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Minutes of Board of Finance, 04/24/2017

AGENDA: Board of Finance

RECEIVED 05/01/2017 8:30am

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BOARD OF FINANCE
Minutes
Monday, April 24, 2017
Town Hall, 7:30 p.m.

Present: William Alvarez, Chairman; Susan Clark; Ward Mazzucco; Joseph Dolan; Mark Lewis.
Absent:  Kim Yonkers

Also present: Steve Gniadek, Finance Director; P. O’Donnell, Selectman; members of the public; reporter from the Redding Pilot; videographers.

The Chairman called the meeting to order at 7:30 p.m.

1.     To approve Minutes of Meetings held on March 27, 2017 and April 3, 2017.
On the motion of W. Mazzucco and the second of S. Clark, the Board voted unanimously to approve the 3/27/17 Meeting Minutes as corrected: Page 1, Item 3., second sentence, change to “Obtaining a new ATM machine is pending.”; Item 6., second to last paragraph, first sentence, add “for education.”

On the motion of W. Mazzucco and the second of S. Clark, the Board voted unanimously to approve the 4/3/17 Meeting Minutes as corrected: Page 1, fourth paragraph, second sentence, change “net” to “next.”

2.     Tax Collector’s Report
Chairman Alvarez reported that as of March, tax collection was at 101% of the budget.  S. Clark requested the total amount of delinquent taxes in addition to the percentage number as it pertains to the budget.

3.     Finance Director’s Report
Steve Gniadek reported that the Town has been awarded a Certificate of Achievement for Excellence in Financial Reporting for the 2016 report.  The Debt Service Fund has a balance of approximately $1.1 million.

The revenue forecast is unfavorable to budget by $36,000 and the expense forecast is estimated to be favorable by $194,000. Septic repair at the Police Department is scheduled by Wayne Burritt at an estimated cost of $16,000.

The draft Mill Rate scheduled has been updated and is estimated at a 1.3% increase over the current rate. The Assessor removes the amount of delinquent taxes relating to the Georgetown project to arrive at an adjusted net grand list.  The Board then typically uses 99% of projected taxes from that list for budget purposes.

Mr. Gniadek will be attending the GFOA National Meeting 5/22-24.

4.     Treasurer’s Report
Deputy Treasurer Wes Higgins reported balances as noted the in Treasurer’s Report.

5.     Reports from Individual Board members as assigned.
No items.

6.     Correspondence and Administrative matters.
No items.

On the motion of W. Mazzucco and the second of S. Clark, the Board voted unanimously to adjourn the meeting at 7:50 p.m.

Submitted by:
Kristi C. Reilly