[Marker]
REDDING BOARD OF FINANCE
MEETING
January 28, 2008
Filed subject to approval
Present: Alvarez (Chairman), Kearney, Simeonidis, Viscio
Also present: Controller Hutvagner, Treasurer O’Donnell, First Selectman Ketcham, Tax Collector Moisio, Director of Finance for Redding Schools Sullivan. Also present, one member of the public and representative of the Redding Pilot.
Chairman Alvarez called the January 28, 2008 meeting to order at 7:33 pm in the Hearing Room of the Town Office Building.
AGENDA ADDITION
Motion: Move to add to the agenda an executive session for the discussion of negotiations. Simeonidis, Viscio. Approved. Unanimous.
APPROVAL OF MINUTES
Motion: Move to approve the minutes of the December 17, 2007 meeting as submitted. Kearney, Simeonidis. Approved. Unanimous.
Motion: Move to approve the minutes of the January 4, 2008 meeting as corrected. Simeonidis, Viscio. Approved. 2-0-2. Alvarez & Kearney abstained.
Correction: Mr. Simeonidis’ name was corrected.
ACCEPTANCE OF JUNE 30, 207 MANAGEMENT REPORT
A draft of the auditor’s Management Report was reviewed. The Report noted three specific items regarding the posting of transactions. Mr. Hutvagner submitted a written explanation/response to the notations. The first dealt with the reporting of State and Federal grant receipts and other Town revenues that have been credited to expenditure accounts. Mr. Hutvagner and Mrs. Ketcham explained the reasoning behind the process. Mr. Alvarez asked if the procedure constitutes an approved accounting policy. Mr. Hutvagner will check with the auditors, Blum Shapiro & Company LLC, on the matter and advise the Board of Finance.
Motion: Move that the Redding Board of Finance accept the Management Report as presented. Simeonidis, Viscio. Approved. Unanimous.
REVIEW YEAR-TO-DATE BUDGET REPORT AND CONTROLLER’S REPORT
Mr. Hutvagner reported that all Town departments are underbudget and will meet or exceed their expenditure savings. The Highway Department, while overspend in the paving line of the budget, has curtailed other expenditures except for winter storms, and expects to finish the year within their budget.
Treasurer O’Donnell reported that interest income will be lower than she anticipated at the previous meeting. She, along with the assistance from the Controller, will prepare a rolling cash flow projection from now to the end of the fiscal year and beyond for the next meeting.
Tax Collector Moisio reported that property tax revenue is coming in aw anticipated. She added that many of accounts that were delinquent have either paid or established payment schedules.
Mr. Alvarez requested Mr. Hutvagner and Mrs. O’Donnell prepare a cash flow forecast and an update on the revenue shortfall/expense reduction schedule on a monthly basis from now to the end of the fiscal year.
Treasurer O’Donnell provided information on the security of the Town’s investments. She reviewed how the Town’s monies held by Union Savings Bank are collateralized. She reported the money is invested prudently by the bank. She has also held conversations with the Town’s advisors at People’s Bank regarding fund balance recommendations.
BOARD MEMBER REPORTS
Schools: Mr. Simeonidis reported the Redding Board of Education has not finalized their proposed budget. The primary budget drivers for the next fiscal year are an early learning initiative and the addition of a fifth grade teacher.
Long Range Planning: Mrs. Kearney reported the Committee is meeting to review the long term needs of the town and schools. Information/detailed proposals are being requested for review at the next meeting of the committee. Discussion of what constitutes a long-term or capital item followed. Mrs. O’Donnell reviewed the five points the Long Range Committee agreed on last year for items to be included for long range/capital funding.
• $100,000 minimum amount
• Long term in nature, five years or greater
• Out of the ordinary expenditure
• Future oriented
• Emergencies
The current committee will review these parameters to determine if they should be changed.
EXECUTIVE SESSION
Motion: Move that the Redding Board of Finance recess to executive session for a discussion of negotiations. Viscio, Simeonidis. Approved. Unanimous.
Mrs. Ketcham was invited to be present.
The meeting recessed at 8:25 pm
RECONVENE
The Chair reconvened the meeting in public session at 8:40 pm
Motion: Move that the Redding Board of Finance accept the offer as presented at the meeting of January 28, 2008 for the purchase of 9 Cross Highway and to authorize First Selectman Natalie Ketcham to execute all documents through the closing on behalf of the Town of Redding in this transaction. Kearney. Simeonidis. Approved. Unanimous.
ADJOURNMENT
Motion: move to adjourn. Viscio, Simeonidis. Approved. Unanimous.
The meeting was adjourned at 8:50 pm
Respectfully submitted,
Mary Maday, Recording Secretary
| 
