RECEIVED March 7, 2011 @ 3:09 P.M.
Michele R. Grande, Redding Town Clerk
3 pages
REDDING BOARD OF FINANCE
MINUTES
February 28, 2011
Present: Alvarez (Chairman), DeSalvo,Dolan, Guffey, Mazzucco, Yonkers
Also present: Controller Gniadek, Treasurer O’Donnell, First Selectman Ketcham, Selectmen Takacs & Pemberton, Tax Collector Moisio, Assessor Ford
Media: Redding Pilot & Patch.com
Chairman Alvarez began the February 28, 2011 meeting at 7:34 pm
AGENDA ADDITION
Motion: move to add an Executive Session for the purpose of discussing pending litigation. Yonkers, Mazzucco. Approved.Unanimous.
FIDELITY BOND DISCUSSION
Vernon Proctor of HD Segur, William DiRoberts& Samantha Kirby of Travelers were present to discuss liability insurance issues.The Town’s current Crime Policy specifically excludes coverage for the Treasurer, Tax Collector and Assistant Tax Collector. Coverage for the persons in these positions is not required, but can be added with separate surety bond policies. The Board of Finance is instituting additional internal controls related to the transfer of Town funds.
Following the discussion, the Board of Finance referred the issue to the Board of Selectmen to determine the desired level of coverage. The Board of Finance will continue their work to strengthen internal controls for the protection of the Town’s finances.
ELECTRONIC FUNDS TRANSFER AUTHORIZATION
Mr. Alvarez reported he, Mr. Mazzucco, Treasurer O’Donnell and a representative of Union Savings Bank met to discuss wire/ACH transfers and implementation of additional controls. A second signatory requirement can be added for such transfers. A member of the Board of Selectmen would be the authorized second signatory for the transfers.
Ms. O’Donnell with follow up with the STIF andMBIA accounts to determine if a second signatory/authorization can be added for transfers.
Motion: move that the Redding Board of Finance, as a matter of internal control for the Town funds, adopt the policy discussed, adding a requirement for a second authorization by a member of the Redding Board of Selectmen, for all accounts for which ACH or wire transfers can be initiated. Mazzucco, Dolan. Approved.Unanimous.
ASSESSOR’S GRAND LIST
Assessor John Ford presented the updated Grand List. The total Grand List is $1,976,041,898. .
RCC TURF FIELD UPDATE
Selectman Takacs provided an update of the conversion of Redding Community Center Field #2 from a undersized grass playing field to a full size artificial turf field. The benefits of the change include greater playing time on the field, extended seasonal time for use, and less maintenance. The Conservation and Zoning Commissions have approved the proposed change.
Mr. Takacs reported the Redding Athletic Fields Committee is in the process of developing a brochure for use in soliciting funds for the project. A STEAP Grant of $450,000 is in place, and Mr. Takacs estimates an additional $500,000 will need to be raised through private donations. The group has estabilished a 501(c) 3 account for the collection of tax deductible donations. Mr. Takacs is hopeful some of the construction costs can be decreased through the use of the services of the Highway Department, depending on availability. The Committee hopes to move the project forward as soon as possible.
TAX COLLECTOR’S REPORT
Tax Collector Moisio reported that collections are at 98.2% of the collectible budget as of today.
CONTROLLER’S REPORT
Mr. Gniadek reviewed the status of year-to-date revenue and expenditures. Snow removal costs are currently about $60,000 above the budgeted amount. Mr. Gniadek reported that there may be some FEMA money available to offset the costs incurred with the January 18, 2011 snow event. The Town submitted $66,000 in costs related to the storm. Governor Malloy submitted the State of Connecticut’s claims in total for FEMA reimbursement. It is not known what, if any, funds will be received by the Town.
Board members discussed the roadway damage caused by the winter storms. First Selectman Ketcham added that the conditions of the roadways will be reassessed in the Spring. The existing play for roadway reconstruction and repair may be revised as a result of the damage.
TREASURER’S REPORT
Mrs. O’Donnell submitted a written report for the account balances. Total balance is $20,894,481.
WPCC UPDATE
Dan Robinson of the Water Pollution Control Commission reported that additional funding from the Town is not needed at this time. He added that there have been no payments or movement on the Georgetown project. The quit claim deed for the wastewater treatment facility transfer to the Town has not been completed. Mr. Shaban is working to complete the transfer within the next month.
REPORTS
ER9 Structure and Ways of Working Committee: Mr. Alvarez reported the Committee has a second meeting scheduled for next week. The group anticipates hiring a consultant to interview current and past superintendents.
Region 9 Board of Education: Mr. DeSalvo reported the Region 9 Board of Education will begin budget deliberations this week.
Public Hearing: The Public Hearing for the proposed budget is scheduled for Thursday, March 3, 2011 at 7:30 at the John Read Middle School.
APPROVAL OF MINUTES
Motion: move that the Board of Finance accept the minutes of the January 24,, 2011 meeting as amended.Mazzucco, Dolan. Approved. 5-1. Mr. DeSalvo abstained.
Change: page 1, under Treasurer’s Report, the second sentence should read as follows:
Discussion of internal controls with respect to the wire transfers of Town funds followed. Currently, the Treasurer can initiate wire/ACH transfers by herself, but written checks require three signatures. Treasurer O’Donnell noted that the wire transfers made, beyond the transfers to the school accounts, are principallyfor bond payments. Mr. Mazzucco suggested that a control system/policy should be in place to protect the Town’s interests.He also noted that better internal controls could facilitate obtaining dishonesty bond coverage for Town officials. Dr. Yonkers asked that other towns be consulted on their procedures and process. Mr. Gniadek will follow up on this issue.
EXECUTIVE SESSION
Motion: move that the Board of Finance recess to executive session for a discussion of pending litigation. Mazzucco, Dolan. Approved.Unanimous.
Selectmen Ketcham, Pemberton and Takacs, Controller Gniadek, Assessor Ford and Tax Collector Moisio were invited to be present.
The meeting recessed at 8:35 pm
RECONVENE
The Chair reconvened the meeting in public session at 9:05pm
No further action was taken.
The meeting adjourned at 9:05 pm
Respectfully submitted,
Mary Maday, Recording Secretary
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