[Marker]
REDDING BOARD OF FINANCE
MEETING
APRIL 11, 2008
Filed subject to approval
Present: Alvarez (Chairman), DeSalvo, Dolan, Kearney, Simeonidis, Viscio,
Also present: First Selectman Ketcham, Selectman Takacs, Assessor Ford, Controller Hutvagner, Tax Collector Moisio; four members of the public and a representative of the Redding Pilot.
Mr. Alvarez called the April 11, 2008 meeting of the Board of Finance to order at 6:40 pm
DISCUSSION OF BUDGET REVENUE SHORTFALL 2007-2008
The revenue shortfall was discussed. The Controller, Tax Collector and Assessor reviewed the reconciliation of the numbers and the measures put in place to monitor changes in the Grand List. Reductions and adjustments to the Grand List over the year reduced the amount of collectible taxes. In addition, the amount of money earned in interest was substantially below what was originally anticipated. Mrs. Moisio added that taxes are still coming in on a daily basis and notices have been sent to all delinquent payers.
The expense side of the budget was also discussed. On a positive note, the sale of Heritage House closed today, and the proceeds from the sale are in the bank.
The 2007-08 budget shortfall has now been estimated by the Controller to be $223,399, an improvement from the previous report.
Changes to the Grand List will be finalized on April 21, 2008. The Board of Finance will schedule a meeting for April 21, 2008 for further discussion.
DISCUSSION ON THE 2008-2009 BUDGET
Board members discussed the need for the Board of Education to rebuild the medical reserve fund if the Board of Finance needs the $100,000 currently in that fund. Mr. Lewson, Chairman of the Board of Education, reported the board is not in a position to change the proposed budget.
Board members discussed the desired Reserve Fund level and how to get to that level. Discussion centered on rebuilding the Reserve Fund to a 5% of budget over a three year period, with an increase of $750,000 in the 2008-2009 budget. No action was taken; the Board of Finance will wait until the April 21, 2008 meeting to take action.
PUBLIC COMMENT
Dan Heller: as a past Treasurer of Redding, he recommended a 5% level for the Reserve Fund.
James Miller: questions regarding the Board of Appeals and the decisions/adjustments being made.
Steve Soler: asked what the goal of the Board of Finance was for the Reserve Fund. Members of the Board of Finance responded that a 5% level was the goal.
ADJOURNMENT
Motion: move to adjourn. Kearney, Simeonidis. Approved. Unanimous.
The meeting was adjourned at 8:25 pm
Respectfully submitted,
Mary Maday, Recording Secretary
|