[Adopted 3-12-2007 by Ch. No. 1596; amended in its entirety 7-9-2007 by Ch. No. 1612]
The Town of Westerly shall present a financial impact analysis for all multiyear contracts, including collective bargaining agreements, authorized by the Town Council, provided, contracts funded by a previously approved bond issue and contracts funded by enterprise funds shall be exempt from this requirement.
Said financial impact analysis must be made public prior to a vote to approve said contracts by posting a narrative of said analysis as an attachment to the Town Council agenda on the Town of Westerly's Web site.
The analysis must contain a calculation of the impact on current and future tax rates, using the current tax rate as a factor for future years, including, but not limited to, the impact of any contractual payments in the current or future fiscal years as well as the long-term projected impact for any related costs, including future wages and actuarial calculations of employee benefits and pension benefits in the aggregate.