Mayor To Present Capital Improvement Plan And Financial Forecast

The plans highlight what has been done to put the City of Newton’s financial house in order since January 1, 2010 and puts forth a strategy and forecast for the present and future. 

 

Mayor Setti Warren’s presentation to Aldermen will include information recently received by a third party actuary who confirmed the Administration’s funding strategy which will enable the City of Newton to eliminate the City’s Unfunded Pension Liability by the year 2029 and the OPEB (Other Post-Employment Benefits) Liability by the year 2042.  The Actuarial Valuation of the City’s OPEB Liabilities for the fiscal year ending June 30, 2015 was completed recently and confirms the Administration’s plan is financially sound and sustainable.  The valuation by Financial Risk Analysts, LLC, is in keeping with the national standards of practice of the actuarial profession and is in accordance with Governmental Accounting Standards Board Statement 45, (GASB-45).  

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