Board of Selectmen Special Budget Meeting

THE BOARD OF SELECTMEN SPECIAL BUDGET MEETING
AGENDA
Tuesday, February 6, 2024
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 budgets and at the
appropriate time forward to the Board of Finance for its consideration of and action
on the FY25 Budgets:
Call to Order & Roll Call:
Pledge of Allegiance
Public Comment: .
Consider and act on the following budget requests:
wae >
1. Retirement - To consider and act on the Retirement tentative FY25
budget request in the amount of $7,760,257.
2. Insurance - To consider and act on the Insurance tentative FY25
budget request in the amount of $4,962,182.
3. - Debt Service — To consider and act on the Debt Service tentative FY25
budget request in the amount of $8,109,746.
4, Capital Improvements ~ To consider and act on the Capital
Improvements tentative FY25 budget request in the amount of
$1,282,527.
5. Transfer to Capital Non-Recurring - To consider and act on the
Transfer to Capital Non-Recurring tentative FY25 budget request in
the amount of $998,399.
6. General Government Operations ~ To consider and act on the Total
General Government Operations tentative FY25 budget request in the
amount of $39,304,137.
7, Capital and Debt Service - To consider and act on the Total Capital
and Debt Service tentative FY25 budget request in the amount of


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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.

The proposed FY25 budget of $7,760,257 is 10.08% higher than FY24. The main driver of
this increase is the State’s decision to significantly increase employer contribution rates in
an effort to stem the burgeoning CMERS pension debt which has tripled in the past six years.
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 our actuary firm, Hooker & Holcombe.
51940 PENSION CONTRIBUTIONS
Overall Budget is up by 13%. 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 2025 have not been released to
date. Rates used are based on expected rates for FY24 received from the State of
Connecticut Retirement Division. Payroll has been estimated based on 2023-2024
projected payroll using staffing levels as of November 2023. The employee contribution
rate for fiscal year 2024-2025 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 2024-2025 administrative fee of $81,120 is based
on 342 active participants and 282 retirees.

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,
2023 Actuarial Valuation Report performed by Hooker & Holcombe, Inc. 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.
51945 RETIREE HEALTH BENEFITS
Overall Budget is up 8.98%. The main driver for the increase 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 inthe 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.

As of the July 1, 2022, actuarial OPEB valuation, the Town's Unfunded Actuarial Accrued Liability is
$20,868,668. The annual required contribution (ARC) for FY2025 is $2,516,833. This contribution is
funded in the annual budgets of the Retirement Commission and Insurance Budgets as follows:
Trust Contribution (10116-51949) 1,434,481
Retiree Health Benefits (10116-51945) 429,140
Over 65 - fully insured (10112-52251) 653,212
2,516,833

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Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgrege@waterfordct.org
RE: Waterford Local 1363 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, 2023, The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 7.50%
Unfunded Accrued Liability 12.07%
Total 19.57%
* 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, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
¢ There is no annual amortization payment for prior service.
¢ The CMERS administrative charge is $18,200. This charge is based on $130 per active and retired member, Our most
recent files show 69 active members and 71 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 19.57% at its February 16, 2023
meeting. A copy of the June 30, 2022 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 Rudolph Nelson, a CMERS staff
member, at (860)702-3502.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
PRT OLE
John Herrington, Director
Retirement Services Division

Ms. Christy Gregg
Director of HR
Waterford Fire Department
15 Rope Ferry Road
Waterford, CT 06385
cgregg@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, 2023. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
¢ Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 10.73%
Unfunded Accrued Liability 14.96%
Total 25.69%
« 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, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%, Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
¢ There is no annual amortization payment for prior service.
« The CMERS administrative charge is $2,470. This charge is based on $130 per active and retired member. Our most
recent files show 12 active members and 7 retired members,
The State Employees Retirement Commission approved the above total contribution rate of 25.69% at its February 16, 2023
meeting. A copy of the June 30, 2022 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 Rudolph Nelson, a CMERS staff
member, at (860)702-3502,
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
TD eS
John Herrington, Director
Retirement Services Division

Ms. Christy Gregg
Director of HR
Waterford Public Schools
15 Rope Ferry Road
Waterford, CT 06385
cgrege@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, 2023. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
.
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 10.73%
Unfunded Accrued Liability 14.96%
Total 25.69%
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, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
¢ There is no annual amortization payment for prior service.
© The CMERS administrative charge is $12,610. This charge is based on $130 per active and retired member. Our most
recent files show 47 active members and 50 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 25.69% at its February 16, 2023
meeting. A copy of the June 30, 2022 actuarial valuation report can be found on the Office of the State Comptroller’s website
at https://www.oso.ct.gov/rbsd/reports/index html.
If you have any questions regarding the information provided in this letter, please contact Rudolph Neison, a CMERS staff
member, at (860)702-3502.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
PO CS
John Herrington, Director
Retirement Services Division

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, 2023, The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
¢ Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 7.50%
Unfunded Accrued Liability 12.07%
Total 19.57%
« 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, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%,
e There is no annual amortization payment for prior service.
« The CMERS administrative charge is $6,370. This charge is based on $130 per active and retired member. Our most
recent files show 19 active members and 30 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 19.57% at its February 16, 2023
meeting. A copy of the June 30, 2022 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 Rudolph Nelson, a CMERS staff
member, at (860)702-3502,
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
eee
John Herrington, Director
Retirement Services Division

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, 2023. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
¢ Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 7.50%
Unfunded Accrued Liability 12.07%
Total 19.57%
« 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, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
¢ There is no annual amortization payment for prior service.
¢ The CMERS administrative charge is $9,880, This charge is based on $130 per active and retired member. Our most
recent files show 38 active members and 38 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 19.57% at its February 16, 2023
meeting. A copy of the June 30, 2022 actuarial valuation report can be found on the Office of the State Comptroller’s website
at hitps://www.osc.ct.gow/rbsd/reports/index.html.
If you have any questions regarding the information provided in this letter, please contact Rudolph Nelson, a CMERS staff
member, at (860)702-3502.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
PNT OLE
John Herrington, Director
Retirement Services Division

Active employees 0 0
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 value of future benefits 717,948 786,000
Actuarial accrued liability 717,948 786,000
Plan assets
Market value of assets 509,200 639,050
Actuarial value of assets 554,662 587,576
Unfunded accrued liability 163,286 198,424
Funded ratio 77.3% 74.8%
Actuarially determined employer contribution (ADEC)
4 2025 2023
— ADEC 22,450, 27,280
Fiscal year ending 2026 2024
ADEC 22,450 27,280
Hooker & Holcombe, now part of USI Consulting Group | HHCONSULTANTS.COM | USICG.COM 1

Active members 368 404
Retired members and dependents 179 119
Total 547 523
Covered employee payroll 29,029,526 31,115,420
Average plan salary 78,885 77,018
Actuarial present value of future benefits 32,284,998 27,947,165
Actuarial accrued liability 30,074,765 25,386,650
Plan assets
Market value of assets 8,465,847 6,109,331
Actuarial value of assets 9,206,097 6,109,331
Unfunded accrued liability 20,868,668 19,277,319
Funded ratio 30.6% 24.1%
Actuarially determined employer contribution (ADEC)
Fiscal year ending 2024 2022
ADEC 2,505,310 2,217,688
- Fiscal year ending — 2025 2023
— ADEC 2,516,833 2,231,121
HOOKER & HOLCOMBE | HHCONSULTANTS.COM
PAGE 1

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employees and town departments.
Health Insurance
Workers’ Compensation
Liability (includes Auto & Property)
Life Insurance
Unemployment
Long Term Disability

FY 2024-2025
The insurance budget for fiscal year 2024-2025 represents a decrease of $143,675 (-2.81%)
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 FY2025.

INFORMATION
The Town of Waterford has a Self-Funded plan for its employee health benefits. This is a type
of plan in which an employer takes on most or all of the cost of benefit claims. The insurance
company manages the payments, but the employer 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 FY25 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.

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3 _|Stop Loss $ 1,608,066] $ _3,109,054|$ 4,717,120 |Projection FY 24
Note: Includes ISL at $175K and ASL at 125%
Estimated Stop Loss Excess $ -|$ -|$ -
4 __|PCORI $ 1,541 | $ 2,979 | $ 4,520
5 TOTAL 2024-25 PROJECTED EXPENDITURES| $5,289,444 $10,226,673 $15,516,117
Premiums to be collected from COBRA and "Other"
6 __|participants $ 132,641 | S$ 292,614 | S$ 499,403 |from HR
7__|Employee Premium Shares $ 622,915|$ 1,561,226 |$ 1,939,829 |from HR and BOE finance
8 _|Due From Sewer Enterprise Fund 5 355,263 n/a $ 305,402 |from HR
matches retirement
9 |Due From Town Retirement Budget $ 429,140 n/a $s 429,140 |budget #
10 |Due From Employer Share Food Service n/a $ 119,893 | $ 118,326 |from BOE finance
11 |Due From Employee Share Food Service n/a $ 27,615 | $ 25,862 |from BOE finance
12 |Due from Teachers' Retirement n/a $s 113,985 | $ 56,984 |from TRB
13 |Projected Investment Earnings/Miscellaneous $s 2,500 | $ 2,500 | $ 5,000
16 TOTAL PROJECTED FUNDING OFFSETS|$ 1,542,459] $ 2,117,833 |$ 3,379,946
17 [TOTAL PROJECTED EXPENDITURES $3,746,985 $8,108,840 $12,136,171
FUND BALANCE PROJECTION
18 [Fund Balance as of 06/30/2024 $ 1,928,170] $ 3,727,946 | $ 5,656,116
CURRENT YEAR ESTIMATED
19 |Amoritzation of Fund Balance FY 2024 $ (160,681) ($310,662) ($471,343)|Based on Budget for 2024
20 |ESTIMATED Fund Balance as of 06/30/2025 $ 1,767,489 |$ 3,417,284 |$ 5,184,773
21 _|Risk Corridor @ 25.5% of Line 1 $ 920,462|$ 1,779,631 | $ 2,700,093
22 _|Fund balance over Risk Corridor $ 847,027|$ 1,637,653] $ 2,484,680
Amortization of Fund balance over/(under) Risk
23. |Corridor (Line 22 above) $ 282,342 |S 545,884 | $ 828,226
24 |Total Funding Offsets and Funding Requirement 3,464,643 7,562,956 11,027,599
25 |Transfer to Healthcare Fund (Line 15 - Line 19) $ 3,464,643 |$ 7,562,956 | $ 11,027,599
Per estimate provided by
26 |Payments in Lieu of Insurance S 18,000 | $ 20,950 | $ 38,950 |Karen
27 |Services of Agent of Record $ 15,341 | $ 29,660 | $ 45,000 |Assuming no increase
Per estimate provided by
28 _|HSA Contribution $ 268,000 | $ 622,534 | $ 890,534 |Karen and Christine
29 |Health Insurance Appropriation-2024-2025 $ 3,765,984|$ 8,236,100 | $ 12,002,083
30 _|Appropriated 2023-2024 Budget $3,569,431 $7,484,151 | $11,053,582
31 |Increase/(Decrease) 196,553 751,949 948,501
32 |Percent Increase/Decrease 5.51% 10.05% 8.58%)

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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 FY25 budget request is $38,504 (0.47%) lower than fiscal year 2024 due to reduced
payments on outstanding bonds.
EXPENDITURE HISTORY
$7,934,633
$7,585,439 $7,564,397
$7,197,460
7,428,542
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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 Schoo! $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 Schoo! $13,700,000
Renovations Quaker Hill Elementary , $ 851,545
Renovations Oswegatchie Elementary S$ 720,425
Renovations Great Neck Elementary $ 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
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 $ 7,350,000
Refunding of G.O. Bonds, Issue 2013 S$ 4,000,000
Total Refunded $16,250,000
2019 G.O. Refunding Bonds Refunding of G.O. Bonds, Issue 2012 $ 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

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—
Hilltop Securities Inc. (“Financial Advisor”) Robert W. Baird & Co., Inc. (“Senior Manager”)
129 Samson Rock Drive, Suite A One Harding Road, Suite 207
Madison, CT 06443 "Red Bank, NJ 07701
‘US, Bank National Association
(“Paying/Escrow Agent”)
CityPlace J, 185 Asylum Street, 27" Floor
Hartford, CT 06103
Town of Waterford, Connecticut
General Obligation Refunding Bonds, Series 2020B (Federally Taxable)
The Town of Waterford, Connecticut proposes to issue the above referenced General Obligation Reftnding ~
Bonds, Series 2020B (Federally Taxable) (the “Bonds”). The Bonds are dated December 30, 2020 and will be
_issued on December 30, 2020, The Bonds consist of $28,890,000 Serial Bonds.
A portion of the proceeds of the Bonds will be used to purchase United States Treasury Securities — State and
Local Government Series (the “Acquired Obligations”), together with an initial cash deposit, which will be
placed in an irrevocable escrow fund, to be used solely to refund that portion of the Issuer’s General Obligation
Bonds, Issue of 2013-and General Obligation Bonds, Issue of 2014 described below (collectively, the “Refunded
Bonds”). .
Principal Principal Maturities Redemption Redemption
Series Issued Dated Refunded Refunded Date Price
2013 $33,750,000 3AS/3 $17,585,000 _- 8/15/22 to 8/15/32 8/15/21 100%
2014 $15,930,000 374 $10,115,000 - 3/15/24 to 3/15/34 3/15/22 100%
At your request, we have independently calculated, based on information and assumptions as provided to us by
the Financial Advisor, that the receipts from the Acquired Obligations, along with the initial cash deposit, will be
sufficient to pay to and at redemption, the principal and interest on the Refunded Bonds,
At your request, we have independently verified the arithmetical accuracy of the computations based on
schedules provided to us by the Financial Advisor. We have relied solely on the assumptions and information,
as provided to us by the Financial Advisor, and have not made any study or evaluation of them, except as noted
below. We express no opinion on the reasonableness of the assumptions, or the likelihood that the debt service
requirements of the Refunded Bonds will be paid as described in the accompanying exhibits.

2013 3/15/2013. 8/15/2028 2,000,000 3.250 8/15/2021 100.00
2013 3/15/2013 8/15/2029 2,000,000 3.000 8/15/2021 100,00
2013 3/15/2013 8/15/2030 2,000,000 3.000 8/15/2021" 100.00
2013 3/15/2013 8/15/2031 1,970,000 3.100 8/15/2021 100.00
2013 3/15/2013 8/15/2032 1,950,000 3,500 8/15/2021 “100.00
17,585,000
General Obligation Bonds, Issue of 2014
Maturity Amount Interest Redemption Redemption
Issue Dated Date Date Outstanding _ Rate Date Price
2014 3/17/2014 = 3/15/2024 875,000 3,000 3/15/2022 100.00
2014 3/17/2014 3/15/2025 875,000 3.000 3/15/2022 “100.00
2014 3/17/2014 3/15/2026 920,000 3,000 3/15/2022 100.00
2014 3/17/2014 = 3/15/2027 925,000 3.000 3/15/2022 100.00
2014 3/17/2014 = .3/15/2028 925,000 3.200 3/15/2022 100.00 ;
2014 3/17/2014 3/15/2029 925,000 3.250 3/15/2022 100,00 . C.
2014 3/17/2014 = 3/15/2030 925,000 3.500 3/15/2022 100.00
2014 3/17/2014 3/15/2031 925,000 3.625 3/15/2022 100.00
2014 3/17/2014 3/15/2032 940,000 3.750 3/15/2022 100.00
2014 3/17/2014 3/15/2033 940,000 . 3.875 3/15/2022. 100,00
2014 3/17/2014 ° 3/15/2034 940,000. 3.875 3/15/2022 100.00
$10,115,000 : ‘
Total....sseeseer $27,700,000
Upon delivery ofthe Bonds, a portion of proceeds of the Bonds will be placed in an irrevocable escrow fund (the
- “Escrow Deposit Fund”) established with U.S. Bank National Association, as esctow agent (the “Escrow Agent”)
under an Escrow Agreement (the “Escrow Agreement”) dated as of the date of delivery of the Bonds, between the
Escrow Agent and the Town. Thé Escrow Agent will use such proceeds to purchase a portfolio of non-callable direct
obligations guaranteed by the government of the United States of America, including United States Treasury State
and Local Government Series (“SLGS”) securities, Federal National Mortgage Association (“FNMA”) securities and
any other securities permitted by Section 7-400 of the Connecticut General Statutes, all of which shall not be callable
or prepayable at the option of the issuer of the seourities (the “Escrow Securities”), the principal of and interest on
which, when due, will provide amounts sufficient to pay the principal, interest and redemption premium on the
Refunded Bonds to the redemption dates or maturity (the “Escrow Requirements”). All investment income on and
matuting principal of the Escrow Seourities held in the Escrow Deposit Fund and needed to pay the principal, interest
and redemption premium on the Refunded Bonds will be irrevocably deposited by the Town for payment of the
Refunded Bonds. The balance of the proceeds of the Bonds will be used to pay costs of issuance and Underwriter’s
discount, a :

Period . . ‘Annual
Ending Principal Coupon Interest | Debt Service Debt Service
02/15/2021 43,932.19 43,932.19
06/30/2021 ; 43,932.19
08/15/2021 175,728.75 175,728.75
02/15/2022 175,728.75 175,728.75
06/30/2022 351,457.50
08/15/2022 1,180,000 0.290% 175,728.75 1,355,728.75 :
02/15/2023 174,017.75 174,017.75
06/30/2023 : 1,529,746.50
08/15/2023 3,195,000 0.370% 174,017.75 3,369,017.75
02/15/2024 168,107.00 168,107.00 :
06/30/2024 3,537,124.75
08/15/2024 3,135,000 0.620% 168,107.00 3,303,107.00
02/15/2025 158,388.50 158,388.50 :
06/30/2025 . 3,461,495.50
_ 08/15/2025 3,180,000 0.780% 158,388.50 3,338,388.50
a 02/15/2026 145,986.50 145,986.50
ko 06/30/2026 : 3,484,375.00
* 08/15/2026 1,150,000 1.030% 145,986.50 1,295,986.50 .
| 02/15/2027 140,064.00 140,064.00 .
| 06/30/2027 : , 1,436,050.50
| 08/15/2027 1,135,000 "4.190% 140,064.00 1,275,064.00
02/15/2028 133,310.75, 133,310.75
06/30/2028 1,408,374.75
08/15/2028 - 3,100,000 1.470% 133,310.75 3,233,310.75
02/15/2029 110,525.75 110,525.75 :
06/30/2029 : 3,343,836.50
08/15/2029 3,055,000 1.570% 110,525.75 3,165,525.75
02/15/2030 86,544.00 86,544.00
06/30/2030 3,252,069.75
08/15/2030 3,015,000 1.670% 86,544.00 3,101,544,00
02/15/2031 61,368.75 61,368.75 .
06/30/2031 : 3,162,912.75
* 08/15/2031 2,950,000 . 1.750% 61,368.75 3,011,368.75
02/15/2032 35,556.25 35,556.25
06/30/2032 3,046,925.00
08/15/2032 2,890,000 1,850% 35,556.25 2,925,556.25 ,
02/15/2033 8,823.75 8,823.75
06/30/2033 2,934,380.00
08/15/2033 905,000 1.950% 8,823.75 913,823.75
06/30/2034 913,823.75 |
28,890,000 3,016,504.44 31,906,504.44 —31,906,504.44
C
Kee

02/15/2021 43,932,19 43,932.19 43,852.52
08/15/2021 175,728.75 175,728.75 174,141.21
02/15/2022 175,728.75 . 175,728.75 172,881.51
08/15/2022 1,355,728.75 1,355,728.75 1,324,114.49
02/15/2023 174,017.75 174,017.75 168,730,38
08/15/2023 3,369,017.75 3,369,017.75 3,243,022.95
02/15/2024 ° 168,107.00 168,107.00 160,649.55
08/15/2024 - , 3,303,107,00 3,303,107.00 3,133,742.84
02/15/2025 . 158,388.50 158,388.50 149,180.26
08/15/2025 3,338,388.50 3,338,388,50 3,121,559,22
02/15/2026 145,986.50 145,986.50 135,517.19
08/15/2026 1,295,986.50 1,295,986.50 J,194,343.28
02/15/2027 140,064.00 : 140,064.00 128,145.16
08/15/2027 1,275,064.00 : 1,275 ,064.00 1,158,122,95
02/15/2028 + 133,310.75 133,310.75 120,208.41
08/15/2028 3,233,310.75 3,233,310.75 2,894,437.11
02/15/2029 110,525.75 , 110,525.75 98,226.15
08/15/2029 3,165,525.75 3,165,525,75 * 2,792,907.24
. 02/15/2030 86,544.00 ‘ 86,544.00- . 75,804.44
(/ 08/15/2030 | 3,101,544.00 3,101,544.00 2,697,010.26
02/15/2031 61,368.75 : 61,368.75 52,978.41
08/15/2031 3,011,368.75 3,011,368.75 2,580;848.91
02/15/2032 35,556.25 , 35,556.25 30,252.52
08/15/2032 . 2,925,556.25 2,925,556.25 2,471,161.24
02/15/2033 8,823.75 8,823,75 7,399.34
08/15/2033 913,823.75 * 913,823.75 760,762.44
31,906,504.44 _ 31,906,504.44 28,890,000.00
Proceeds Summary
Delivery date ~ 12/30/2020
Par Value : 28,890,000.00
Target for yield calculation 28,890,000.00

06/30/2021 414,456.88 43,932.19 370,524.69 369,646.67
06/30/2022 828,913.76 351,457.50 477,456.26 471,023.82
06/30/2023 2,566,363.76 1,529,746.50 1,036,617.26 © 1,010,467.74
06/30/2024 3,601,820.01 3,537,124.75 64,695.26 53,335.62
06/30/2025 3,531,582.51 3,461,495.50 70,087.01 57,886.39
06/30/2026 3,548,338.76 3,484,375.00 63,963.76 51,175.07
06/30/2027 1,500,738.76 1,436,050.50 64,688.26 51,149.35
06/30/2028 1,