REDDING BOARD OF FINANCE
REGULAR MEETING
March 27, 2006
Filed subject to approval
Present: Alvarez, Cotton, DeSalvo, Dolan (7:40), Guitar, Viscio
Also present: Hutvagner, O’Donnell, Ketcham, Takacs
Public: Two members of the public
Media: Redding Pilot
Mr. Cotton called the March 27, 2006 meeting to order at 7:31 in the Hearing Room of the Redding Town Office Building.
APPROVAL OF MINUTES
Motion: move to approve the minutes of February 27, 2006 as corrected, March 20, 2006 as submitted, and the Public Hearing of March 9, 2006 as submitted. Alvarez, Viscio. Approved. Unanimous. (Mr. Cotton and Mr. DeSalvo abstained on the minutes of the March 9, 2006 meeting)
Correction: February 27, page 1, last sentence, change the funding to additional funding.
YEAR TO DATE FINANCIALS
The financial reports were available for review.
DISCUSSION AND ACTION ON THE 2006-2007 BUDGET
Mr. DeSalvo reported he and Mr. Dolan reviewed the revenue figures and reported additional revenue in the current year, and anticipated in the next year, for the tax collection and interest income from investments.
Motion: move to approve a proposed budget of $39,444,480. DeSalvo, Alvarez. Approved. Unanimous.
Mr. Cotton reported, that based on the proposed expenses and estimated revenues, the projected mill rate increase will be zero.
ADMINISTRATIVE
Long Range Financial Planning Committee: Mrs. O’Donnell reported the committee will meet again on April 27 to review the current list of large projects. The Committee has established guidelines that include long-term use, non-recurring, and over $100,000. Discussion followed. Board members expressed a desire to have most “capital” items be considered and listed, and when they are needed. They suggested the Committee prepare a draft list of expenses for review by the BOF. The BOF would like to see a plan of what is needed by all town departments and BOE, for planning purposes, over the next 5-10 years.
ADJOURNMENT
The Chair adjourned the meeting at 8:15 pm.
Respectfully submitted,
Mary Maday, Recording Secretary
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