Budget and Finance Commission backs PSPRS pension‑funding policy

The Budget and Finance Commission on May 20 approved a recommended Public Safety Personnel Retirement System (PSPRS) pension funding policy to forward to town council for adoption. The item had been continued from the prior commission meeting and staff said no substantive changes were made to the proposed policy.

Why it matters: The policy governs the town's approach to funding PSPRS liabilities and includes a budgeted "excess PSPRS payment" (staff listed about $1.7 million in the recommended budget) intended to keep total payments roughly consistent with current payment levels while addressing long‑term pension obligations.

Meeting action: Commissioner Mason moved to approve the policy and Commissioner Okezie seconded the motion. The commission approved the recommendation by voice vote; the chair called "motion passes." No recorded roll‑call ballot was taken during the hearing.

Next steps: The policy requires town council approval before June 30 to meet state statute timing cited by staff. Town staff noted the commission may choose not to recommend but indicated the item must be before council in time to satisfy statutory requirements.

Ending: Commissioners who discussed the item said the policy appears acceptable as drafted and that budget review helped inform the commission's consideration prior to the vote.