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MASHPEE FINANCE COMMITTEE <br /> THURSDAY, <br /> 1 HURS AY, APRIL 25, 2003 <br /> Present: Chairman, Carlton Meredith <br /> Frederick Blythe, James Morgan, Jeffrey Arnold, <br /> Absent: Dean Arden, Theresa Cool , Kathleen Lynch <br /> t <br /> CALL TO ORDER: <br /> An emergency meeting of the Finance Committee was called to order at 6:35 pry at llashpee <br /> Town Hall, Seleetman"s Conf. Room <br /> ADMINISTRATIVE/ANNOUNCEMENTS: <br /> MaryAne Gibbs, Town Treasurer, was present at the meeting to discuss the retired Town <br /> employee medical benefits issues. <br /> TOPIC AT HAND] <br /> Meeting to discuss recommendations to the Board of Selectmen for consideration ofwarrant <br /> articles regarding the retired Town employee medical benefits at theforthcoming Town Meeting <br /> scheduledfor June 2. <br /> Town Couneel has advised l ar Anne Gibbs to pay the current premium for medical <br /> premium coverage for retirees at the rate of %. MaryAnne has been holding the payment <br /> awaiting authorization. The medical claims Borne out of a group trust funded by all Cape <br /> towns and Mashpee cannot hold payment back for retirees pending a decision. Town <br /> Couneel will provide the Town of I ashpee with written authorization to pay these medical <br /> premiums at the current rate of % for the remainder of FY-03. <br /> Mar Anne did an audit over the past several months and was able to tale credits that had not <br /> been previously taken. Therefore, the shortfall will only be $1'7,000. once written <br /> authorization is received from Town Couneel, money will be transferred from the Reserve <br /> Fund to cover the shortfall in the FY-03 budget. <br /> 0 MGL law states that all retirees will be granted the same percentage of medical insurance <br /> premiums to be paid; therefore,prior retirees contributions cannot be grand fathered at the <br /> %rate. <br /> e The omnibus budget for FY-04 will be $3,078,350, to cover active.and retired town <br /> employee medical insurance premiums at thb current rate of %. If the contribution rate for <br /> retired employees is dropped to 5 0%, this could be a savings to the Town of over $13 OK. <br /> Medical insurance premiums go up approximately 12% per year. <br /> The Finance Committee Chairman will present the following articles to the Board of Selectmen <br /> for consideration: <br /> The Finance Committee will not recommend ars immediate stop payment of retirees <br /> insurance premiums pending Town Couneel's written authorization for payment. <br />