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REDDING BOARD OF FINANCE
MEETING
July 21, 2008
Filed subject to approval
Present: Alvarez (Chairman), DeSalvo, Dolan(7:45pm), Kearney, Simeonidis
Also present: First Selectman Ketcham, Selectman Takacs, Controller Hutvagner, Tax Collector Moisio, Treasurer O’Donnell, four members of the public and representative of the Redding Pilot.
Chairman Alvarez called the July 21, 2008 meeting to order at 7:30 pm.
APPROVAL OF MINUTES
Motion: move that the minutes of the June 23, 2008 meeting be approved as submitted. Kearney, DeSalvo. Approved. 3-0-1. Mr. Simeonidis abstained.
REPORT FROM HIGHWAY SUPERINTENDENT
Mr. Sanford provided an update on budget spending plans for fiscal 08-09. He reported the longer work day has enabled the department to complete more work and conserve fuel. Traveling to and from the site only four days a week has reduced fuel. In addition the department is doing whatever they can to conserve fuel. The Department will complete work on Wood Road and then move to Drummers Lane. Upon completion of that work, he anticipates a balance of approximately $90,000 (of the $600,000) which will be used for various drainage jobs.
Mr. Dolan arrived (7:45 pm)
MAY 2008 YEAR TO DATE FINANCIAL STATEMENTS & CONTROLLER’S REPORT
Mr. Hutvagner reported the end of year balance will be finalized at the end of August. The audit firm has been on site for the preliminary work. He estimated the current budget shortfall to be approximately $60,000.
Mr. Hutvagner reported the Cooperative Oil Purchasing Consortium met on June 24, 2008 and agreed to lock-in if the price for #2 oil dropped to #3.75/gal. If this does not occur, the group will meet in August to review the situation.
Treasurer O’Donnell added that interest rates are about 2.23% and the Board should stay on top of the cash flow numbers.
Tax Collector Moisio reported taxes continue to come in. The due date is August 1,2008, but because that is a Friday and the office is closed, taxpayers have until August 4 to make payment. The banks holding the escrow funds generally wait until the end of July to make payments. She will have a more complete report at the next meeting.
BOARD MEMBER REPORTS
Mr. Simeonidis and Mrs. Kearney will participate in the teacher contract negotiation meetings.
ADMINISTRATIVE MATTERS
The August meeting was rescheduled to Tuesday, August 26, 2008 to avoid a conflict with the teacher contract negotiation final meeting.
The schedule for the next few meetings will include:
- August meeting: Town Clerk
- September meeting: Board of Education/schools
- October meeting: Park & Recreation Department
ADJOURNMENT
Motion: move to adjourn. DeSalvo, Dolan. Approved. Unanimous.
The meeting was adjourned at 8:30 pm
Respectfully submitted,
Mary Maday, Recording Secretary
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