By Sarah Opdahl

At the Wednesday, October 22 New Fairfield Board of Finance (BOF) meeting, members voted down a potential Medical Reserve Fund Policy that was discussed at this and other meetings. Drafted by Town Treasurer Ms. Terry Friedman, the policy would have outlined a plan of action to steadily prioritize replenishing the Medical Reserve Fund. Specifically, Friedman shared, “The purpose [for] the budgeted medical reserve fund to be set at a minimum of 20% of the total annual medical claims budget, the year-to-year increase in the calculated reserve should be funded in the budget.” She went on to clarify that the intent was to “protect the taxpayers from volatility as a result of medical expenses that exceed the budgeted amount but do not yet hit the aggregate stop loss number.”

There was agreement among members regarding the worthiness of prioritizing the medical fund, but there were concerns, including those about adopting the policy just shy of an election that will alter the BOF membership significantly. Mr. Wes Marsh pointed out that a policy may not be needed, as the BOF has already taken measures in the right direction by beginning to budget the full amount that the consultant advised them on this year.

The Purchasing and Procurement Policy Subcommittee is drafting a policy for the BOF to review in November. There are minor edits still being made and the bid process language was further developed. BOF member Ms. Jessica Sanchez said the goal is to create an “easily readable and understandable policy” for the people who need to adhere to said policy, plus to provide a reference for the purchasing agent and the Town’s Director of Finance. Safeguards were added to ensure that bidders all have insurance and are bonded. A new requirement was added to necessitate justification if the bidder selected was not the lowest cost bidder.

There was an interdepartment transfer approved from Treasurer Fees and Services for $4,789.31 to Finance Other Fees and Expenses, which was described to be “related to a check that was fraudulently cashed during the fiscal year 24” before implementation of some of the “positive pay safeguards” that are now in place. Funds were also appropriated to cover the balance of a grant for the Squantz Engine Company elevator in the amount of $19,300. Current Town Finance Director Mr. Adam Lawrence tried to correct the mistake that was made by former Finance Director Mr. Vladimir Kan, who closed the grant without collecting the funds, but he was unable to do so. Finally, $15,000 was transferred from Health Salaries to Inland Wetland Salaries to establish funding for a newly hired wetland enforcement officer.

In a medical update, Lawrence said, “our claims have been running a little bit under budget so far, which is a good thing.” He added, “We just started to hit stop loss for one of our subscribers in our most recent invoice.”

Given that the election was imminent at the time of this meeting, Perkins thanked outgoing members Ms. Claudia Willard, Mr. Patrick Hearty, and Ms. Peggy Katkocin for their time and efforts on the BOF.

The next regular New Fairfield Board of Finance meeting is scheduled for Wednesday, November 19, 7:30 p.m.