Nutfield News • March 10, 2011 Audit continued from page 1
June 30, 2010,” he said. Another area in which
the town performed well is debt payoff. Derry is poised to pay off 78 percent of its long-term debt in the next 10 years, which is a rapid pace and “a good credit characteristic,” according to McIntire. Finally, McIntire’s report to the council detailed the significant increase in the town’s obligation to pay- ment of post-employment benefits. Since 2009, the first year Derry was required to account for the long-term liability, the town’s retiree health care liability has near- ly doubled from $800,000 in the first two years to $1.6 million at the end of FY2010.
“The community can
expect that to increase an- other $800,000 to $900,000 in 2011,” McIntire told the council.
Although there are no statutes requiring the state to provide assistance for retiree
health benefits, many legis- lators are working to enact legislation that would pro- vide municipalities with relief. In a quarterly financial report to the council follow- ing McIntire’s presentation, Derry Chief Financial Officer Frank Childs said the town is vigilantly watching Con- cord to see what happens. In concluding his report, McIntire told councilors that minor recommendations have been made to the town for potentially improving future reporting, but none of the recommendations address material weaknesses or sig- nificant deficiencies. “We did not need to pro-
pose any major audit en- tries,” he said. In other business at the March 1 meeting, the Town Council approved the ap- pointments of Frank Bart- kiewicz, Darrell Park, and Anne Arsenault as Derry representatives to the Southern New Hampshire Planning Commission, re- placing vacancies created by the resignations of Jack Dowd, Joel Olbricht, and Beverly Ferrante.
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