[Marker]
REDDING BOARD OF FINANCE
REGULAR MEETING
September 25, 2006
Filed subject to approval
Present: Alvarez, Cotton, DeSalvo, Dolan, Guitar, Viscio
Also present: Hutvagner, O’Donnell, Ketcham, Takacs, and one member of the public
Mr. Cotton called the September 25, 2006 meeting to order at 7:30 in the Hearing Room of the Redding Town Office Building.
APPROVAL OF MINUTES
Motion: move to approve the minutes of August 28, 2006 as submitted. DeSalvo, Viscio. Approved. Unanimous.
DISCUSSION PRIOR FISCAL YEAR ACCOUNTING AND BUDGET SPENDING AS IT RELATES TO THE AUDIT
Mr. Hutvagner commented that the Redding Board of Education and the Region #9 Board of Education have not closed out the prior fiscal year and therefore the Town cannot close out the year. The Director of Finance, Peggy Sullivan, will be invited to the October meeting to explain why the fiscal year cannot be closed out within 60 days of the end of the fiscal year.
REPORT FROM LONG RANGE FINANCIAL PLANNING COMMITTEE
Mrs. O’Donnell reported the committee had not met and there was nothing new to report.
Mrs. O’Donnell presented her report, Debt Overview for the Town of Redding. The bonds outstanding were reviewed. She noted that the Town has in excess of $10 million dollars invested in three places: MBIA, STIF funds, and Union Savings Bank.
REVIEW OF YEAR TO DATE JUNE 2006 & AUGUST 2006 FINANCIALS
The financial reports were reviewed.
DISCUSSION AND ACTION ON FUEL PRICES FOR 2006-2007
Mr. Hutvagner noted that the cost of oil has decreased recently. His vendor has not recommended “locking in a price” at this time. Board members discussed the recent drop in prices and desire to take advantage of the lower prices, expecting the prices to increase again at any time.
Motion: That the Board of Finance directs the filling of the fuel tanks (heating oil, gasoline & diesel fuel) at tomorrow’s prices, and a “lock in” at tomorrow’s prices for 50% of the remaining estimated need. DeSalvo, Guitar. Approved. Unanimous.
REVIEW OF 2007-2008 BUDGET CALENDAR
The proposed budget calendar dates were reviewed. The schedule of dates will be approved at the next meeting.
ADMINISTRATIVE ITEMS
1. Thursday, September 28, is a Town Meeting to approve the budget transfers. Mr. Alvarez will be able to attend the meeting.
2. Enclosure for January 2007 Tax Notice: Ms. Guitar requested permission for the League of Women Voters to provide a 1-page document, Homeowner’s Handbook to be inserted with the January 2007 tax bill mailing. The League has been working on the preparation of the document, to include all the information a homeowner needs to know before beginning a home building project. Information from the Planning, Zoning, Conservation, & Building Departments will be included in the document. The League will bear the cost of printing, and any additional postage if it is necessary.
Motion: that the Board of Finance authorizes the distribution of a document prepared by the League of Women Voters, Homeowner’s Handbook, with the January 2007 tax bills. Guitar, DeSalvo. Approved. Unanimous.
3. Heritage House: Mrs. Ketcham reported sealed bids on Heritage House are due on October 6. The minimum for the bids if $430,000.
ADJOURNMENT
The Chair adjourned the meeting at 8:15 pm.
Respectfully submitted,
Mary Maday, Recording Secretary
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