The board started by reviewing the town’s fiscal year 2023 audit results, which revealed a positive trend in Southampton’s financial health. The general fund’s unreserved balance now stands at approximately $1.1 million, accounting for just under six percent of the town’s annual operating budget. This marks a near doubling from the previous year, reflecting prudent financial management. Discussion centered around the town’s liabilities, with a notable negative unrestricted net position of nearly $12 million. This was primarily attributed to net pension and other post-employment benefits (OPEB) liabilities. The increase in the net pension liability by $2.1 million, resulting from market losses, was a shared concern among many towns. However, optimism was expressed for a reduction in liability due to improved market performance in 2023. The board also noted the town’s effort to contribute to an OPEB trust fund, which is viewed favorably by bond rating agencies.

An urgent topic on the agenda was the collective health insurance crisis impacting Southampton and neighboring towns. The board discussed a joint letter to state legislators, advocating for reforms in rural school aid, general government aid, and transparency in state finance. This initiative aims to alleviate the financial pressures from rising health insurance costs. The board emphasized the importance of a unified approach, stating that a collective letter would carry more weight than individual efforts. The motion to sign and send the letter was passed, highlighting the urgency of addressing these financial challenges before the next meeting.

Additionally, the board considered the scheduling of a special town meeting, with potential dates of November 15 and December 6. The moderator advocated for the December 6 date to allow residents adequate preparation time for the articles to be discussed. The board agreed to confirm school availability before finalizing the date, highlighting the need for effective communication to ensure residents are informed. Efforts to enhance outreach, such as using Code Red and robocalls, were discussed to address previous communication shortcomings.

In another segment of the meeting, updates were provided on various town projects and initiatives. The highway department’s equipment procurement plans were reviewed, with new equipment bids totaling approximately $213,500. The board discussed the need to borrow about $190,000 to fund these purchases, emphasizing the importance of maintaining equipment in a temperature-controlled environment. The meeting also covered updates on land-use planning, with assurances of an open meeting to discuss developments soon.