Town of Fairfield

The quarterly review meeting primarily focused on the status of town pension and PEB funds, reviewing the town's Quarter Three Fiscal 2024 financial position. A significant portion of the discussion detailed investment performance amid market volatility, particularly concerning a drastic market downturn in March followed by a rebound in April. Key action involved the decision to exit the Allianz Structured Alpha fund due to poor performance relative to the index and a lack of clarity in reporting, reinvesting the funds into the Blackrock Russell 1000 Index. The speakers emphasized the benefits of a diversified portfolio in navigating turbulent markets, noting that fixed income buffered losses while equities experienced a significant drop.

The meeting initiated the fiscal year 2018 budget process for the Town of Fairfield, noting the unprecedented fiscal crisis at the state level and its direct impact. Key discussion points focused on the governor's proposed budget, which legislators are currently vetting. The state delegation briefed the board on the proposed budget, particularly concerning the transfer of an unfunded nine-million-dollar liability for the teacher's pension, which was strongly opposed. Other critical areas for discussion included cuts to municipal aid, the educational cost sharing (ECS) formula, special education refunds, and school construction reimbursements, all viewed through the lens of maintaining predictability and fairness for municipal finances.

The meeting commenced with an invocation and a moment of silence for victims of recent mass shootings. Key agenda items included the acceptance of minutes from the regular meeting of July 10, 2019, and the special meeting of July 23, 2019. Discussions involved the appointment of Johnathan Slavin to the Economic Development Commission to fill a vacancy. Approval was sought for the appointment of Jill Brown to the Board of Library Trustees. The Burr Gardens Advisory Committee presented a master plan for Burr Gardens Homestead, detailing proposed features such as a new garden entrance establishing an axis through the property, the reimagining of the parterre beds with an educational component, and the relocation of the 9/11 memorial to a more prominent entrance location. Tax refunds totaling $37,964.29 were reviewed and approved. Significant discussion occurred regarding the administrative leave and subsequent arrest of two town members, focusing on leadership transition, including the temporary appointment of Brian Carrie Wright to aid the Public Works Department while an interim Director is sought. Concerns were raised regarding the town's prior awareness of potential issues leading to the arrests.

The meeting involved joint budget hearings for the Fiscal Year 2013 Town of Fairfield budget. A significant portion of the discussion focused on the comprehensive academic, athletics, arts, and co-curricular programs offered, supported by the budget. Student achievement indicators, including standardized test scores (CMT and CAP) and Advanced Placement (AP) results, were presented, showing strong performance significantly above state averages, despite challenges in areas like high school reading scores. Budget priorities included preserving the current program structure, addressing enrollment changes (declining elementary, increasing high school), investing in maintenance and technology upgrades like a new student management system, and proposing changes to elementary special education staffing to utilize more certified teachers. Other budget considerations involved increased transportation costs, facing reality regarding custodial overtime, realizing substantial savings from lower electricity rates, and funding new curriculum updates, textbooks, and essential maintenance needs, such as hiring an additional licensed plumber and extending the preventative maintenance program.

The meeting commenced with a moment of silence in remembrance of Mr. Tom Quinn. A key agenda item involved considering and adopting a bond resolution appropriating $2,000,000 for the purchase of properties on Quincy Street within the Parkview Commons development (also known as the Navy housing site) and for the reimbursement of the Housing Trust Fund. Discussions detailed the intent to exercise the first right of refusal to repurchase three properties, potentially assemble up to six lots for limited redevelopment to increase affordable homeownership units while addressing post-Superstorm Sandy flood insurance premium increases by elevating structures. The financing plan involves issuing bond anticipation notes, with interest and carrying costs covered by the Housing Trust Fund. Further discussion clarified the process of capitalizing the Housing Trust Fund and how the town will retain underlying land ownership through a condominium association structure when partnering with a developer to construct the new units. The board also addressed the subsequent agenda item to consider and set the mill rate for the fiscal year beginning July 1, 2021.