[Marker]
REDDING BOARD OF FINANCE
REGULAR MEETING
October 30, 2006
Filed subject to approval
Present: Alvarez, Cotton, DeSalvo, Dolan, Guitar
Also present: Hutvagner, O’Donnell, Ketcham, Takacs, and one member of the public
Mr. Cotton called the October 30, 2006 meeting to order at 7:33 pm in the Hearing Room of the Redding Town Office Building.
DISCUSSION OF OPERATING BUDGET EXPENDITURES DEADLINES WITH BOARD OF EDUCATION
Mr. Hutvagner stated the auditors were unable to complete the audit because the Board of Education had not closed their books for the fiscal year. He added that generally the books should be closed within 60 days following the close of the fiscal year.
Mrs. Sullivan, Director of Finance for the Board of Education, responded that she had reported to the Controller that the Board of Education would have no remaining balance, that all the approved funding would be expended. She added that the teacher contract allows teachers to elect to be paid over 12 months, therefore there are payroll expenditures in July & August. In addition, some vendors are slow to submit invoices for payment, not submitting until Aug/Sept.
Mr. Hutvagner added that he would like to have greater detail on the expenditures on a monthly basis. Mr. Cotton suggested that Mr. Hutvagner and Mrs. Sullivan meet to discuss the differences.
DISCUSSION OF BOARD OF EDUCATION MEDICAL RESERVE FUND
Mrs. Sullivan also reported the Redding Board of Education health insurance reserve fund began the fiscal year with $600,000, but claims for August were $715,000 with two individual cases hitting the stop loss limit of $150,000. Mrs. Sullivan reported claims for September were back to the usual level and she does not anticipated problems with the current level of reserves.
The current school enrollment for the elementary and middle schools is expected to peak in the 2008-09 school year, with about 20 more students than now. The Joel Barlow High School population has peaked this year at 970 students.
DATE FOR MEETING WITH REDDING BOARD OF EDUCATION
The joint meeting of the Board of Finance and Redding Board of Education is scheduled for Thursday, November 30, 2006 at 7:30 pm in the Community Room of the John Read Middle School.
TAX COLLECTOR REPORT
Mrs. Moisio reported that tax collection has been going well and is on schedule. She presented four concepts she is exploring.
a. ATM machine: consideration of installing an ATM machine in the Town Office Building is being considered by Union Savings Bank. Mrs. Moisio noted that this would be of assistance when individuals come in to pay their delinquent vehicle taxes. All delinquent vehicle taxes must be paid in cash, and the nearest location to obtain cash is not nearby.
b. Web site information: Mrs. Moisio is looking into having tax payment information available “on line”.
c. Electronic payment of taxes: this could be made available through “Official Payments”, with the individual making the payment paying the service fee.
d. Credit card use for payment of taxes: options are being explored.
APPROVAL OF MINUTES
Motion: move to approve the minutes of September 25, 2006 as submitted. Guitar, DeSalvo. Approved. Unanimous.
ELDERLY TAX RELIEF COMMITTEE REPORT
Ms. Guitar reported she and Mr. Viscio completed a review Redding’s current ordinance which provides a tax benefit to the elderly and Public Act No. 06-176. Town Attorney Michael Lavelle advised that Public Act No. 06-176 creates a new form of elderly tax relief in the form of a freeze on taxes in spite of increases in assessments. Mr. Viscio and Ms. Guitar recommended continuing with the current ordinance as it stands.
Motion: move that the Redding Board of Finance continue the existing elderly tax relief plan subject to adjustments when the revaluation process is completed. Guitar, Dolan. Approved. Unanimous.
2007 MEETING DATES
Motion: move that the meeting dates for 2007 be accepted as presented. Alvarez, DeSalvo. Approved. Unanimous.
Meeting dates:
January 29
February 26
March 26
April 30
May 8
May 29
June 25
July 30
August 27
September 24
October 29
November 26
December 17
YEAR TO DATE FINANCIALS & CONTROLLER’S REPORT
The year to date financial report was reviewed. Mr. Hutvagner reported all departments are tracking close to budget.
ADJOURNMENT
The Chair adjourned the meeting at 8:30m.
Respectfully submitted,
Mary Maday, Recording Secretary
| 
