[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.
