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REDDING BOARD OF FINANCE
MEETING
August 26, 2008
Filed subject to approval
Present: Alvarez (Chairman), DeSalvo, Dolan(7:35pm), Simeonidis, Viscio
Also present: First Selectman Ketcham, Selectman Takacs, Controller Hutvagner, Treasurer O’Donnell, Town Clerk Grande, three members of the public and representative of the Redding Pilot.
Chairman Alvarez called the August 26, 2008 meeting to order at 7:30 pm.
APPROVAL OF MINUTES
Motion: move that the minutes of the July 21, 2008 meeting be approved as submitted. DeSalvo, Simeonidis. Approved. 3-0-1. Mr. Visico abstained.
REPORT FROM TOWN CLERK
Town Clerk, Michele Grande, provided a comparison of revenue of July and August 2007 & 2008. Both July and August 2008 figures are below those of 2007 as expected, but are on target with the fiscal budget.
Mr. Dolan arrived (7:35 pm)
2008 YEAR TO DATE FINANCIAL STATEMENTS & CONTROLLER’S REPORT
Mr. Hutvagner reported the 2007-2008 fiscal year revised revenue now exceed expenditures by $6,404, and additional monies from taxes is expected by the end of August. The Town Fund Balance of $400,000 was not needed to meet expenses.
The current year revenue flow is good, with 44.9% of the budgeted tax income collected by the end of July. The conveyance fees are at 17.4% of budget and the State is continuing the fee at double the rate while the Town budgeted for the rate to be cut in half. In addition, the Building Department has reported numerous permits for additions and two new house construction permits.
Currently the only expense anticipated to be over budget is for fuel oil. As a result of electricity usage decrease and savings for July with the Summer Energy Conservation Program, the Board of Selectmen has continued the 4-day work week until the end of October. The consortium for oil, gas & diesel locked prices on August 14, 2008, with oil at $3.5332/gallon, gas at $3.5936 and diesel at $3.7422. The budget shortfall versus budget for fuel is estimated at $72,000, assuming all the fuel is used.
Mr. Viscio requested a summary sheet for each meeting of expenditures/revenues compared to budget. This will assist the Board of Finance to look toward the end of the fiscal year.
BOARD MEMBER REPORTS
Mr. DeSalvo requested additional information on the various funds that the Town maintains. Many of the funds are mandated by law and must be kept separate from the operating fund. The process for the administration of the funds was reviewed. Mr. Hutvagner will prepare a summary of the accounts for the next meeting.
Mr. Simeonidis attended the second and third meetings of the Teacher/Board of Education negotiation teams. He anticipates one additional meeting will be scheduled.
Mr. Alvarez recommended adding an executive session to the agendas for upcoming meetings to provide an opportunity to discussion of negotiations.
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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