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Minutes of Board of Finance, 10/26/2020

AGENDA: Board of Finance

RECEIVED 11/02/2020 4:01pm
Michele R. Grande – Redding Town Clerk

TOWN OF REDDING
BOARD OF FINANCE REGULAR MEETING
MONDAY, 10/26/2020
7:30 PM
ZOOM
Filed subject to approval.

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

Also Present:
Steve Gniadek, Finance Director; Pat Moisio, Tax Collector; Wes Higgins, Treasurer; First Selectwoman Julia Pemberton; Selectwoman Peg O’Donnell; Selectman Michael Thompson; Members of the Public.

Chair Yonkers called the meeting to order at 7:32PM.

1. To approve the minutes of the BOF Meeting held on Tuesday, 9/29/2020

MOTION:
Mr. Mazzucco made a motion to approve the minutes of the Tuesday, 9/29/2020 BOF meeting. Mr. Miller seconded the motion. Ms. Wyss asked for her name to be corrected under Item 8, Debt Management Policy Update. Her name is Jenifer, not Jennifer. The vote was unanimous, and the motion carried.

2. Public Comment

Chair Yonkers opened the floor to Public Comment.

There was no Public Comment.

3. Tax Collector’s Report

Pat Moisio addressed the BOF.

The GLDC owes $15k in Sewer Taxes, $2.6m in Property Tax, and $3.3m in interest/liens.

Collection rate is 54.58% of the FY 2020-2021 budget. The current collection rate is higher at this date than the past 15 years of collections.

Tax Sale process has begun. This goes back to the 2016 Grand List.

Mr. Barickman asked what percent of Redding taxpayers took advantage of the 90-day reduced interest rate. Ms. Moisio said she was not aware how many residents took advantage of this. Discussion followed concerning residents and their ability to pay property taxes.

4. Finance Director’s Report

Steve Gniadek addressed the BOF.

The Town has collected Real Estate Conveyance Fees of $150k versus a FY 2021 projection of $170k.

The FY 2019-2020 Audit Draft will be presented at the next BOF meeting.

A one-page fraud questionnaire needs to be completed by BOF members.

The FY 2021-2022 Budget process begins next month.

5. Treasurer’s Report

The BOF discussed the Treasurer’s Report.

6. Policies Update

Debt Management Policy

Discussion followed concerning the current draft. Several edits were proposed, and Ms. Wyss agreed to implement them.

Encumbrance Policy

Mr. Gniadek reached out to the schools as well as Joe Centofanti from PKF O’Connors for feedback.

MOTION:
Mr. Barickman made a motion to approve the current encumbrance policy draft as the official policy of the BOF. Mr. Mazzucco seconded the motion. The vote was unanimous, and the motion carried.

Investment Statement

Discussion followed concerning what should be included in an OPEB investment statement.

MOTION:
Mr. Mazzucco made a motion to establish an OPEB Trust, subject to the approval of any required ordinance, determined by the BOS and Town Counsel. Mr. Miller seconded the motion. Discussion followed about having a separate meeting to discuss OPEB Trust creation.

MOTION:
Mr. Mazzucco withdrew his prior motion.

Discussion followed concerning a future meeting about OPEB Trust creation and next steps.

Monday, 11/9/2020 at 7:30PM was decided upon as the Special BOF Meeting.

Capital Project Policy

Discussion followed concerning the Capital Project Funding draft.

The BOF agreed to post this document.

7. Other business

Chair Yonkers opened the floor to Other Business.

There was no business to discuss.

8. Public Comment

Chair Yonkers opened the floor to Public Comment.

There was no Public Comment.

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

The meeting was adjourned at 8:50PM.

Submitted by,
Zachary Smith

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