TOWN OF REDDING
BOARD OF FINANCE REGULAR MEETING MINUTES
MONDAY, 11/23/2020
7:30PM 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; Wes Higgins, Treasurer; Pat Moisio, Tax Collector; Clarence Zachary, Finance Director for ER9; Dr. Rydell Harrison, Superintendent of ER9; Michael Thompson, Selectman; Joseph Centofanti, PKF O’Connor Davies; Steve Stafstrom, Pullman & Comley; Members of the Public
Chair Yonkers called the meeting to order at 7:35PM.
MOTION:
Mr. Mazzucco made a motion to change the first agenda item, “To Approve the Minutes of the BOF Meeting held on Monday, 10/26/2020”, to, “To Approve the Minutes of the BOF Meeting held on Monday, 11/9/2020”. Ms. Wyss seconded the motion. The vote was unanimous, and the motion carried.
- To Approve the Minutes of the BOF Meeting held on Monday, 11/9/2020
MOTION: Mr. Barickman made a motion to approve the minutes of the Monday, 11/9/2020 BOF meeting with the following correction:
In item 3, fifth paragraph, remove the duplicate “Mr. Dean seconded the motion”.
Mr. Mazzucco seconded the motion. The vote was unanimous, and the motion carried.
- Public Comment
Chair Yonkers opened the floor to Public Comment.
No members of the public commented.
- 2020 CAFR Discussion
Joseph Centofanti of PKF O’Connor Davies addressed the BOF about the draft CAFR Report.
Discussion followed concerning various edits and additions that need to be made for the CAFR to be completed. Mr. Centofanti made recommendations as well.
MOTION: Mr. Mazzucco made a motion to adopt the CAFR as presented with the corrections that were noted and subject to the inclusion of the OPEB information that the BOF is awaiting. Ms. Wyss seconded the motion. The vote was unanimous, and the motion carried.
- OPEB Trust Update
Mr. Stafstrom addressed the BOF.
The ordinance must be completed before the OPEB Trust can exist.
The draft of the investment policy was edited. Mr. Stafstrom said this policy statement shouldn’t be adopted until the OPEB Trust Ordinance is adopted.
Mr. Stafstrom said Pullman & Comley is a client of DiMeo Schneider & Associates, LLC. He wanted to disclose this information to the BOF.
- Tax Collector’s Report
Ms. Moisio addressed the BOF.
55% of the FY 2020-2021 budget has been collected.
Reminder notices for the January 2021 tax installment will be sent out shortly.
Chair Yonkers asked Ms. Moisio if residents have expressed concerning over taxes. Ms. Moisio said she has not had any residents expressing concern over their ability to pay.
Chair Yonkers asked Ms. Moisio if the lowered interest rate on delinquent taxes will continue. Ms. Moisio said the Governor did not extend the executive order and the interest rate of delinquent taxes will revert to the normal rate.
Mr. Higgins asked Ms. Moisio if residents will delay tax payment to maximize tax write-offs. Ms. Moisio said she doesn’t know what will happen.
- Finance Director’s Report
Mr. Gniadek addressed the BOF.
Budget 2021-2022
The kickoff meeting with Department Heads was held on Thursday, 11/19. The key dates going forward are:
Tuesday, 12/8 and Wednesday, 12/9 – meetings with individual Department Heads.
Monday, 12/14 – Joint BOF, BOE, and BOS budget drivers meeting.
Friday, 1/8/2021 – BOS Budget Workshop.
CAFR 2020
There were minimal edits necessary for the CAFR. The verification of Expense and Revenue accounts tie out to Munis. All tables cleared to our input. The Single State Audit tied out to the CT State Report. The adjustments to the prior year (common when switching audtiors) were normal. There were several format and schedule changes which enhanced the report.
OPEB Trust
There have been conversations with the Dimeo Schneider & Associates FIA representative, Kate Pizzi, to develop a schedule of steps going forward to complete the setup.
The BOF are fiduciaries of the Trust and Mr. Gniadek is the designated fiduciary of the Town’s 457 Pension Plan. Fiduciary Insurance will be necessary to indemnify the BOF and Mr. Gniadek.
Insurance
Mr. Gniadek went on a tour of the Gilbert and Bennett site in Georgetown with First Selectwoman Julia Pemberton and three members of CIRMA. Liability coverage for the GLDC site is being developed so that the Town will be ready once the foreclosure is completed.
CARES Act
The Town of Redding received a $7,000 reimbursement for Covid-19 related expenses for the State of CT. There will be a future submittal of expenses for reimbursement.
- Treasurer’s Report
Mr. Higgins addressed the BOF.
The Town’s cash position is approximately $23M.
The Town is now below budget on interest income. This is due to the collapse of interest rates. Next year’s interest income will most likely be slight.
- 2021 BOF Meeting Calendar
MOTION: Mr. Mazzucco made a motion to approve the BOF Calendar of Regular Meetings as presented with the exception that the September 2021 meeting be moved from Monday, 9/27 to Monday, 9/20. Mr. Barickman seconded the motion.
The meeting dates are as follows:
Monday, 1/25/2021
Monday, 2/22/2021
Thursday, 3/18/2021 (Budget – Community Center)
Monday, 4/5/2021 (Budget – if needed)
Monday, 4/12/2021 (Budget – if needed)
Monday, 4/26/2021
Tuesday, 5/4/2021 (to set Tax Rate – Community Center)
Monday, 5/24/2021
Monday, 6/28/2021
Monday, 7/26/2021
Monday, 8/23/2021
Monday, 9/20/2021
Monday, 10/25/2021
Monday, 11/22/2021
Monday, 12/20/2021 (with BOE and BOS – Community Center)
The vote was unanimous, and the motion carried.
- Debt Management Policy Update
MOTION: Mr. Mazzucco made a motion to approve the Debt Management Policy with the updated sentence. Mr. Barickman seconded the motion. The vote was unanimous, and the motion carried.
- BOE Health Insurance Analysis
Mr. Gniadek said the analysis is not current. Mr. Zachary said the current numbers just came in.
Mr. Zachary said there will most likely be a surge of claims once employees can have elective surgeries performed.
- Other Business
There was no other business discussed.
- Public Comment
Chair Yonkers opened the floor to Public Comment.
There was no public comment.
Chair Yonkers adjourned the meeting at 9:24PM.
Submitted by,
Zachary Smith