Minutes

Finance Committee Page 6
March 2, 2016

this up because of the significance of it, it is with purpose that | tried to talk about the long-term perspective
financial statements and this which may be a little bit unfavorable to talk about it but then when you turn to the
general fund and you see the stability; | did try to talk about those as two distinct issues because one may
seem a little more unfavorable but as | indicated earlier the stability in that general fund balance sheet is
certainly a strength.

Finance Committee Page 5
March 2, 2016

Mr. McIntire

Probably, yes. | thank you for that question because | think that it is important for readers and listeners to
understand because it’s such a significant account balance that there is a funding schedule of the city and all
of the underlying employers who are following to help mitigate this liability.

Alderman Siegel

Finance Committee Page 4
March 2, 2016

Alderman Siegel

The unfunded liabilities for pension, that number is large and | assume that is not only the unfunded liability to
make up the gap that we have had at the state level but also the general funding that we have to do to pay for
the pension liabilities that the city has incurred, is that correct?

Mr. McIntire

I’m not sure | understand what you mean by the general fund liability.

Alderman Siegel

Finance Committee Page 3
March 2, 2016

Finance Committee Page 2
March 2, 2016

REPORT OF THE FINANCE COMMITTEE
MARCH 2, 2016

A meeting of the Finance Committee was held on Wednesday, March 2, 2016, at 7:00 p.m. in the
Aldermanic Chamber.

Mayor Jim Donchess, Chair, presided.

Members of the Committee present: Alderman-at-Large Mark S. Cookson, Vice Chair
Alderman-at-Large Lori Wilshire
Alderman-at-Large Michael B. O’Brien
Alderman Benjamin M. Clemons
Alderman June M. Caron
Alderman Ken Siegel

Also in Attendance: Mr. John L. Griffin, CFO
Mr. Dan Kooken, Purchasing Manager

Finance — 03/16/16 Page 5
PUBLIC COMMENT — None

NON-PUBLIC SESSION

MOTION BY ALDERMAN SIEGEL THAT THE FINANCE COMMITTEE GO INTO NON-PUBLIC SESSION
BY ROLL CALL PURSUANT TO RSA 91-A:3,II(A) REGARDING THE DISMISSAL, PROMOTION OR
COMPENSATION OF A PUBLIC EMPLOYEE

SECONDED BY ALDERMAN WILSHIRE

A Viva Voce Roll Call was taken, which resulted as follows:

Yea: Mayor Donchess, Alderman Cookson, Alderman Wilshire 6
Alderman O’Brien, Alderman Caron, Alderman Siegel 0

Nay:

MOTION CARRIED

Finance — 03/16/16 Page 4

there. To me, they have more than abided by the terms of the original lease, and they have added a very, very
significant amount of value to that lease. Now this extension says whatever was in place we’re now going to
take the rent and roll it up three percent a year which is actually fairly substantial to be honest with you. God
bless. The city is getting a very good deal especially because they are a fantastic tenant.

Mayor Donchess

Finance — 03/16/16 Page 3

NEW BUSINESS — RESOLUTIONS

R-16-016
Endorsers: Mayor Jim Donchess
Alderman Ken Siegel
Alderman-at-Large Brian S. McCarthy
Alderwoman Mary Ann Melizzi-Golja
AUTHORIZING THE CITY OF NASHUA TO ENTER INTO A FIRST AMENDMENT TO
LEASE AGREEMENT WITH MAKEIT LABS FOR A PORTION OF 25 CROWN STREET

MOTION BY ALDERMAN SIEGEL TO RECOMMEND FINAL PASSAGE
ON THE QUESTION
Alderman Cookson

Finance — 03/16/16 Page 2
From: Dan Kooken, Purchasing Manager

Re: Purchase of One (1) New 2014 Ford Transit Connect Wagon XLT (Value: $24,357)

MOTION BY ALDERMAN SIEGEL TO ACCEPT, PLACE ON FILE AND AWARD THE CONTRACT TO
STONEHAM MOTOR CO., IN THE AMOUNT OF $24,357. SOURCE OF FUNDING IS DEPARTMENT 130,
PURCHASING; 2016 CERF—-VEHICLES ($20,357) AND DEPARTMENT 128, RISK MANAGEMENT ($4,000)
ON THE QUESTION

Alderman Siegel