REDDING BOARD OF FINANCE
MEETING
September 24, 2007
Filed subject to approval
Present: Alvarez (7:33), Cotton, DeSalvo, Guitar
Also present:: Controller Hutvagner, Treasurer O’Donnell, Selectmen Ketcham & Takacs, Highway Superintendent Sanford, and three members of the public.
Mr. Cotton called the September 24, 2007 meeting to order at 7:31 pm in the Hearing Room of the Town Office Building
REPORT ON ROAD RECONSTRUCTION BOND PROJECT/PRESENTATION FROM BRUCE SANFORD
Highway Superintendent Sanford provided a written report on the Road Reconstruction Project. He stated that a total of 33.8 miles of roadway reconstruction had been completed and a total of over 6,000 feet of drainage work was completed. The increase cost of oil increased the price of materials for the project, so the planned 40 miles of roadway could not be completed. Giles Hill Road was completed this week, and roadway basins will be installed on Sanford Town Road and Wood Road. The installation of basins has had a positive impact by lessening the drainage into the wetlands. He reported the project was completed ahead of schedule and he is very pleased with the work of his crew.
Board members asked about the cost to complete the project as originally planned. Mr. Sanford estimated $2 ½ to 3 million dollars would be needed to complete the additional seven miles. Mr. Alvarez asked for an assessment of other roads that are in need of repair.
Mr. Alvarez arrived during the beginning of Mr. Sanford’s presentation. A quorum was present at that time.
GASOLINE/DIESEL/HEATING OIL PRICES
Mr. Hutvagner provided a worksheet of prices for gas/diesel/heating oil for the 2007-2008 fiscal year. The prices are from the current vendor, Santa Fuel, Inc.
Mr. DeSalvo recommended that, in future years, this analysis & discussion should take place in July & August.
Motion: Move that the Redding Board of Finance lock in the prices for gasoline/diesel/heating oil per the schedule submitted by Mr. Hutvagner for the remaining nine months of the year. Alvarez, Guitar. Approved. Unanimous.
APPROVAL OF MINUTES
Motion: Move to approve the minutes of the August 27, 2007 meeting as corrected. Guitar, Alvarez. Approved. 5-0-1. Unanimous.
Correction: page 2, under Year to date Financial Statements, line 1, Mr. Hutvagner estimated a year end unexpended balance…..
YEAR TO DATE FINANCIAL STATEMENTS
Mr. Hutvagner submitted a written report. Board members discussed the issue of revenues not coming in as anticipated. This is due primarily to the decline in the real estate market and delay in the Georgetown Land Development Project. Mr. Hutvagner reported the decline in revenue will be offset by the savings in heath insurance and workers compensation, and an increase in revenue from taxes on personal property.
Mr. DeSalvo requested that GLDC submit a monthly progress report to the Board of Finance for the next 18 months. Mrs. Ketcham will follow up on the request.
ADMINISTRATIVE MATTERS
The Tax Assessor will attend the October Board of Finance meeting, following the issuance of the preliminary October 1 Grand List.
EXECUTIVE SESSION
Motion: Move to recess to executive session for a discussion of real estate acquisition. Guitar, Alvarez. Approved. Unanimous.
Invited to be present: Ketcham, Takacs, O’Donnell, Hutvagner
The meeting recessed at 8:15 pm
RECONVENE
The Chair reconvened the meeting in public session at 8:30 pm.
Motion; Move that the Redding Board of Finance recommend to a Town Meeting on October 4, 2007 at 7:30 pm, the approval, at the discretion of the Board of Finance, short-term borrowing pending long-term financing for the previously approved purchase of the Levine property (up to $1,450,000). Alvarez, Guitar. Approved. Unanimous.
ADJOURNMENT
The Chair adjourned the meeting at 8:31 pm.
Respectfully submitted,
Mary Maday, Recording Secretary
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