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Minutes of Board of Finance, 04/27/2015

AGENDA: Board of Finance

RECEIVED 05/04/2015 8:30am
Michele R. Grande – Redding Town Clerk


Present: Alvarez (Chairman), Clark, DeSalvo, Dolan, Mazzucco, Yonkers

Also present: First Selectman Pemberton, Selectmen Karvelis & Thompson, Finance Director Gniadek, Treasurer O’Donnell, Tax Collector Moisio, four members of the public, and the videographers

Chairman Alvarez called the meeting on April 27, 2015 to order at 7:30 pm in the Redding Town Hall.


Motion: move that the Redding Board of Finance approve the minutes of the March 23, 2015 meeting as submitted.  Yonkers, Clark. Approved. Unanimous.

Motion: move that the Redding Board of Finance approve the minutes of the April 6, 2015 Public Hearing as submitted.  Yonkers, Clark. Approved. Unanimous.


Ms. Moisio reported that just over 100% of the budget has been collected.  There are 60 households who have not paid, fewer last year.


Mr. Gniadek provided the Revenue forecast for the year end.  Conveyance and recording fees are running behind, but that could change depending on the real estate market.  The Transfer Station fees are lower due to the change to single stream recycling and decrease in paid household trash fees. This will be offset by expense savings.  Park & Recreation fees are behind, but expected to increase as enrollment for summer programs begin. He estimated the bottom line would be an unfavorable revenue balance of about $15,000.

Mr. Gniadek reported the health insurance renewal has been finalized based on the most current experience rating.  The 2015-16 budget includes a 10% increase in health care costs, but the final renewal rates are flat and will result in an approximate $145,000 in savings. The Board of Finance can take the savings into consideration when setting the mill rate.


Treasurer O’Donnell provided a report on the status of funds.  The current total in the General Fund is $16,697,840.  She noted that the CD in Doral Bank has been transferred to Banco Popular.  The Doral Bank was closed by the FDIC.

The outstanding BAN is set to roll over in June.  She asked that the Board of Finance to deliberate at the May meeting on what action to take regarding rolling over the BAN, how much to add for new projects and whether to consider long term financing. The next rollover will be March, 2016. She will provide further information on BANs and bond rates.

Mrs. O’Donnell also reported that the Town’s relationship manager for Webster Bank has moved to Peoples Bank.  Webster Bank has not as yet provided a replacement.


John Reilly, Drummer Lane:  Mr. Reilly expressed his observation that the Board of Finance has dictated a budget to the Board of Education. He believes that the negative budget will hurt the ratings for the schools, particularly on the home buying websites that are being used by potential buyers. He commented that the Board of Finance has taken the power out of the voters’ hands.


Motion: move that the Redding Board of Finance meeting be adjourned. Mazzucco, Yonkers. Approved. Unanimous.

The meeting adjourned at 7:45 pm

Submitted by Mary Maday, Recording Secretary


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