Town of Redding
Board of Finance Regular Meeting Minutes
Monday, 7/26/2021
7:30PM Zoom
Filed subject to approval.
Present: Dr. Kimberly Yonkers, Chair; Ward Mazzucco, Vice Chair; Jamie Barickman; Rob Dean; Jenifer Wyss; Ed Miller (Absent)
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 7:30PM.
1. To Approve the Minutes of the BOF Meeting held on Monday, 6/28/2021.
MOTION: Vice Chair Mazzucco made a motion to approve the minutes of the BOF Meeting held on Monday, 6/28/2021. Mr. Barickman 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. Tax Collector’s Report
Pat Moisio addressed the BOF.
Tax collection for FY 2021-2022 started on Thursday, 7/1/2021. $11.5 million has been collected and the escrow accounts have not arrived yet. The deadline for July 2021 taxes is Monday, 8/2/2021.
4. Finance Director’s Report
Steve Gniadek addressed the BOF.
Year End Forecast
• Expenses – There is an estimated surplus of $300k (previously $200k) in the Selectman’s budget after negative PD Overtime variance of approx. ($150k) and Legal negative variance of ($110k) were offset by favorable Park & Rec of $260k. Schools expense surplus will be mostly used to fund the insurance reserve.
• Revenue –Revenues should exceed budget by about $200k (previously $100k). This does not include 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 12-month actuals through 7/20/2021.
Neither of the above include the potential favorable impact of FEMA and ARPA monies to be allocated against either expenses or revenues.
FEMA Storm Isaias – We are awaiting one invoice for $17,000 to complete data for submittal.
FEMA Covid 19 – All costs have been forwarded to FEMA and are currently under review.
American Rescue Plan (ARPA) – There is a calculation called the Lost Revenue Calculation that we can use to determine how much revenue the Town did not receive due to Covid-19. Jeff Jylkka, the Finance Director of East Hampton, CT, visited the Town of Redding Finance Department and demonstrated this calculation. This Lost Revenue Calculation can identify funds that can be utilized for items other than the previously identified ARPA items.
OPEB Trust – The third of five monthly $100,000 investments into the Schwab account was made on 7/14/2021 by Fiducient Advisors.
CYBER Insurance – Insurance has been procured for the Town and BOE at a cost of $17,595 (unbudgeted). The Town is currently transitioning from a proprietary email management system, First Class (Virtual Town Hall), to Microsoft 365 (Microsoft Outlook).
FY 2021 Audit – This is proceeding smoothly. A report is planned for as early as the October BOF meeting and no later than the November BOF meeting.
Discussion followed concerning the ARPA funding and what should be done moving forward.
5. Treasurer’s Report
Wes Higgins addressed the BOF.
The Town’s cash balance remains strong at $18,760,330 in operating funds.
The Town’s Capital and Designated Funds have a balance of $5,343,163.
Cash Income will remain low for the foreseeable future.
6. Budget Expense Transfer Request
Discussion followed about the process for Budget Expense Transfer Requests.
MOTION: Vice Chair Mazzucco made a motion to satisfy the overages of $120,000 in Legal, $138,000 in Police Dept OT, and $33,000 in Bond Interest with the surpluses of $97,000 in Medical Insurance, $77,000 in Park & Rec Programs Part-Time Help, $64,000 in Park & Rec Programs Contract Services, $33,000 in Pensions, and $20,000 in BAN/Bond Fees. Mr. Barickman seconded the motion. Discussion followed concerning some additional process questions. There were four yes votes (Yonkers, Mazzucco, Barickman, Wyss) and one abstention (Dean). The motion carried.
7. Other Business
a. Georgetown Wire Mill Dam Inspection
First Selectwoman Julia Pemberton addressed the BOF.
The Georgetown Wire Mill Dam needs a formal inspection. This inspection will also include an emergency action plan update. The total cost for both items is $6,500.00. This will be paid out of the Georgetown Wire Mill fund.
b. Return to in-person meetings
Discussion followed concerning how in-person and hybrid meetings could work.
The BOF will continue hosting meetings via Zoom.
8. Public Comment
Chair Yonkers opened the floor to Public Comment. There was no Public Comment.
MOTION: Chair Yonkers made a motion to adjourn. Mr. Barickman seconded the motion. The vote was unanimous, and the motion carried.
The meeting was adjourned at 8:52PM.
Submitted by,
Zachary Smith