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Minutes of Board of Finance, 06/22/2015

AGENDA: Board of Finance

RECEIVED 06/25/2015 8:30am
Michele R. Grande – Redding Town Clerk


Present: Alvarez (Chairman), Clark, DeSalvo, Dolan, Mazzucco Also present:  Finance Director Gniadek, First Selectman Pemberton, Selectmen Karvelis and Thompson, Treasurer O’Donnell, Tax Collector Moisio, one member of the public, a representative of the Redding Pilot, and the videographers

Chairman Alvarez called the meeting on June 22, 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 18, 2015 meeting as submitted.  Mazzucco, DeSalvo. Approved. Unanimous.

Ms. Moisio reported that the collection budget for fiscal year 2014-15 was $45,174,348, and to date $45,773,580 has been collected. There are only 50 real estate properties, other than the properties in the Georgetown project,  and 350 vehicles with current unpaid taxes.

The Suspense Report (unpaid motor vehicle and personal property taxes) from the 2011 Grand List was reviewed and signed by Chairman Alvarez as required. The department will continue to try to collect the unpaid taxes and some will be turned over to collection agencies.

Personal Property, $26,518
Motor Vehicle, $14,330
Motor Vehicle supplemental, $1,249
Total, $42,098

Mr. Gniadek reported there were no significant changes in the revenue & expenditures forecast for the current year. The end-of-year variance is projected to be a favorable $125,000, primarily due to medical insurance and pension savings.

The June BAN went to the Eastern Bank at 29.6 basis points. Total interest is $79,000, offset by a premium of $59,000, resulting in a net interest cost of $23,000.

Mr. Gniadek recommended using the PAFR (Popular Annual Finance Report) which makes the financial information more easily understood by the general public.  He suggested incorporating the information into the Annual Report instead of inserting various pages from the CAFR as is now done.  He will provide board members samples of what could be presented.

Mr. Gniadek also noted receipt of recognition from the GFOA (Government Finance Officers Association) of a Certificate of Achievement for Excellence in Reporting.

Treasurer O’Donnell provided a report on the status of funds.  The current total in the General Fund is $12,611,447.The new BAN was sold at 29.6 basis points and is due in March of 2016. She reported that one CD has rolled over (1-year CD) and a new interest rate of 88 basis points. She is continuing to review the FICA program and will review information that Mr. Gniadek has on different CD programs.


Motion: move to recess to executive session for a discussion of employee wage adjustments.  Mazzucco, DeSalvo.  Approved. Unanimous. Mrs. Pemberton, Mr. Karvelis and Mr. Thompson were invited to attend.

The meeting recessed at 7:50 pm

The meeting reconvened in public session at 8:45 pm

Motion: Move that the Board of Finance approve the Board of Selectmen’s request for a transfer from FY 2015-16 Contingency Account for FY 2015-16 employee compensation as discussed.  Mazzucco, DeSalvo.  Approved. Unanimous.

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

The meeting adjourned at 8:46 pm

Submitted by Mary Maday, Recording Secretary

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