RECEIVED NOVEMBER 29, 2010 @ 8:30 AM
Kathleen H. Miserendino, Redding Asst. Town Clerk
REDDING BOARD OF FINANCE
MINUTES
November 22, 2010
Present: Alvarez (Chairman), DeSalvo, Dolan, Guffey, Mazzucco, Yonkers
Also present: Controller Gniadek, Treasurer O’Donnell, Tax Collector Moisio, Selectmen Ketcham, Takacs & Pemberton, representatives of Blum Shapiro, and six members of the community
Chairman Alvarez called the November 22, 2010 meeting to order at 7:30 pm
APPOINTMENT OF NEW MEMBER
Motion: move to appoint Kim Yonkers to fill the position created by the resignation of Nick Simeonidis with a term that runs from 11/22/10 to 11/08/11. DeSalvo, Mazzucco. Approved.Unanimous.
Town Clerk, Michele Grande, administered the oath of office and Mrs. Yonkers was seated.
APPROVAL OF MINUTES
Motion: move that the Board of Finance accept the minutes of the October 25, 2010 meeting as corrected. Mazzucco, Dolan. Approved.Unanimous.
Correction: under Controller’s report, #1, change $19.00 to $19.
PUBLIC COMMENT
Peter Bonfanti, Umpawaug Road: he congratulated the Board of Finance for a fine year and the return of the Town to financial stability, and for appointing Kim Yonkers to fill the vacancy created by the resignation of Mr. Simeonidis.
2010 DRAFT AUDIT REPORT
Joe Kask and Lisa Walsh of Blum Shapiro LLC were present to review the draft of the 2010 audit report. Mr. Kask reviewed the Auditor’s Letter and the Management’s Discussion and Analysis. He also reviewed some of the other reports with the board and answered questions of board members. Mr. Kask asked that any further questions be received by December 2, 2010 so that the audit can be finalized and printed.
TAX COLLECTOR’S REPORT
Tax Collector Moisio reported tax collection, as of October 30, 2010, was 51.1% compared with 51.8% a year ago. Supplemental motor vehicle tax bills will be sent out soon, and a reminder of the December 31, 2010 real estate tax bill will be mailed out in the beginning of December.
CONTROLLER’S REPORT
Mr. Gniadek reported there are no material variances in the revenue or expenses for the month. The Estimated Fund Balance worksheet was reviewed. One change is the elimination of the savings of $22,000 from the restructuring of the Accounting Clerk position. Two part-time positions were created for the savings. Since that time, one person has resigned and the other is now working full-time for another department. Mr. Gniadek added that the division of the position created some difficulties in work flow and responsibility; he has changed the position to full time, and is seeking candidates for the position.
The combined meeting of the Board of Finance, Board of Selectmen and Boards of Education is scheduled for December 20, 2010 in the Redding Community Center. The meeting will begin at 7:30 pm. The Board of Finance and the Board of Selectmen will meet individually at 7:00 pm for their regular meetings.
TREASURER’S REPORT
Treasurer O’Donnell reported current balances and rates as of November 17, 2010:
Union Savings, Investment Account $10,587,075
Union Savings, General Fund, $250,000
MBIA Class Plus Account, $83,505
STIF, State Treasurer’s Investment Fund, $2,407,779
TOTAL, $13,328,359
Mrs. O’Donnell checked CD rates at three local banks, and found the rates to be below those currently offered at Union Savings Bank. Money market rates are higher, but these do not have a fixed rate. Board members discussed the wisdom of keeping the funds with one bank versus diversifying the investments. The repro agreement with Union Savings Bank has been reviewed by Town Counsel and found to be acceptable.
Motion: move that the Redding Board of Finance accept the repro agreement with Union Savings Bank, as reviewed by counsel, as an suitable investment to continue. Dolan Mazzucco. Approved.Unanimous.
WPCC UPDATE
Chairman of the Water Pollution Control Commission, John Shaban, provided an update on the finances of the WPCC and the negotiations with the owners of the Georgetown project. The WPCC held a public hearing on the Resolution for Division into Districts and Supplementary Assessment, and this will be finalized at the conclusion of the appeal period. Mr. Shaban does not anticipate an appeal. The Assessment in intended to capture all that is owing. Work on the quit claim for the wastewater treatment facility is moving forward and Mr. Shaban expects that work to be completed after the Thanksgiving holiday.
At their last meeting, the WPCC approved payment of their portion of the Clean Water Fund. The monies in the Georgetown Sewer Assessment Fund (the assessment account set to pay for the Georgetown collection system) was earning considerably less than the interest on the Clean Water Fund. The balance in the Georgetown Assessment Fund, approximately $30,000 will be moved to a capital reserve account for future repairs/repairs of the sewer system.
Mr. Shaban also reported that additional review of the budget, and with the lowering of some of the expenses (currently under budget in power & legal fees and the operator reduced the monthly fee), the cost to GLDC can be reduced from $26,000 to $22,500. At this time the WPCC does not need additional funds from the Town, but anticipates there will be a need in December.
BOARD MEMBER REPORTS
Mr. DeSalvo reported the recent Tri-Board of Education meeting held to discuss the announcement of the retirement of Dr. Cicchetti and action to be taken. There was agreement to move forward with a Search Committee to seek a new superintendent. A study committee was established to study and discuss structure, ways of working and best practices for the three boards of education. The board of selectmen and board of finance of Easton and Redding will be invited to have representatives on the study committee.
PUBLIC COMMENT
James Miller, Middlebrook Pond Road: questioned why the Treasurer only checked the CD rates on three banks, and suggested broadening the field. He asked the Tax Collector the cost of sending out the real estate tax bill reminders. Mrs. Moisio responded that the cost runs about $600 to $700.
ADJOURNMENT
Motion: move to adjourn the meeting. Mazzucco, DeSalvo. Approved.Unanimous.
The meeting adjourned at 8:51 pm
Respectfully submitted,
Mary Maday, Recording Secretary
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