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Minutes of Board of Finance, 10/25/2021

AGENDA: Board of Finance

RECEIVED 10/28/2021 8:53am
Michele R. Grande – Redding Town Clerk

Town of Redding
Board of Finance Minutes
Regular Meeting
Monday, 10/25/2021
7:30PM Via Zoom

Filed subject to approval.

Dr. Kimberly Yonkers, Chair
Ward Mazzucco, Vice Chair
Jamie Barickman
Rob Dean
Ed Miller (arrived at 8:06PM)
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 7:42PM.

1. To Approve the Minutes of the BOF Meeting held on Monday, 9/20/2021

Vice Chair Mazzucco made a motion to approve the minutes of the BOF meeting held on Monday, 9/20/2021. Ms. Wyss seconded the motion. There were four yes votes (Yonkers, Mazzucco, Wyss, and Dean), one abstention (Barickman), and one absence (Miller). 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.

Cybersecurity Workshop – As requested at last month’s BOF meeting, a cybersecurity workshop has been set up with CCM (Connecticut Conference of Municipalities) for Tuesday, 11/2/2021 at 12:00PM. The link to register for the workshop has been sent to all Town email users, the BOF, and the BOS. The meeting will be recorded and available for future viewing.

FEMA Storm Isaias – The reimbursement for Tropical Storm Isaias has been submitted to FEMA. The overall expenses for Tropical Storm Isaias were $226,000 and the expected reimbursement is 75% of this, $170,000.

FEMA Covid-19 – The costs of Covid-19 for the Town of Redding have been compiled. The vaccination van did not cost the Town anything, so the overall total has remained the same. FEMA must review these expenses and then they’ll be ready to submit for reimbursement.

American Rescue Plan (ARP) – A toolkit developed by CCM has been distributed to the BOS and the BOF to assist with the decision-making around the ARP funds.
Discussion followed concerning the process for spending the ARP funds.

OPEB Trust – The fifth and final $100,000 investment into the Schwab account was made on Wednesday, 9/15/2021 by Fiducient Advisors. The balance as of Thursday, 9/30/2021 was $495,086. As of Wednesday, 10/20/2021, the balance was $509,200.
The next OPEB Trust meeting will be held after the BOF meeting on Monday, 11/22/2021.

FY 2021 Audit – The audit is proceeding smoothly for the Town. A draft will most likely be presented to the BOF at the Monday, 11/22/2021 meeting.

4. Treasurer’s Report

Wes Higgins addressed the BOF.

The Town’s cash position as of Thursday, 9/30/2021 was $28.71M.

The 2021 School Surplus amount is $1,150,000 and is currently sitting in the Town’s General Fund.

Interest Income is very low and will maintain at this rate for the foreseeable future.

Mr. Barickman asked Mr. Gniadek about the Final Mill Sheet Summary and updating it. Mr. Gniadek stated the CAFR (Comprehensive Annual Financial Report) needs to be published before the Mill Sheet is updated.

5. Other Business

Vice Chair Mazzucco asked the BOF about the policy/guidelines for the Line Item Transfers. A lengthy discussion followed concerning state statutes, transfers within the budget, and appropriations.
The BOF stated their appreciation for Ed Miller and wished him luck on his future endeavors.

6. Public Comment

Chair Yonkers opened the floor to Public Comment.

Mike D’Agostino thanked Mr. Miller for his service to the Town of Redding. He also asked what will happen to the $170,000 in FEMA reimbursements for the Tropical Storm Isaias. Mr. Gniadek stated he will reach out to the Town’s Auditor about best practices for FEMA reimbursements.

Mr. Dean made a motion to adjourn the meeting. Mr. Mazzucco seconded the meeting. The vote was unanimous, and the motion carried.

The meeting was adjourned at 8:34PM.

Submitted by,
Zachary Smith