HomeMy Public PortalAbout23-06-13 Resolution: Approving the FY24 Retiree Health Insurance Appropriation Watertown City Council
Administration Building
149 Main Street
Watertown, MA 02472
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Phone: 617 972-6470
ELECTED OFFICIALS: RESOLUTION# 3 R-2023- 3,Z.
Mark S.Sideris,
Council President
A RESOLUTION APPROVING THE FISCAL YEAR 2024 RETIREE HEALTH
Vincent J.Piccirilli,Jr., INSURANCE APPROPRIATION AND AUTHORIZATION OF
Vice President&
District C Councilor EXPENDITURES FROM THE OPEB TRUST FUND
John M.Airasian,
Councilor At Large WHEREAS,the City has established an Other Post-Employment Benefits (OPEB)
Caroline Bays, Trust Fund in accordance with the provisions of G.L. c. 32B, s. 20; and
Councilor At Large
John G.Gannon, WHEREAS,monies contained within the OPEB Trust Fund are to be used solely for
Councilor At Large the purposes of funding non-pension post-employment benefits, i.e.,the City's costs for
Anthony Palomba, health insurance for retired employees and their dependents; and
Councilor At Large
Nicole Gardner,
District A Councilor WHEREAS,pursuant to G.L. c. 32B, s. 20(h),the estimated amount necessary to be
appropriated from the OPEB Trust Fund to fund the_Fiscal Year 2024 annual budget for
Lisa J.Feltner, retiree health insurance to be $4,370,000; and
District B Councilor
Emily Izzo,
District D Councilor WHEREAS,the Treasurer, as Trustee of the OPEB Trust Fund, has certified that this
amount will be available for appropriation from the OPEB Trust Fund; and
WHEREAS, G.L. c. 32B, s. 20 authorizes expenditures from the OPEB Trust Fund by
2/3rds vote of the City Council;
NOW THEREFORE BE IT RESOLVED, by the City Council of the City of
Watertown hereby approves the appropriation of$4,370,000 from the OPEB Trust Fund
to fund the estimated Fiscal Year 2024 cost for retiree health insurance (said amount
having been already included in the City's annual operating budget), by 2/3`d vote.
4 i
Cou it Member
I hereby certify that at a regular meeting of the Town Council for which a quorum was
present, the above Resolution was adopted by a vote of q for, 0 against and 0
present on June 13, 2023.
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Brendan McCarthy, Council Clerk Mark S. Sideris, Council President