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Minutes of Board of Finance, 05/24/2021

AGENDA: Board of Finance

RECEIVED 05/28/2021 5:24pm
Michele R. Grande – Redding Town Clerk

Town of Redding
Board of Finance Minutes
Monday, 5/24/2021 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
Wes Higgins, Treasurer
First Selectwoman Julia Pemberton
Members of the Public

Chair Yonkers called the meeting to order at 7:30PM.

1. To Approve the Minutes of the BOF Meetings held on Monday, 4/5/2021 and Tuesday, 5/4/2021

MOTION:
Vice Chair Mazzucco made a motion to approve the minutes of the BOF meetings held on Monday, 4/5/2021 and Tuesday, 5/4/2021. Ms. Wyss seconded the motion. Mr. Barickman asked for a correction on a motion from the Tuesday, 5/4/2021 meeting.

MOTION:
Vice Chair Mazzucco made a motion to approve the minutes of the BOF meetings held on Monday, 4/5/2021 and Tuesday, 5/4/2021 with the following correction to be added:
In the Tuesday, 5/4/2021 BOF Meeting minutes, under item 3, “To Set the Mill Rate for the 2021-2022 Budget, if approved at Referendum”, the motion should be changed from, “Mr. Barickman made a motion to maintain the mill rate of 32.84 for the 2021-2022 budget by using $330,000 from the Unassigned Fund Balance”, to, “Mr. Barickman made a motion to maintain the mill rate of 32.84 for the 2021-2022 budget by using $330,000 from the Unassigned Fund Balance if necessary”.
Ms. Wyss seconded the motion. 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. Finance Director’s Report
Steve Gniadek addressed the BOF.

FEMA Reimbursement
The Town of Redding is finalizing its submittal for Tropical Storm Isaias August 2020 expenses. The expected reimbursement will total approximately $60k-$75k. This is equivalent to 75% of submitted expenses. The reimbursement is anticipated to arrive following the closing of this fiscal year.

FEMA Covid-19
The Town of Redding will be applying for FEMA reimbursement for the costs to run the vaccination and testing clinics held at the Community Center as well as support for administration, cleaning, and PPE. The amount is TBD and will be reimbursed at 100%.

American Rescue Plan
There has not been much clarification on specific eligible expenses. CCM will most like be a primary source for clarification moving forward. The Federal Government has distributed half, or $450k to the State on or about May 11th. The State has 30 days (or prior to June 12th) to distribute to local municipalities, which we have not received as of now.

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

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

OPEB Trust
The $500k authorized by the Board was transferred to the Charles Schwab account on May 10th. The first of 5 monthly dollar cost average investments were made on May 13th by Mr. Gniadek and Mr. Higgins, with the additional 4 at 30-day intervals. We have requested that Fiducient Advisors revise the agreement to allow them to make the investment transactions going forward as the agent for the Town.

4. Treasurer’s Report
Wes Higgins addressed the BOF.

The Town’s cash position remains strong and is running approximately $5m ahead of FY 2020.
The investment income has been weak, with $72k collected for FY 2021. The budgeted amount for FY 2021 was $100k.

5. Budget Transfer Request – P&R
Discussion followed concerning the request to transfer funds from a budgeted line-item account to another budgeted line-item account and how this process should be handled. Chair Yonkers suggested forming a sub-committee to address budget transfers.

MOTION:
Vice Chair Mazzucco made a motion to authorize the transfer of up to $16,000 from the Recreation Programs Contract Services line item to the Tennis Program Contract Services line item subject to the concurrence of Town Counsel. Mr. Dean seconded the motion. Discussion followed concerning how these transfers could be applied broadly. There were five yes votes (Yonkers, Mazzucco, Miller, Wyss, and Dean) and one abstention (Barickman). The motion carried.
Discussion followed concerning how these line-item budget transfers could be operationalized.

6. Other Business
There was no other business addressed.

7. Public Comment
Chair Yonkers opened the floor to Public Comment.

Mike D’Agostino, Region 9 BOE, stated the BOE can designate the Superintendent or their designee to manage the school budgets. Transfers between budget lines in an approved budget are generally approved if shortfalls occur but money cannot be used for purposes that don’t constitute an emergency or shortfall. Transfers over $10,000 require BOE approval.

Chair Yonkers adjourned the meeting at 8:10PM.

Submitted by,
Zachary Smith

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