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RECEIVED APRIL 27, 2010 @ 9:45 A.M.
Kerry Miserendino, Redding Asst. Town Clerk
2 Pages
REDDING BOARD OF FINANCE
REGULAR MEETING
April 26, 2010
Minutes
Filed subject to approval
Present: Alvarez (Chairman), DeSalvo, Dolan, Guffey, Mazzucco
Also present: First Selectman Ketcham, Controller Gniadek, Treasurer O’Donnell, a representative of the Redding Pilot and three members of the public.
The meeting was called to order by Chairman Alvarez at 7:30 pm in the Hearing Room of the Town Office Building.
APPROVAL OF MINUTES
Motion: move that the Board of Finance accepts the minutes of April 7 , 2010 as amended. Mazzucco, DeSalvo. Approved. Unanimous.
Amendment: page 2, the motion regarding the lease agreements for vehicles:
“Motion: move that the Board of Finance authorizes the Controller to proceed with lease agreements not to exceed seven years for the Ford 550 swap loader $52,000 for the Recycling Center, and 1 rubber tire backhoe, $100,000, 3 dump bodies, $48,000, and 1 ten wheel dump truck, $46,000 for the Highway Department, to be funded through the General Fund. DeSalvo, Simeonidis. Approved. Unanimous.
was amended to read as follows: Motion: move that the Board of Finance authorizes the Controller to proceed with lease agreements not to exceed seven years for the Ford 550 swap loader $52,000 for the Recycling Center, and 1 rubber tire backhoe, $100,000, 3 dump bodies, $48,000, and 1 ten wheel dump truck, $46,000 for the Highway Department, to be funded through an internal transfer to amend the 2010-2011 published budget to provide for an annual lease payment of $60,000 for the aforementioned vehicles. There is no change in the total budget for FY 2010-2011. It is proposed to add $60,000 to the “Administrative Services” budget, with a corresponding reduction to the “Transfer Fund Balance” account. DeSalvo, Simeonidis. Approved. Unanimous.
CONTROLLER’S REPORT
Mr. Gniadek highlighted his written report:
- Revenues through 3/31/2010 are 97.6% of budget, similar to last year at the same time.
- Expenses: expenses are estimated to be approximately $266,000 favorable to the budget at year end.
- Short Term Disability: this will convert from self insurance to a covered policy.
- Municipal Investment Policy: Mr. Gniadek attended a workshop covering Municipal Investment Policy and recommended that this be the next policy for development. Board members were in agreement.
- CMERS Challenge: Mr. Gniadek and First Selectman Ketcham met with the State Comptroller and others to discuss the issue with the large increase proposed for next year. Mr. Gniadek also met with the Deputy Controller Ojakian, Buck Consultants (Actuaries) and Tom Haney (Town Mgr. Weston). It was agreed that the Deputy Controller would present our ideas to the Pension Sub-Committee.
- Station Road Bridge, this is going to bid with a closing date of May 20, 2010.
REVIEW AND APPROVAL OF POLICIES
The revised draft of the Undesignated General Fund Balance Policy was reviewed and some minor changes were made. The revised draft of the Debt Management Policy was reviewed and minor changes made.
Motion: move that the Redding Board of Finance accept the Undesignated General Fund Balance Policy and the Debt Management Policy, as revised 4/26/2010. DeSalvo, Mazzucco. Approved. Unanimous.
DISCUSSION OF MIL RATE FOR 2010-2011
Mr. Gniadek provided board members with an updated work sheet. The only change is for several additions to the elderly tax break. The mil rate will be established when the budget referendum is approved.
ADMINISTRATIVE MATTERS
Peggy O’Donnell, speaking for the Long Range Financial Planning Committee, noted that the Board of Finance approved the financing of the capital needs for next year, but did not discuss the needs in the following years. Mr. Alvarez responded that the board would keep the needs for the following years in mind, and expects the Long Range Financial Planning Committee to meet regularly and report any changes, additions, or deletions to the BOF.
ADJOURNMENT: Motion: move to adjourn. Mazzucco, DeSalvo. Approved. Unanimous.
The meeting was adjourned at 8:15 pm
Respectfully submitted,
Mary Maday, Recording Secretary
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