During a regular meeting May 20, the Board of Selectmen approved acquiring a new custodial financial institution for the town’s pension and other post-employment benefits (OPEB) plans.

That evening, selectmen also approved a two-year agreement to provide some limited maintenance and upkeep for a parcel at 1 Main Street known as The Pleasance, with the understanding that the privately owned park there would not be sold or otherwise conveyed to another owner during that time.

Finance Director Robert Tait opened the meeting with a report on the current year’s operating budget, telegraphing an anticipated surplus that was estimated at $784,000.

Mr Tait explained that despite allocating $500,000 for storm-related cleanup from last May’s powerful macroburst, “we did well on the revenue side,” of the 2018-19 operating budget.

Devon Francis, who works with the town pension consultant firm FIA, appeared with Pension Committee Chair Ellen Whalen and reviewed the current pension performance, which has performed at or better than a benchmark set by the committee.

Ms Whalen then reviewed the committee’s recommendation to switch the pension custodian from Wells Fargo Bank to ComericA. Five institutions responded to requests for proposals, and the committee interviewed four of them.

The pension committee chair said, “Based on their scope of services, pricing, and experience in the municipal space, the pension board unanimously selected ComericA.” Ms Whalen said the committee was happy to learn that vendor would excel in maintaining a relationship with Newtown’s finance director, as well as the first selectman and pension fund actuary.

Mr Rosenthal then introduced the prospect of helping protect the town’s interests in the Town Hall South property by striking an agreement with the owners of the adjoining parcel at 1 Main Street, which is owned by the Scudder Smith Family Association.

Mr Rosenthal said since the police department, Parks & Recreation administration offices, and the local Social Services Department will all be vacating Town Hall South by the fall of next year, he wanted to strike an agreement that would keep the 1 Main Street parcel from being sold or otherwise developed for at least two years.

Mr Rosenthal said town agencies would be able to perform those limited chores with no taxpayer or budgetary impact. He said his goal was “finding a use for that property that the community can be comfortable with.”

Read the full feature in the May 31, 2019 print edition of The Newtown Bee, available on local newsstands or subscribe by calling 203-426-3141 [naviga:u]or by clicking HERE[/naviga:u].