[Marker]
REDDING BOARD OF FINANCE
MEETING
May 28, 2008
Filed subject to approval
Present: Alvarez (Chairman), DeSalvo, Dolan, Kearney, Viscio
Also present: First Selectman Ketcham, Controller Hutvagner, Assessor Ford, Treasurer O’Donnell, three members of the public and representative of the Redding Pilot.
Chairman Alvarez called the May 28 2008 meeting to order at 8:23 pm in the Redding Community Center.
EXECUTIVE SESSION
Motion: move to recess to executive session for a discussion of litigation. DeSalvo, Viscio. Approved. Unanimous.
The meeting recessed at 8:24 pm. Mrs. Ketcham, Mr. Hutvagner & Mr. Ford were invited to be present.
RECONVENE
Chairman Alvarez reconvened the meeting in public session at 8:45 pm
APPROVAL OF MINUTES
Motion: move that the minutes of the April 28, 2008 and May 6, 2008 meetings be approved as submitted. Dolan, DeSalvo. Approved. Unanimous.
PUBLIC COMMENT
Jeannie Wendschuh: requested copies of the financial documents/spread sheets for the budget discussion. Mr. Hutvagner will provide the documentation.
2008-2009 BUDGET, DISCUSSION AND ACTION
The budget referendum was approved 945 to 874. The question on the Joel Barlow High School vote was approved in Redding, 950-868, but defeated in Easton 745-853.
A discussion of the mill rate followed. Board members discussed the Conveyance Tax revenue, the Supplemental Auto tax revenue, and the increasing cost of fuel & diesel oil.
Motion: move that the Redding Board of Finance set a mill rate for fiscal 2008-2009 at 20.95. Dolan, Viscio. Motion defeated 1-4. Voting for: Kearney; voting against: Dolan, DeSalvo, Viscio & Alvarez.
Motion: move that the Redding Board of Finance set a mill rate for fiscal 2008-2009 at 21. 00. DeSalvo, Dolan. Approved. 4-1 Voting for: Dolan, DeSalvo, Viscio & Alvarez, voting against: Kearney.
APRIL 2008 YEAR TO DATE FINANCIAL STATEMENTS
The current financial documents were reviewed. Mr. Hutvagner expressed a concern about the increasing cost of fuel & diesel oil. The Town plans to join the Boards of Education consortium for the purchase of fuel & diesel oil, but the cost will not be locked in until sometime in August. The budgeted amount for fuel & diesel oil is in the $2.75-$3.00 range, but the consortium current prices are in the $4.30-$4.60 range. Mr. Hutvagner has a quotes from the previous supplier, which were in a similar range. Board members discussed the issue and decided, at this time, to go with the consortium. The issue will be reassessed next month.
Mr. Hutvagner reported that the current budget shortfall remains at $143,000 and is continuing on a downward trend.
REPORTS
Treasurer O’Donnell reported that BANS went out to bid on May 22, 2008 for $1,155,000. The winning bid was at a rate of 1.9174%. The BANS will mature on January 28, 2009.
NEXT MEETING
The meeting scheduled for June 30, 2008 was changed to June 23, 2008
ADJOURNMENT
Motion: move to adjourn. DeSalvo, Dolan. Approved. Unanimous.
Respectfully submitted,
Mary Maday, Recording Secretary
Mary
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