RECEIVED NOVEMBER 2, 2010 @ 9:43 A.M.
Michele R. Grande, Redding Town Clerk
2 pages
REDDING BOARD OF FINANCE
SPECIAL MEETING
October 27, 2010
Minutes
Filed subject to approval
Present: Alvarez (Chairman), DeSalvo, Dolan, Guffey, Mazzucco, Simeonidis
Also present: Controller Gniadek, Treasurer O’Donnell, Tax Collector Moisio, a representative of the Redding Pilot and seven members of the public.
Chairman Alvarez called the meeting to order at 7:30 pm.in the conference room of the Town Office Building
ACKNOWLEDGEMENT
Mr. Alvarez announced that this was Mr. Simeonidis’ last meeting as he and his family was relocating to Stamford. On behalf of the Board of Finance, he thanked Mr. Simeonidis for his service on the board. He read a letter from the Board of Selectmen recognizing Mr. Simeonidis and his service on the Board of Education and the Board of Finance.
APPROVAL OF MINUTES
Motion: move that the Board of Finance approve the minutes of the September 27, 2010 meeting as submitted. Mazzucco, DeSalvo. Approved. Unanimous.
TAX COLLECTOR’S REPORT
Mrs. Moisio reported that the collection rate to date is 53% of total budget, and close to last year’s collection rate. ‘
CONTROLLER’S REPORT
Mr. Gniadek reported on the following:
- Revenues: an unbudgeted Municipal Video Grant $33,141 was received from the State. The increase over last’s year $19.00 was the result of a repeal and substitution of a prior statute. The formula for calculation was changed and included Cablevision subscribers for the first time.
- Revenue: Two town-owned cars from the Building Department and one police car were sold, netting approximately $10,000.
Expenses: Mr. Gniadek renegotiated the electric supply rate for a reduction of about 2.0 cents. This change should result in a savings for the Town and Water Pollution Control Commission of $107,000 over the 5-year contract term.
Unreserved Fund Balance: the Board of Education year end balance of $150,000 reported at last month’s meeting if for fiscal 2009-2010. The BOE anticipates a $126,000 surplus at year end 2010-2011.
Route 53/107 Intersection: the Town of Redding is responsible for hiring an engineering firm for inspection of the project. Five firms have been selected and will be interviewed by the Committee on November 3.
Counterfeit bills: a counterfeit $100 bill was discovered in a deposit of the Town. The source of the counterfeit bill is not known. Mr. Gniadek has secured bill identifier markers and these have been distributed to Department heads.
2010 Schedule of meetings: the draft schedule of meetings for 2011 was distributed for review. No changes were suggested. The schedule will be filed with the Town Clerk.
- Audit: the audit is almost complete. The auditors will be scheduled for a presentation to the Board at the November meeting. A draft of the audit should be available next week and will be distributed to board members.
TREASURER’S REPORT
Ms. O’Donnell submitted a report of the current (October 21, 2010) balances in the various institutions.
Union Savings, Investment Account $12,544,169
Union Savings, General Fund, $200,000
MBIA Class Plus Account, $83,493
STIF, State Treasurer’s Investment Fund, $2,266,399
TOTAL, $15,094,061
Ms. O’Donnell reported that Town Counsel reviewed the bank repro agreement and found that it complies with state law as a legal document.
WPCC UPDATE
Discussion was tabled to the Executive Session.
BOARD MEMBER REPORTS
Mr. DeSalvo commented that the Region 9 Board of Education was also discussing the investment of funds over $250,000 issues.
PUBLIC COMMENT
Leon Karvelis, a Region 9 Board of Education member, added that the Financial Advisory Committee is in the process of interviewing local banks regarding the investment of their funds.
EXECUTIVE SESSION
Motion: move to recess to executive session for discussion of action to enforce the legal rights of the Water Pollution Control Commission to reimbursement for expenses and legal action. Mazzucco, DeSalvo. Approved. Unanimous.
The meeting will be held jointly with the Board of Selectmen. Also invited to be present for the executive session: Attorney Lavelle, Mr. Gniadek, and members of the Water Pollution Control Commission.
The meeting recessed at 7:58 pm.
RECONVENE
The Chair reconvened the meeting in public session at 10:30 pm
ADJOURNMENT
Motion: move that the meeting be adjourned. Mazzucco, Dolan. Approved. Unanimous.
The meeting adjourned at 10:31 pm.
Respectfully submitted
Mary Maday, Recording Secretary.
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