RECEIVED April 27, 2011 @ 2:29 P.M.
Michele R. Grande, Redding Town Clerk
2 pages
REDDING BOARD OF FINANCE
MINUTES
April 25, 2011
Present: Alvarez (Chairman), DeSalvo, Dolan, Guffey, Mazzucco, Yonkers
Also present: Controller Gniadek, Treasurer O’Donnell, First Selectman Ketcham, Selectmen Takacs & Pemberton, and three members of the public
Media: Redding Pilot
Chairman Alvarez called the April 25, 2011 meeting at 7:33 pm
APPROVAL OF MINUTES
Motion: move that the Board of Finance accept the minutes of the March 28, 2011 meeting as submittedamended.DeSalvo,Mazzucco. Approved.Unanimous.
TAX COLLECTOR’S REPORT
Tax Collector Moisio’swritten report notedthat current collections are at 98.8% of the collectible budget as of today. She will be asked to provide another update at the May 3, 2011 meeting following the budget referendum vote.
TREASURER’S REPORT
Treasurer O’Donnell submitted a written report for the account balances. Total balance is $14,947,323.
CONTROLLER’S REPORT
Mr. Gniadek reported on the following:
1. Snow removal costs: the snow removal costs are about $102,000 over the budgeted amount. However, Mr. Sanford does not anticipate using $48,000 in OT, and if thethe FEMA reimbursement for the blizzard is $63,000, the overage should be covered.
2. OPEB:~ Mr. Gniadek reviewed the process used for the OPEB calculation for the Police and Highway post-retirement medical and the Board of Education Implicit subsidy.~ The Net OPEB is on the Balance Sheet as a liability, which can be funded or taken as a “pay-as-you-go” option.~ The Town has adopted a pay-as-you-go method for funding as this method has not resulted in any significant town obligations, nor is it currently projected to result in any significant future obligations.~ The board of finance will review OPEB calculations on a yearly basis.~ The Accrued Liability is informational and “for disclosure only”, and as such does not appear directly in any of our financial reports, and thus has no recommendations or requirements for funding.
AUDIT MANAGEMENT LETTER COMMENTS
The responses to the Auditor’s Management Report were reviewed. Most of the recommendations related to IT security and the recommended steps/suggestions that have been taken. The existing “backup and recovery” plan is being updated by the IT staff.
TREASURER AND TAX COLLECTOR FIDELITY BOND RECOMMENDATION
First Selectmen Ketcham reported that based on the recommendation of the Board of Finance, the Board of Selectmen has added Fidelity Bond coverage in the amount of $150, 000/each for both the Town’s Treasurer and Tax Collector. The cost for the coverage is $441/each. In addition the coverage on other Town employees was raised to $150,000.
ROAD RECONSTRUCTION PLAN UPDATE
First Selectmen Ketcham reported Highway Superintendent, Bruce Sanford, provided a revised Roadway Reconstruction Plan. The existing 3-year plan for roadway work is being completed this spring. That work includes the completion of Dayton Road and work on Orchard Drive and Ledgewood Road.
Mr. Sanford reviewed the condition of roads and adjusted the listing based on the severe winter damage, safety and traffic considerations. The new Plan includes work on seven roads and totals $2,839,870. The work was divided into three years: Year 1, Sunset Hill Road, Poverty Hollow Road(from Newtown to Church Hill Road), Great Meadow Road, and Cross Highway (milling and paving); Year 2, Newtown Turnpike; Year 3, Portlland Avenue and Peaceable Street. This work could begin in August, 2011. Mr. Sanford added that there are other roads in town that need repair and some will be addressed within the regular operating budget.
The Board of Finance will review the information and discuss the potential financing of the work at their next meeting.
UPDATE ON ER9 EDUCATIONAL STRUCTURE AND WAYS OF WORKING COMMITTEE
Selectman Pemberton reported the Committee is scheduled to meet on Wednesday, April 27, to review the report from Dr. Pitkoff. The report is a summary interview of staff, key administrators (past & present), and board of education members.
OTHER BUSINESS
Mr. Alvarez reported that the schools expect to complete their capital improvement projects within budget. He added that Director of Finance Peggy Sullivan indicated there may be a problem with the boilers at John Read Middle School. The boilers were installed about 18 months ago and are showing signs of corrosion. Stainless steel boilers were installed rather than cast iron and the hard water is corroding the stainless steel. Mrs. Sullivan will be at the May meeting to discuss the issues and provide an update on the school renovations.
ADJOURNMENT
Motion: move to adjourn the meeting. DeSalvo, Dolan. Approved.Unanimous.
The meeting adjourned at 8:23 pm
Respectfully submitted,
Mary Maday, Recording Secretary
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