an opportunity to review overall coverages and
premium costs. The bid resulted in the town moving all liability, property and workers’
compensation policies to Travelers. Travelers will continue to provide our insurance coverage
for the FY2027.
In July 2025, both the Town and Board of Education moved from self-funded medical insurance
coverage to fully-funded by joining the Connecticut State Partnership Plan. This move
increased benefits to employees while reducing overall costs to the Town.
5-YEAR EXPENDITURE HISTORY
4)849/536
4,755,080
4,649,883
4,524,071
= FY2020 = FY2021 — FY2022 » FY2023 = FY2024 = FY2025

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This budget represents the Commission’s estimate of the employer cost required to fund our two
retirement plans on an actuarially sound basis. These costs include our current-year contributions
required by the state and certain health benefits, as well as annual contributions to the two trust funds
established by the RTM to address the Town’s unfunded pension liability.
Fiducient Advisors manages the investment of the trust fund contributions and provides quarterly
performance reviews—which, to date, show that return targets are consistently met. Our actuarial firm,
USI Consulting Group, provides biennial valuations of each trust’s accrued unfunded pension liability,
which must be reported on all Town financial statements and calculated following guidelines issued by
the Governmental Accounting Standard Board (GASB). The firm also provides the annual required
contribution needed to cover current-year costs and chip away at the unfunded pension liability.
BUDGET SUMMARY
The proposed FY27 budget total of $8,301,874 represents a 15.30% increase over FY26.
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 employee) 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 USI Consulting Group.
51940 PENSION CONTRIBUTIONS
All general employees, police, and firefighters are covered by the Municipal Employees Retirement
System (MERS), the State-administered plan. Employees who retired prior to the Town joining MERS are
covered by the Town-administered Public Employees Retirement System (PERS) defined benefit pension
plan. This line item reflects the employer contributions required for both plans. .
This budget line increased by 3.61% for FY27, due to an anticipated increase in the MERS contribution.
To date, the State has not released the FY27 MERS employer contribution rates, so the FY26 rates were
used to estimate projected costs. Payroll was estimated based on 2025-26 projected payroll using
staffing levels as of November 2025.
The proposed budget includes a MERS administrative assessment fee of $130 per member. The 2026-27
administrative fee of $99,970 is based on 370 active participants and 376 retirees.

p
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increased to $258,340 as of July 1, 2025. The next valuation will be determined as of July 1, 2027.
51945 RETIREE HEALTH BENEFITS
This budget line is down 15.67%. The Town currently has 13 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 this line item. The annual cost
of this excess sick-time accrual is included in the respective employee's department budget.
59149 OTHER POST-EMPLOYMENT BENEFITS (OPEB)
In addition to retirement, death, and disability benefits, the Town is required to fund other post-
employment benefits (OPEB) such as healthcare. GASB Statement 45 requires that OPEB costs be
recognized in the year earned (when employee is working) rather than when paid (during retirement).
In addition, the Town must record a liability (implicit rate subsidy) for retirees that remain on the
Town's plan at their own cost. The cost of similar benefits for these employees would be greater if the
retiree was not part of the group, so GASB requires the recording of the liability for the difference.
The proposed $2,433,112 OPEB budget line for Fiscal Year 2027 shows an increase of 75.61%.
This delta reflects efforts to present a zero-increase in the FY26 budget, which originally included
the actuary’s recommended $2,281,709 OPEB contribution (a 60% increase based on the latest
increase in unfunded liability). Informed of the Board of Finance’s decision to use $556,754 in FY24
surplus funds to make an extra payment into OPEB, the Commission reduced the FY26 request to
$1,945,506. In May 2025, the RTM further reduced the FY26 OPEB line to $1,385,506.
As of the July 1, 2024, OPEB valuation, the Town's unfunded accrued liability is $20,902,949. The
Actuarially Determined Employer Contribution (ADEC) for FY27 is $2,818,488. If fully funded, it
would be allocated between the FY27 Retirement Commission and Insurance budgets as follows:
OPEB Trust Contribution (10116-51949) 2,433,112
Retiree Health Benefits (10116-51945) 355,104
Over 65 — Fully Insured (10112-52251) 30,373
2,818,488

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Number of members
Active employees (0) 0
Terminated vested members 0 0
Retired, disabled and beneficiaries 6 6
Total 6 6
Covered employee payroll N/A N/A
Average plan salary N/A N/A
Actuarial present value of future benefits 746,381 717,948
Actuarial accrued liability 746,381 717,948
Plan assets
Market value of assets 494,695 509,200
Actuarial value of assets 488,041 554,662
Unfunded accrued liability 258,340 163,286
Funded ratio 65.4% 77.3%
Actuarially determined employer contribution (ADEC)
Fiscal year ending 2027 2025
ADEC 38,396 22,450
Fiscal year ending 2028 2026
ADEC 38,396 22,450
USICG.COM 
1

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 2024
ADEC 2,804,332 2,505,310
Fiscal year ending 2027 2025
ADEC 2,818,488 2,516,833
USICG.COM

January 31, 2025
Ms. Christy Gregg
Director of HR
Waterford Fire Department
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterfor 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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 8.38%
Unfunded Accrued Liability 15.74%
Total 24.12%
* (Hlicie:ts no annual sinostzation payment for priorservice,
e The CMERS administrative charge ‘agen. This charge is based on $130 per active and retired member. Our most
recent files show 15 active members and 7 retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 24.12% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
EST OLE
John Herrington, Director
Retirement Services Division

January 31, 2025
Ms. Christy Gregg
Director of HR
Waterford Public Schools
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Police 152-P
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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 8.38%
Unfunded Accrued Liability 15.74%
Total 24.12%
* There is no annual amortization payment for prior service.
e The CMERS administrative charge is $13,520. This charge is based on $130 per active and retired member. Our most
recent files show 52 active members and 52 retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 24.12% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
ay eoue
John Herrington, Director
Retirement Services Division

January 31, 2025
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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.11%
Total
«Theres no annual amortization payment for prior service.
e The CMERS administrative charge ier his charge is based on $130 per active and retired member. Our most
recent files show 20 active members ani retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 16.71% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
ES GLE
John Herrington, Director
Retirement Services Division

January 31, 2025
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterfor
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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
© Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 1.119
Total
© (inne Tene
enanietameitizaton payment or prerseniee.,
e The CMERS administrative charge is ns charge is based on $130 per active and retired member. Our most
recent files show 40 active members and 46 retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 16.71% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
ET
John Herrington, Director
Retirement Services Division

January 31, 2025
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgregg@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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.11%
Total 16.71% |
° "There is no annual amortization payment for prior service.
e The CMERS administrative charge is $19,630. This charge is based on $130 per active and retired member. Our most
recent files show 69 active members and 82 retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 16.71% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
TN
John Herrington, Director
Retirement Services Division

January 31, 2025
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: ust & Main Asst 152-E
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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.11%
Total
° There i
e The CMERS administrative charge is This charge is based on $130 per active and retired member. Our most
recent files show 32 active members an retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 16.71% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
ESP GLC
John Herrington, Director
Retirement Services Division

January 31, 2025
Ms. Christy Gregg
Director of HR
ope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Paraprofessionals 152-N
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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.11%
Total 16.71%
* There is no annual amortization payment for prior service,
e The CMERS administrative charge is REE Tris charge is based on $130 per active and retired member. Our most
recent files show 87 active members and 46 retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 16.71% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
eS
John Herrington, Director
Retirement Services Division

January 31, 2025
Ms. Christy Gregg
i f HR
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Café RI0224 152-L
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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.11%
Total (16.71% —
e The CMERS administrative charge aac charge is based on $130 per active and retired member. Our most
recent files show 16 active members an retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 16.71% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
“ Yk IFA
John Herrington, Director
Retirement Services Division

January 31, 2025
Ms. Christy Gregg,
Director
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Non-union Educ 152-8
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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.11%
Total
e The CMERS administrative charge i: This charge is based on $130 per active and retired member. Our most
recent files show 39 active members and 21 retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 16.71% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
"S20 IFO
John Herrington, Director
Retirement Services Division

January 31, 2025
Ms. Christy Gregg,
Director of HR
15 Rope Ferry aa
Waterford, CT 06385
cgregg@waterfordct.org
RE: Water Local RI 161 152-H
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, 2025. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2025 to June 30, 2026 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.11%
Total
* There is no annual amortization payment for prior service.
e The CMERS administrative charge is his charge is based on $130 per active and retired member. Our most
recent files show 23 active members and 35 retired members.
The Municipal Employees Retirement System Commission approved the above total contribution rate of 16.71% at its
January 16, 2025 meeting. A copy of the June 30, 2024 actuarial valuation report can be found on the Office of the State
Comptroller’s website at https://www.osc.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
vie:
John Herrington, Director
Retirement Services Division

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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.

The FY27 budget request is $41,504 (0.52%) lower than fiscal year 2026.
PAST AND & FUTURE DEBT PAYMENTS
PAST AND FUTURE DEBT PAYMENTS
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2009 G.O. Bonds — Additions and Renovations to Quaker Hill Elementary School S 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 Schooi $13,700,000
Renovations Quaker Hill Elementary $ 851,545
Renovations Oswegatchie Elementary $ 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
2025 Bank Note — State Radio Communications Conversion $3,600,000
$1,000,000 used from unassigned General Fund Balance
Refunding Issues
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 Mid