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Minutes of Board of Finance, 01/23/2017

AGENDA: Board of Finance

RECEIVED 01/30/2017 9:30am

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MINUTES OF BOARD OF FINANCE
Monday, January 23, 2017
Town Hall Meeting Room 7:30 p.m.

Present: W. Alvarez, Chairman; S. Clark; W. Mazzucco; J. Dolan, seated at 7:36 p.m.; Mark Lewis.

Also present: J. Pemberton, First Selectman, M. Thompson, Selectman and P. O’Donnell, Selectman at 8:16 p.m.; Finance Director Gniadek; School Superintendent Dr. McMorran; members of the public; Redding Pilot reporter; videographers.

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

1.      To approve Minutes of Joint Meeting held December 12, 2016 and Special Meeting held December 13, 2016.

On the motion of W. Mazzucco and the second of S. Clark, the Board voted unanimously to approve the 12/12/16 and 12/13/16 Minutes.

2.      Tax Collector Report

Pat Moisio reported that tax collection at the end of 2016 was 64% and as of today at 82% of the budget.  This number is the same as it was this time last year.

The addition of over 1000 new cars to the grand list will add over $300,000 in tax revenue.

3.      Finance Director Report

Steve Gniadek read a portion of his Monthly Report, noting the disbursement out of the General Fund for School HVAC funding.

4.      March Bond Update

Per S. Gniadek, the Official Statement will be forwarded to Board members for their review. The final draft is scheduled for approval from participants on 2/1/17. The S&P Ratings call is 2/2/17.

On the motion of W. Mazzucco and the second of J. Dolan, the Board voted unanimously to adopt a resolution authorizing the issuance of bonds in the amount of $19.695 million using the so-called 150% rule of principal allocation as noted on the spreadsheet dated 1/23/17.

If the interest rate is vastly different or not in the 3% range, a special meeting will be called on 2/8/17 to determine action.

5.     Treasurer Report

Chairman Alvarez summarized the Treasurer Report and noted the current cash and CD balances.

6.      FY 2017-18 Budget Update.

Dr. McMorran reported that the Board of Education continues to work on the budget.  Chairman Alvarez stated that he had a casual meeting with the new BOE Chair Melinda Irwin.  He reiterated his request to Ms. Irwin for a budget with a $500,000 cut to be presented to get a better understanding of the effect on services.

W. Mazzucco suggested taking a look at the security personnel costs in light of the funds already spent fortifying the schools from the safety perspective. Mr. Alvarez stated that cost management for school security should be borne by the school budget.

Chairman Alvarez stated that he toured the Police Department. He noted that the volume of calls has greatly increased despite relatively static town population. Additional information will be requested re: breakdown of incoming police calls.

Julia Pemberton reported that she has asked Department heads to take a look at cutting 10% of discretionary funds.

Leasing replacement radios and consoles for the Police Department was discussed.

7.      Reports from Individual Board members as assigned.

No items.

8.      Correspondence and Administrative Matters

On the motion of J. Dolan and the second of W. Mazzucco, the Board voted unanimously to adjourn the meeting at 8:35 p.m.

Submitted by:
Kristi C. Reilly