In the first piece of business during the November 17 Special Town Meeting, Yarmouth residents moved to protect the town’s financial standing by approving Article 1. The article provides funding to address the town’s projected unfunded liability for Other Post-Employment Benefits (OPEB), which covers health insurance and other benefits for retired municipal employees.

Select Board Chairwoman Tracy Post explained that while the town is not legally mandated to fund these liabilities, doing so is a critical strategy for maintaining a high municipal bond rating. Although there is not a requirement to fund, the bond rating agencies look favorably at the towns that have a funding plan, Post told the assembly.

The measure saw no opposition from the floor. The Finance Committee and Select Board both recommended the move as a way to maintain the town’s established schedule for addressing long-term debt obligations.

Motion: To move Article 1 as printed in the warrant.

Vote: Passed Unanimously