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REDDING BOARD OF FINANCE
REGULAR MEETING
August 28, 2006
Filed subject to approval
Present: Alvarez, Cotton, DeSalvo, Dolan, Guitar, Viscio
Also present: Hutvagner, McHale, O’Donnell, Ketcham, Takacs, and one member of the public
Media: Redding Pilot
Mr. Cotton called the August 28, 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 June 26, 2006 as corrected. DeSalvo, Alvarez. Approved. Unanimous.
Correction, page 2, capital expenses is replaced by capital items, there are six references on the page that should be changed.
REVIEW OF YEAR TO DATE JUNE 2006 & JULY 2006 FINANCIALS
The financial reports were reviewed.
DISCUSSION AND REVIEW OF NEW STATE STATUTES
Mr. Hutvagner reported that new state statutes should be reviewed by the Board of Finance as they relate to the Town of Redding. One bill, House Bill 5093, An Act Concerning Property Tax Relief for Certain Elderly Homeowners, was provided for review. He recommended a subcommittee be appointed to review the document. Mr. Cotton appointed Al Viscio and Mary Ann Guitar to a subcommittee, with Joe Dolan as an alternate. He asked for a recommendation from the subcommittee at the October meeting.
DISCUSSION AND ACTION ON TRANSFERS FOR THE 2005-2006 BUDGET SPECIAL LEGAL AND HIGHWAY SNOW REMOVAL
The Board of Selectman approved the transfer as recommened by Mr. Hutvagner in his memo of August 28, 2006.
Motion: move that the Redding Board of Finance approve transfer of funds per the memo from Larry Hutvagner dated August 28, 2006, to transfer $32,044.19 from Contingency and Retirement of Notes to Special Legal, and to transfer $96,307.41 from Retirement of Notes to Highway Overtime($28,418), Highway Salt ($21,000) and Highway Sand ($46,889.41). DeSalvo, Guitar. Approved. Unanimous.
AGENDA ADDITION
MOTION: move to add to the agenda a discussion and action on the financing of capital items. Guitar, Alvarez. Approved. Unaniomous.
DISCUSSION AND ACTION ON THE FINANCING OF CAPITAL ITEMS
Board members discussed the financing of capital items with Treasurer O’Donnell. The recently approved capital items for the schools (roof, telephone, window replacement, ventilation work) total $399,586. Treasurer O’Donnell recommended financing through BANS (Bond Anticipation Notes).
Motion: move that the Redding Board of Finance approve the use of BANS, pending long term financing, for the recently approved capital items for the schools. Dolan, Alvarez. Approved. Unanimous.
ADMINISTRATIVE ITEMS
1. Auditors: Mr. Hutvagner reported the auditors have been on site for several days. They have established a schedule of visitations that run through November.
2. Mr. Hutvagner introduced Lori McHale, a new member of his office staff. Lori assisted with the compilation of the material for the meeting.
ADJOURNMENT
The Chair adjourned the meeting at 8:25 pm.
Respectfully submitted,
Mary Maday, Recording Secretary
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