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Minutes of Board of Finance, 03/22/2021

AGENDA: Board of Finance

RECEIVED 03/31/2021 11:51am
Kathleen R. Miserendino - Redding Deputy Town Clerk

Town of Redding
Board of Finance Minutes
Monday, 3/22/2021 Regular Meeting
7:30PM Zoom

Filed subject to approval.

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

Also Present:
Steve Gniadek, Finance Director; Pat Moisio, Tax Collector; Wes Higgins, Treasurer; First Selectwoman Julia Pemberton; Members of the Public

Chair Yonkers called the meeting to order at 7:34PM.

1.      Public Comment

Chair Yonkers opened the floor to Public Comment.

Nancy Pelz- Paget, 1407 Meadow Ridge, said there is almost nothing allocated in the BOS budget for planning. She said the Gilbert & Bennett project needs planning and the funding is currently not adequate.

Laura Gibbons, 16 John Applegate Road, stated her support for the proposed playground project. She stated she has identified a potential private donor that would be willing to commit $15-20k contingent upon the Town approving the project.

2.      Tax Collector’s Report

Pat Moisio addressed the BOF.

Tax Collections at the end of February 2021 were at 101% of the budget. This translates to $600k in additional collections.

Preparations are currently in place for the July 2021 taxes.

Mr. Barickman asked Ms. Moisio what the budgeted amount for taxes was for FY 2021. Ms. Moisio said the budgeted amount for tax collections for FY 2021 was $48,405,923. The current collections for FY 2021 are $49,119,000. $77,000 in refunds will be sent out, resulting in a net amount of $49,042,000. Discussion followed concerning the mill rate sheet and how the tax collections are calculated.

3.      Finance Director’s Report

Steve Gniadek addressed the BOF.

FEMA Reimbursement

The submittal for the August 2020 Tropical Storm Isaias expenses is being finalized. The expected reimbursement is between $60-75k. We anticipate this will be received prior to the closing of the fiscal year.

Lock Box

Upon vendor approval from the BOF as requested at the March 22, 2021 BOF Meeting, the Town intends to switch lock box services from Webster Bank to People’s United Bank, effective with the July 1, 2021 billing.

American Rescue Plan

Some guidance has been published so far by the Connecticut Conference of Municipalities (CCM). They will most likely be the primary source of clarification moving forward.

A summary of the allocations as provided by them are as follows:

Non-Entitlement         $900,040
Entitlement                 $0
Education Allocation  $332,000
Region 9                      $192,000

The Town is expected to receive a portion of the $183 million allocated to Fairfield County, based on population, of which Redding accounts for 1%.

End the Acronym

The Government Finance Officers Association (GFOA) has issued a statement that the common four-letter acronym used to reference the Comprehensive Annual Financial Report is no longer advised by the GFOA. The GFOA Policy Statement was included in the documents for this meeting.

Discussion followed concerning the Comprehensive Annual Financial Report acronym and what should be used in the future.

4.      Treasurer’s Report

Wes Higgins addressed the BOF.

Operating funds are $31,741,000 and Capital Undesignated Funds are $5,850,000.

There is a new bank account: Georgetown Wire Mill. This handles funds paid by Wire Mill tenants to the Town of Redding. As of today, there are $2,850.00 in the account.

Our money is held at the following institutions: Webster Bank, STIF, Stone Castle, and Janney.

Investment Income is behind its budgeted amount by approximately $16,000.

Interest Rate increases have not affected the Town significantly due to the time span of our investments.

Mr. Barickman asked Mr. Higgins about his estimate of $50,000 in investment income for FY 2021-2022. Mr. Higgins anticipates that interest rates will remain similar to current rates over the next year.

Chair Yonkers asked Mr. Higgins about the amount of investment income the Town will be under at the end of FY 2021. Mr. Higgins stated the overall amount will likely be $25,000 lower than predicted.

5.      American Rescue Plan

First Selectwoman Pemberton addressed the BOF.

FS Pemberton described some of the applications the American Rescue Plan funding could be used for. Discussion followed concerning how the funds will be dispersed and how they could be applied.

6.      2021-2022 Budget

First Selectwoman Pemberton addressed the BOF.

A lengthy discussion followed concerning specific budget items and Capital Projects.

MOTION:
Mr. Mazzucco made a motion to recommend to the voters the listed Capital Projects for Fiscal Year 2022. Mr. Barickman seconded the motion. Mr. Gniadek suggested grouping the projects together based on department or specific function. Discussion followed concerning how to group these items. The vote was unanimous, and the motion carried.

7.      Bid Waiver Request

Mr. Gniadek addressed the BOF.

Discussion followed concerning People’s United Bank and changing the Lock Box process, given that ownership of People’s bank will change.

MOTION:
Mr. Miller made a motion to approve the bid waiver request. Mr. Dean seconded the motion. There were 5 yes votes (Miller, Dean, Mazzucco, Wyss, and Yonkers) and one abstention (Barickman). The motion carried.

8.      Contingency Transfer Request – BOS

Julia Pemberton addressed the BOF.

Discussion followed concerning the items that are included to the contingency transfer request and how the contingency line-item functions.

MOTION:
Mr. Barickman made a motion to transfer all $50,000 of the contingency line-item into the BOS’ line-item budget so that they have the flexibility to make judicious decisions on small maintenance projects that need to be completed in FY 2021. Mr. Miller seconded the motion. Discussion followed concerning the current need for these projects and why they were not budgeted. The vote was unanimous, and the motion carried.

9.      Other Business

There was no other business discussed.

10.  Public Comment

Chair Yonkers opened the floor to Public Comment.

Mike D’Agostino, Glen Hill Road, said Monday, April 5th will not work due to Region 9 having an annual district meeting. Chair Yonkers stated this meeting has been scheduled for months. Mr. D’Agostino stated that there is inconsistency amongst the boards in how they budget. Discussion followed concerning revenues and capital expenses.

Carolyn Baker, Indian Hill Road, said the budget presentation could be improved concerning the capital items and the employee salaries.

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

The meeting was adjourned at 10:15PM.

Submitted by,
Zachary Smith

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