REC EIVED OCTOBER 7, 2009 @ 8:30 A.M.
Michele R. Grande, Redding Town Clerk
REDDING BOARD OF FINANCE
REGULAR MEETING
September 29, 2009
Filed subject to approval
Present: Alvarez (Chairman), DeSalvo, Guffey, Viscio, Dolan (7:45 pm), Simeonidis
Also present: First Selectman Ketcham, Selectman Takacs, Controller Gniadek, Treasurer O’Donnell, Tax Collector Moisio, and several members of the public.
APPROVAL OF MINUTES
Motion: move that the Board of Finance accepts the minutes of August 31, 2009 as submitted. DeSalvo, Guffey. Approved. 4-0-1. Simeonidis abstained.
GLDC STATUS REPORT
Christopher Lynch, representing Rocco Trotta, presented a status report on the GLDC project. He reported they are in the process of preparing to move forward with the project. Mr. Lynch reported that plan for the improvement of the two intersections is moving forward with work to begin in the spring. The Town has received funding and will administer the project. In addition, an application for a TIGER (Transportation Income Generation Economic Recovery) grant for building the proposed parking garage and train platform has been completed. The grant, working through the CT Department of Economic & Community Development and the CT Department of Transportation is to improve transportation and encourage economic growth. Mr. Lynch anticipates a response to the grant application in Mid-February. Mrs.
Ketcham received a letter from the Connecticut DECD regarding the grant application for up to $30 million for the train station platform and the 600 car parking garage. Mr. Lynch noted that GLDC is cautiously optimistic that the grant will be approved and the project will move forward.
The TIF plan, approved by voters at a town meeting in January, was discussed. Mr. Alvarez referred to the conditions and terms of the agreement. Mr. Lynch assured the board that GLDC understands the conditions and will be prepared to address them. In addition, GLDC is working to secure additional funding to pay off the annual taxes due to the Town.
AGENDA ADDITION
Motion: move to add a public comment to the agenda. Simeonidis, DeSalvo. Approved. Unanimous.
PUBLIC COMMENT
Bob Sterling, Mountainview Drive: requested specific information regarding the intersection work to be done in April. Mr. Lynch reported the contract for the work on the two intersections should be awarded in March or April, with the work to be completed in about 90 days. Mrs. Ketcham added that she is in multiple daily contact with the new management for GLDC. Mr. Simeonidis noted that the Board of Finance has no operational control of or responsibility for the GLDC project. The point of contact is the Board of Selectmen. The Board of Finance is only involved with the request for TIF funding. The Board of Finance in interested in the GLDC development and gets periodic reports since ultimately the development will have an impact on revenues.
Mike D’Agostino, Glen Hill Road: question regarding GLDC’s ability to obtain the funding to go vertical. Mr. Lynch responded that the project cannot move forward until the market allows. There are no proposed that would change the approved master plan for the development.
REPORT FROM CONTROLLER
Mr. Gniadek reported on the following:
- General Fund balance: Mr. Gniadek reported an unaudited General Fund balance for fiscal 08-09 of $1,777,000. The draft audit report is expected for the October Board of Finance meeting.
- Reports: Mr. Gniadek has adapted a State OPM template for the financial reports and asked board members for feedback on the report format.
- Investment Income: A shortfall in investment income is anticipated for the fiscal year, about $40,000, due to low interest rates.
- Life Insurance: the vendor was changed effective October 1. The savings on an annual basis is about $13,000.
- Bans: Bans will be rolled over on October 14, 2009, at an expected 5% to 6% range.
- Town vehicles: three town vehicles were sold and netted about $30,000.
- Moody: notification has been received that Moody’s is doing a routing surveillance of the Town of Redding and the Board of Education. Mr. Gniadek is completing a questionnaire and a conference call will complete the review. Mr. Dolan requested that board members receive a copy of the questionnaire.
- Police Department Addition: the addition, fully funded through a STEAP Grant, is in the design phase.
- Board of Education: the end of year unexpended balance of $37,621 was transferred to their Health Insurance Reserve Fund.
Mr. Simeonidis requested that Mr. Gniadek add another column to the financial reports for the previous year, for comparison purposes. Regarding the Fund Balance, he suggested that the board discuss the topic more thoroughly at a meeting, along with information on what other towns maintain and long range planning. Mr. Alvarez noted that the board’s goal was to restore the fund balance to 5% and 10% range, and the board should achieve that next year. The fund balance will be an agenda item for the next meeting.
LONG RANGE FINANCIAL PLANNING COMMITTEE REPORT
Peg O’Donnell reported the Committee has prepared a preliminary plan that identifies about $23 million in projects that need to be looked at. The Board of Selectmen has requested that the preliminary plan be presented to them first for review. The Board of Selectmen is the body that makes the recommendations on what projects should move forward and the Board of Finance determines how they will be financed.
BOARD MEMBER REPORTS
Mr. Simeonidis reported that Superintendent Search Committee interviewed candidates, but no decision was reached. The Committee has now been streamlined and will begin the process again. Dr. Fossbender has agreed to remain in the position until December 31, 2009. The Committee hopes to have a resolution by the end of the calendar year.
PUBLIC COMMENT
James Miller, Middlebrook Pond Road: suggested the use of “hand-me-down” vehicles be studied. He suggested the cost to maintain the vehicles might not be cost effective compared with leasing vehicles. Mr. Miller also commented that the report that the Long Range Financial Planning Committee had a plan was good news. He believes that the Board of Selectmen, Board of Finance and taxpayers need to know and understand the long term needs and the document needs to be made public. Mrs. O’Donnell noted that the Long Term Financial Planning Committee meetings are open to the public and the agendas and minutes are posted.
Peter Bonfanti: commented that he attended the Long Term Financial Planning Committee meeting and received a copy of the draft report.
Gwen Denny, Wayside Lane: commented that she had a copy of the school’s long term capital needs and they totaled $2.5 million and wondered what made up the remaining $20 million. She expressed concern that the capital needs of the schools, particularly Redding Elementary School, are not being addressed.
ADJOURNMENT
Motion: move to adjourn. Dolan, Guffey. Approved. Unanimous.
The meeting was adjourned at 8:45 pm
Respectfully submitted,
Mary Maday, Recording Secretary
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