Finance Committee reviews Middlesex pension schedule and $9.4M free cash certification

SUDBURY — September 29, 2025 — Sudbury Finance Committee hears Middlesex Retirement pitch as pension assessment heads to $7.7M. Middlesex County Retirement Board Chairman Tom Gibson, CAO Lisa Maloney and Segal actuary Andrew Luongo told the committee Sept. 29 that Sudbury's share of the system's $200 million fiscal 2027 appropriation will be about $7.7 million, up from roughly $7.2 million in fiscal 2026, with 6.5 percent annual increases continuing through 2031 before the unfunded liability is retired in 2036. The system holds $2.4 billion in assets at a 7.15 percent assumed return. Assistant Town Manager Victor Garofalo reported fiscal 2025 free cash certified at $9,377,000 — roughly 7 percent of the general fund, above the 3 to 5 percent policy target — driven by elevated investment and building-permit revenue. Town Manager Andrew Sheehan said it "would not be prudent" to grow the operating budget on those one-time receipts. The committee approved Sept. 15 minutes 7-0 and set its next meeting for Oct. 20.