REDDING BOARD OF FINANCE
REGULAR MEETING
May 22, 2006
Filed subject to approval
Present: Cotton, DeSalvo, Dolan, Guitar
Also present: Hutvagner, O’Donnell, Ketcham
Mr. Cotton called the May 22, 2006 meeting to order at 7:34 in the Hearing Room of the Redding Town Office Building.
APPROVAL OF MINUTES
Motion: move to approve the minutes of March 27, 2006 and May 2, 2006 as submitted. Guitar, DeSalvo. Approved. Unanimous.
DISCUSSION AND APPOINTMENT OF KOSTIN RUFFKESS & COMPANY LLC AS 2005-2006 FISCAL YEAR AUDITORS.
Mr. Hutvagner reported that Region #9 and the Town of Easton were in agreement to retain Kostin Ruffkess & Company LLC for the current fiscal year. Other firms and proposals will be considered for the following year. An RFP for auditors will be put out in the fall.
Discussion of the audit firm followed. Mr. Cotton questioned the work that Kostin Ruffkess & Company did for Region #9, given the problems with the building project, and suggested the board should request of the Region #9 Management Letter.
Motion: Move to appoint Kostin Ruffkess & Company LLC as the 2005-2006 fiscal year auditors. DeSalvo, Dolan. Approved. Unanimous.
DISCUSSION OF LONG RANGE FINANCIAL PLANNING COMMITTEE
Mrs. O’Donnell, chairman of the Long Range Financial Planning Committee requested clarification of what information the Board of Finance would like to see. She added that the Committee is assembling a list of projects/expenses with rough estimates, but the projects have not as yet approved to go forward.
Mr. Cotton requested that the list of projects be brought forward with information including the nature of the project, the estimate of cost, the date the project should start & complete, and an analysis of the project. The Long Range Financial Planning Committee will not evaluate the projects. The Board of Finance makes the decision on how to finance the projects when approved. The report will assist the BOF in being prepared for future projects. Mr. Cotton asked for a report from the Committee for the June meeting.
YEAR TO DATE FINANCIALS
The April financial reports were available for review. Mr. Hutvagner added that the Highway snow budget is about $100,000 over budget, but the storm of Feb. 11-13 has been declared a snow emergency and the Town will receive 75% re-imbursement. In addition, the Special Legal account is over budget due to litigation. Mr. Hutvagner added that he anticipates ending the year with a surplus.
CORRESPONDENCE
Mr. Cotton reported the Board of Selectmen is considering the purchase of electricity at a discount through a program with the Connecticut Conference of Municipalities. He added that there are other programs that could be pursued, the Connecticut Solar PV Rebate program (solar panels on roofs of residences) and Renewal Distributor Generation Program for larger buildings/entities. He suggested the schools could consider the second program.
EXECUTIVE SESSION
Motion: move to executive session for a discussion of negotiations. DeSalvo, Guitar. Approved. Unanimous. Mrs. Ketcham was invited to be present.
The meeting recessed at 8:20 pm
RECONVENE
The Chair reconvened the meeting at 8:45 pm. No action was taken.
ADJOURNMENT
The Chair adjourned the meeting at 8:45 pm.
Respectfully submitted,
Mary Maday, Recording Secretary
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