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Minutes of Board of Finance, 07/27/2015

AGENDA: Board of Finance

RECEIVED 07/29/2015 2:50pm
Michele R. Grande – Redding Town Clerk


Present: Alvarez (Chairman), Clark, DeSalvo, Dolan (7:33), Mazzucco, Yonkers

Also present:  Finance Director Gniadek, Selectman Karvelis, Treasurer O’Donnell, Tax Collector Moisio, seven members of the public and the videographers

Chairman Alvarez called the meeting on July 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 June 22, 2015 meeting as submitted.  DeSalvo, Clark. Approved. 4-0-1. Dr. Yonkers abstained.

Ms. Moisio indicated the tax deadline is on Saturday, August 1st, but due to the weekend tax rule it is moved to Monday, August 3rd. Life Care paid their taxes in full this year. Eleven people were removed from the Town Benefit program resulting in a savings of $24,587.

Mr. Gniadek reported the year-end revenue, excluding taxes, is expected to be a favorable $125,000.

The year-end expenditures forecast is also projected to be favorable by at least $300,000, not including the $200,000 surplus from BOE.

Mr. Gniadek stated that in conjunction with the BOE, CIRMA has been chosen as the new Workers Compensation and Liability Insurances.   CIRMA was able to provide a lower deductible ($1000 vs $2500 with Trident) and zero increase in liability premium for the next two years. Ms. Clark inquired if higher deductible/lower premiums were sought. Mr. Gniadek indicated that the Town’s broker, HD Segur, looked at such rates but were not cost effective. Mr. Dolan asked if the Police Department vehicles were covered under the policy. Mr. Gniadek indicated they were covered by the auto liability policy.

Mr. Gniadek recommended using the PAFR (Popular Annual Finance Report) as used by Arden Hills, MN as a template for the Town’s financial information.  He suggested working with a member from the BOS and BOF to define the content.

Mr. Gniadek indicated that the Finance Department completed in-house MUNIS training as recommended in the Auditor’s Management Letter. A representative from the Auditors was also in attendance. There was resolution to questions regarding procedures and reporting along with training of processing ACH and wire transfers in the MUNIS program. Mr. Gniadek suggested switching from checks to ACH transactions in the future. Mr. Alvarez commented that ongoing upgrades and annual training should be implemented.

Treasurer O’Donnell provided a report on the status of funds.  The current total in the General Fund is $12,349,830. Mrs. O’Donnell has consulted with Treasurers from other Towns regarding the FICA program and found they do not use it. Alternate CD platforms are being explored.

James Miller – Middle Brook Pond Rd – Mr. Miller asked Mr. Gniadek to confirm that all wages for highway employees earned while working on bonded road repair is charged to the Bond. Mr. Gniadek confirmed.

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

The meeting adjourned at 7:48 pm

Submitted by Krista Gramer, Recording Secretary


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