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Minutes of Board of Finance, 06/28/2021

AGENDA: Board of Finance

RECEIVED 07/08/2021 12:08pm
Michele R. Grande – Redding Town Clerk

Town of Redding
Board of Finance Regular Meeting
Monday, 6/28/2021
7:30PM Zoom


Dr. Kimberly Yonkers, Chair
Ward Mazzucco, Vice Chair
Jamie Barickman
Robert Dean
Ed Miller
Jenifer Wyss

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

Chair Yonkers called the meeting to order at 7:37PM.

1. To Approve the Minutes of the BOF meeting held on Monday, 5/24/2021.


Mr. Barickman made a motion to approve the minutes of the BOF meeting held on Monday, 5/24/2021. Mr. Mazzucco seconded the motion. The vote was unanimous, and the motion carried.


Mr. Miller made a motion to add an item to the agenda. The item is to allow the First Selectwoman to address the BOF. Mr. Barickman seconded the motion. The vote was unanimous, and the motion carried.

2. First Selectwoman Report

First Selectwoman Pemberton addressed the BOF.

The Town of Redding was awarded a $200k Brownfield Assessment Grant. This money will be used to fund a Phase 1 Environmental Assessment for the Georgetown Wire Mill this summer. Discussion followed concerning the details of this project.

3. Public Comment

Chair Yonkers opened the floor to Public Comment.

There was no public comment.

4. Tax Collector’s Report

Pat Moisio addressed the BOF.

Tax Bills have been sent out. The deadline for payment is Monday, 8/2/2021 Taxes cannot be paid in person or online until Thursday, 7/1/2021.

The Town of Redding budgeted tax collections at $48,405,923 for FY 2020-2021. The actual collections were $50,021,900.

The Town conducted a tax sale. Only two properties were up for sale and the owners of these homes have up to six months to pay their taxes and redeem their property.

Discussion followed concerning how the Town communicates with residents concerning tax bills.

Ms. Moisio discussed the suspense list. The suspense list is a listing of all personal property, motor vehicle, and supplemental motor vehicle taxes that were due on the 2017 Grand List and have not been paid. These bills are put into suspense which means they are taken off the Town’s books and are given to a tax collection agency to have them collected.

The total for the 2017 Grand List Suspense List is $35,128.10. The details are as follows:

$19,709.80 Personal Property Taxes

$13,159.38 Motor Vehicle Taxes

$2,258.92 Supplemental Motor Vehicle Taxes

A member of the Board of Finance must sign the Suspense List to allow collections to move forward.

Mr. Mazzucco made a motion to approve and accept the suspense list. Ms. Wyss seconded the motion. The vote was unanimous, and the motion carried.

5. Finance Director’s Report

Steve Gniadek addressed the BOF.

Year End Forecast
• Expenses – There is an estimated surplus of $200k in the Selectman’s budget, after negative PD Overtime variance of approximately $150k and Legal negative variance of $110k, which were offset by a favorable Park & Rec of $260k. The Schools expense surplus is not available yet (estimated at $200k).

• Revenues – Revenues should exceed budget by about $100k (not including taxes). The negative effect of Park & Rec totaling $432k is offset by favorable impact of home sales (conveyance and recording fees) and building permits totaling approximately $493k.

The above estimates are based on 11-month actuals and do not account for variances which may occur in month 12.

Neither of the above include the potential favorable impact of FEMA and ARPA monies to be allocated against either expenses or revenues

FEMA Reimbursement – We are finalizing submittal for Storm Isaias August 2020 expenses. Expected reimbursement is $60k-$75k, which is 75% of submitted expenses. We now anticipate this reimbursement will not be received prior to the closing of this fiscal year.

FEMA Covid-19 – We will be applying for FEMA reimbursement for the costs to run the vaccination and testing clinics held at the Community Center and in Bethel, as well as support for administration, cleaning, and PPE. Town portion is about $60k with total amount TBD as we await invoice from Bethel.
American Rescue Plan (ARPA) – 50% of the allocated federal funding has been received this month and totals $1.35 million.

OPEB Trust – The second of the five monthly $100,000 investments into the Schwab account were made on Monday, 6/14/2021 by Fiducient Advisors.

FY 2021 Audit – We have our initial planning meeting scheduled for early July.

Chair Yonkers asked Mr. Gniadek if it would be prudent to ask Fiducient Advisors about making additional investments in the OPEB Trust due to the current financial position of the Town. Discussion followed concerning how this could work and if it should happen.

Ms. Wyss asked Mr. Gniadek how this year’s audit will happen. Mr. Gniadek said this year will have more in-person visits than last year.

6. Treasurer’s Report

Wes Higgins was absent from the meeting.

7. Budget Expense Transfer Request Policy

Mr. Gniadek addressed the BOF.

Mr. Gniadek reached out to the Town’s auditor, Joe Centofanti, and asked several questions about proper accounting procedures concerning Budget Expense Transfer Requests. Discussion followed about budget expense transfers and what is statutorily allowed.

Mr. Mazzucco suggested the Town receives advice from Counsel concerning this subject. Mr. Gniadek suggested Mr. Mazzucco, Mr. Miller, and Joe Centofanti should discuss this subject further. Mr. Gniadek stated he will reach out to the relevant parties about this.

8. Other Business
a. Return to in-person meetings

Discussion followed concerning how in-person meetings could work and what is required legally.

Mr. Gniadek stated he will reach out to Doug Hartline (Health Director) for advice and guidance for in-person meetings.

9. Public Comment

Chair Yonkers opened the floor to Public Comment.

There was no public comment.

Chair Yonkers adjourned the meeting at 8:40PM.

Submitted by,
Zachary Smith