[Marker]
REDDING BOARD OF FINANCE
MEETING
August 27, 2007
Filed subject to approval
Present: Alvarez, Cotton, DeSalvo, Dolan, Guitar, Viscio,
Also present:: Controller Hutvagner, Treasurer O’Donnell, and two members of the public.
Mr. Cotton called the August 27, 2007 meeting to order at 7:30 pm in the Hearing Room of the Town Office Building
APPROVAL OF MINUTES
Motion: Move to approve the minutes of the June 25, 2007 meeting as submitted. Viscio, DeSalvo. Approved. 5-0-1. Mr. Cotton abstained
REVIEW AND DISCUSSION OF INSURANCE RENEWALS
Mr. Hutvagner provided a comparison of last year’s cost with this year’s cost for Property & Casualty (Liability) Insurance. The total premium for 2007-2008 is down by about $5,000. The town’s portion of the premium shows a decrease of about $10,000 and the Redding Board of Education shows an increase of about $6,000.
HSA – HEALTH SAVINGS PLAN FOR TOWN
Mr. Hutvagner reported the town employees are now participating in a Health Savings Plan. The premium for the plan is fixed and all 64 employees are participating. The goal of the program is to foster educated consumerism on the part of the insured.
UPDATE ON FEMA 4/15/07 DISASTER CLAIM
Mr. Hutvagner reported all claims have been approved. The town submitted claims of $357,341. The reimbursement rate of 75% applies, with payments for the 06-07 fiscal year of $147,288 and $120,717.75 for fiscal 07-08. In addition, the three fire department claims of $14,129.23 were approved and will be reimbursed at the 75% rate or $10,699.81.
REPORT ON CLEAN ENERGY PROJECT
Mr. Cotton reported the subcommittee had selected Sterling Planet as its supplier of renewable energy and to assist with the marketing of the program. The committee’s goal is to convert the electrically heated wing of Redding Elementary Schoolto solar-generated power.
For every 100 property owners who sign up, the town is entitled to two one-KW solar photovoltaic technology systems with a minimum value of $20,000 from the Connecticut Clean Energy Fund. The committee’s target is for 400 residents to sign up for the renewable energy program, which would give the town eight kilowatts (kW) of photovoltaics. Mr. Cotton recommended asking the Redding Board of Education to endorse the program and consider completion of the program (total of 28 kilowatts).
Motion: move that the Redding Board of Finance authorize the Chairman, Jim Cotton, to send a letter to the Redding Board of Education explaining the program and asking for their support for the program. DeSalvo, Alvarez. Approved. Unanimous.
YEAR TO DATE FINANCIAL STATEMENTS
Mr. Hutvagner reported that he estimates the end of year balance to be about $400,000. Both the Redding Board of Education and Region #9 Board of Education will expend their entire budget, adding to the medical reserve fund and/or capital reserve account (Region #9).
The Heritage House property is still on the market. Audit work has begun. The Revaluation process is nearing completion. The Tax Assessor will be asked to attend the next meeting and report on the revaluation process and progress.
Mr. Hutvagner was also asked to provide a financial accounting report at the next meeting on the Highway Department roadway reconstruction program.
ADJOURNMENT
The Chair adjourned the meeting at 8:30 pm.
Respectfully submitted,
Mary Maday, Recording Secretary
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