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REDDING BOARD OF FINANCE
MEETING
November 26, 2007
Filed subject to approval
Present: Alvarez, DeSalvo, Dolan, Kearney, Simeonidis, Viscio
Also present:: Controller Hutvagner, Treasurer O’Donnell, Selectmen Ketcham &Takacs, and four members of the public.
Mr. Alvarez called the November 26, 2007 meeting to order at 7:35 pm in the Hearing Room of the Town Office Building. New board members, Christina Kearney and Nick Simeonidis were welcomed.
ELECTION OF OFFICERS
Motion: move to nominate Bill Alvarez to the position of Chair. DeSalvo, Kearney. Approved. Unanimous.
Mr. Alvarez asked Mr. Dolan and Mr. DeSalvo to explore the creation of a vice-chair position, and if they agree that the position would be valuable, they should prepare a nomination for the December meeting.
APPROVAL OF MINUTES
Motion: Move to approve the minutes of the October 29, 2007 meeting as submitted. DeSalvo, Dolan. Approved. 2-0-4. Alvarez, Simeonidis, Viscio and M Kearney abstained.
YEAR TO DATE FINANCIAL STATEMENTS
The financial statements were available for review. Mr. Hutvagner noted that the departments are under budget as of the end of October. Budget expenses will be reviewed closely in December, particularly because the anticipated revenues from the Georgetown project have not begun to come in. First Selectman Ketcham added that some expenditures have been put on hold or deferred, i.e. the additional zoning official position. The revenues and costs associated with the GLDC project have been delayed. GLDC is now projecting that construction will begin in June of 2008.
Mr. Alvarez will meet with Mr. Hutvagner to review volatile areas of revenues and expenses. Mr. DeSalvo suggested that the Town’s donation to the Mark Twain Library should be spread over the fiscal year rather than allocated on July 1 of the fiscal year as has been the tradition. A brief discussion of the donation allocation followed. No action was taken.
2006-2007 PRELIMINARY FINANCIALS
Joseph Kask and Lisa Walsh, Blum Shapiro & Co PC, presented and reviewed the draft of the financial statements. The Management Letter is expected to be completed next week and the final audit report will be completed for the December 17, 2007 Board of Finance meeting.
SCHEDULE SPECIAL MEETING
The annual joint meeting of the Board of Finance, Board of Selectmen, Redding Board of Education and Region #9 Board of Education was tentatively scheduled for December 17, 2007.
TREASURER COMMENTS
Mrs. O’Donnell reported a Sale of Bans is scheduled for December 13, 2007, for $1,450,000 for the Levine property. The closing for the purchase of the Levine property is scheduled for December 20, 2007.
Mrs. O’Donnell also reported that the Long-Range Committee would meet to review long term needs of the town.
BOARD MEMBER ASSIGNMENTS
Long-Range Planning Committee: Mrs. Kearney & Mr. Dolan
Region #9: Mr. DeSalvo will continue as the liaison and a member of their Financial Oversight Committee. Should Mr. DeSalvo opt out of the Financial Oversight Committee, Mr. Simeonidis will be the board’s recommendation for the position.
Redding Board of Education: Mr. Simeonidis.
Revenue Committee: Mr. Dolan & Mr. DeSalvo
Water Pollution Control Commission: Mr. Viscio
Mark Twain Library: Mr. Simeonidis.
ADJOURNMENT
Motion: move to adjourn. Viscio, Dolan. Approved. Unanimous.
The meeting was adjourned at 9:00 pm
Respectfully submitted,
Mary Maday, Recording Secretary
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