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Minutes of Board of Finance, 07/27/2020

AGENDA: Board of Finance

RECEIVED 08/17/2020 9:23am
Michele R. Grande – Redding Town Clerk

TOWN OF REDDING
BOARD OF FINANCE REGULAR MEETING
MONDAY, 7/27/2020
7:30PM ZOOM
MINUTES

Filed subject to approval.

Present:
Dr. Kimberly Yonkers, Chair; Ward Mazzucco, Vice Chair; Jamie Barickman; Rob Dean; and Jenifer Wyss; Ed Miller (Absent)

Also Present:
Steve Gniadek, Finance Director; Wes Higgins, Treasurer; Patricia Moisio, Tax Collector; Peg O’Donnell, Selectwoman; Michael Thompson, Selectman; Julia Pemberton, First Selectwoman; Chris Coleman, Fiduciary Investment Advisors (FIA); Kate Pizzi (FIA); Members of the Public

Chair Yonkers called the meeting to order at 7:33PM.

1. To approve the minutes of BOF meeting held on June 22, 2020.

MOTION:

Ms. Wyss made a motion to approve the minutes of the BOF Meeting held on Monday, 6/22/2020. Mr. Barickman seconded the motion. Discussion followed.

Mr. Barickman asked for clarification about the School Phone Upgrade. First Selectwoman Pemberton said that there is a process for approving Capital Items and the BOE decided that this item was a capital item. Chair Yonkers said Mr. Gniadek will draft up a document to guide the various Boards on Capital Item requests.

The vote was unanimous, and the motion carried.

2. Public Comment

Chair Yonkers opened the floor to public comment.

No members of the public commented.

3. OPEB Trust – Christian Coleman of Fiduciary Investment Advisors (FIA)

Chair Yonkers opened the floor to Chris Coleman and Kate Pizzi from Fiduciary Investment Advisors (FIA).

Mr. Coleman presented FIA’s proposal for an OPEB Trust to the Board of Finance. OPEB stands for Other Post-Employment Benefits. For the Town of Redding, these benefits are health insurance for retired police officers and highway laborers. An OPEB Trust could fund these benefits.

Following the presentation, the BOF asked questions concerning fees and the structure of the OPEB. Further discussion about this will follow at later meetings.

Jeanne Wendschuh asked FIA how the trust document is generated. Ms. Pizzi said it is generated through the Town’s attorney.

4. Tax Collector Report

Ms. Moisio addressed the BOF.

As of today, $18,670,000 has been collected (38% of FY 2021 budget). The Town is on track to have a successful first half of tax collection.

GLDC owes $5.6m in taxes.

Ms. Moisio discussed a possible tax sale.

Mr. Mazzucco asked if Personal Property taxes can be collected from every resident since many people are working from home. Discussion followed concerning this. This would require a state statute.

5. Finance Director’s Report

Mr. Gniadek addressed the BOF.

FY 2020 Audit – Kickoff meeting held on Wednesday, 7/8/2020 with PKF. All initial requests have been fulfilled.

CARES Act – Our original submission for $7,000 of Covid-19 costs has been allocated by the State. This does not include the schools. The actual submittal is around $14,000. This program covers expenses through 12/31/2020.

Unemployment Compensation – There have been 19 claims this month, totaling $3k. These claims can be reimbursed 50% through the CARES act.

Social Services Donations – Trust and Agency Fund has received $51k in donations so far this year. $83k is the current balance, with $30k in disbursements for this year.

Encumbrance Policy – The Town of Redding uses purchase orders for products/services ordered or started but not completed in the prior fiscal year and paid in the current fiscal year.

Bond – The Town completed a successful offering for a 15-year bond at net interest cost of 1.36% and a bond premium of $547k. The current balance in the Debt Reserve Fund to approximately $1.1 million.

The Town’s surplus for FY 2019-2020 increased from $435k to $860k.

6. Treasurer’s Report

Mr. Higgins addressed the BOF.

As of today, the Town is on track to collect all it’s tax revenue, which means a TAN (Tax Anticipation Note) would not be necessary.

7. Debt Management Policy

Ms. Wyss has been developing a document with Mr. Higgins and Mr. Gniadek that would standardize the Town’s Debt Management Policy.

8. Encumbrance Policy – Town and Schools

Will be discussed at next meeting

9. Other Business

There was no other business discussed.

10. Public Comment

Chair Yonkers opened the floor to public comment. No members of the public commented.

MOTION:
Mr. Mazzucco made a motion to adjourn the meeting. Mr. Barickman seconded the motion. The vote was unanimous, and the motion carried.

The meeting adjourned at 9:16PM.

Submitted by,
Zachary Smith

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