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Minutes of Board of Finance, 05/18/2015

AGENDA: Board of Finance

RECEIVED 05/21/2015 8:30am

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Present: Alvarez (Chairman), Clark, DeSalvo, Dolan, Mazzucco, Yonkers
Also present:  Finance Director Gniadek, Treasurer O’Donnell, Tax Collector Moisio, one member of the public, and the videographers

Chairman Alvarez called the meeting on May 18, 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 May 5 2015 meeting as corrected.  Yonkers, Mazzucco. Approved. Unanimous.

Correction:  Selectman Karvelis was also present for the meeting.

Mr. Gniadek reported there were no significant changes in the revenue & expenditures forecast for the current year. Regarding planned capital projects, he noted that the Stepney Bridge Project is currently on hold, with a plan is to defer this project until the summer of 2016.  The Transfer Station dumpster covers has been deleted since approval has been received to use the removable covers for the dumpster instead of constructing permanent covers. These changes bring the proposed BAN amount to $10,574,571.

Mr. Gniadek also reported the concept of outsourcing the transfer station operation was explored.  After receiving a quote for services and doing a cost analysis, it was determined there would be no significant savings and a potential for a reduction in services.  No changes are being considered in that operation.

The WPCC has requested their fourth and final funding for the operation of the Georgetown Wastewater plant.

Ms. Moisio reported there are only 56 real estate properties and 350 vehicles with current unpaid taxes.  The new tax bills will be mailed mid-June.

Treasurer O’Donnell provided a report on the status of funds.  The current total in the General Fund is $13,859,610.  She is in discussions with Town Counsel regarding investment in the FICA platform for CDs.

The outstanding BAN is set to roll over in June.  The additional approved projects bring the total to $10,574,571. The sale is set for June 3, with a rollover date of June 17.

Board members discussed the existing four bonds of approximately $13,700,000, excluding the Redding share of the Region 9 Board of Education bonds, and the projected needs for next year which will include the Stepney Road Bridge.  Mr. Alvarez noted that the amount of interest the Town would save by not going to a bond at this time would roughly cover the amount of principal reduction that we are required to make by rolling over the BANS. He also felt that the Board of Finance was very prudent in managing the debt of the Town.  Mr. Alvarez said that, with a lead time of approximately eight weeks for bonding, the Board of Finance can act promptly if long term interest rates begin to rise.

Motion: move that the Redding Board of Finance approve the rollover of BANS for an amount up to $10,574,571.  Mazzucco, DeSalvo. Approved. Unanimous.


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

The meeting adjourned at 8:02 pm

Submitted by Mary Maday, Recording Secretary