Select Page

Minutes of Board of Finance, 04/25/2022

AGENDA: Board of Finance

RECEIVED 05/03/2022 4:22pm
Michele R. Grande – Redding Town Clerk

Town of Redding
Board of Finance Regular Meeting
Monday, 4/25/2022
7:30PM Via Zoom

Filed subject to approval.

Present:
Ward Mazzucco, Vice Chair
Rob Dean
Jenifer Wyss
Karen Gifford

Also Present:
Steve Gniadek, Finance Director
Wes Higgins, Treasurer
Peg O’Donnell, Selectman

Vice Chair Mazzucco called the meeting to 7:34PM.

1. To Approve the Minutes of the Monday, 3/28/2022 and Monday, 4/4/2022 BOF Meetings.

Motion:

Ms. Gifford made a motion to approve the minutes of the Monday, 3/28/2022 BOF Meeting. Vice Chair Mazzucco seconded. The vote was unanimous, and the motion carried.

Motion:

Ms. Gifford made a motion to approve the minutes of the Monday, 4/4/2022 BOF meeting with the following changes:
Ms. Wyss seconded the motion. The vote was unanimous, and the motion carried.


1) Change the language of the following motion concerning the BOS budget approval.

Mr. Barickman made a motion to approve the proposed BOF budget for FY 2022-2023 of $15,611,657. Vice Chair Mazzucco seconded the motion. The vote was unanimous, and the motion carried.
This motion should be amended to:

Mr. Barickman made a motion to approve the proposed BOS budget for FY 2022-2023 of $15,611,657. Vice Chair Mazzucco seconded the motion. The vote was unanimous, and the motion carried.

2) Change the language of the following motion concerning FEMA and Covid-19 Reimbursements for greater clarity.

Mr. Barickman made a motion to amend the motion made at the 2/28/2022 BOF meeting concerning FEMA reimbursements for Tropical Storm Isaias and Covid-19.
Mr. Dean seconded the motion. The vote was unanimous, and the motion carried.

The FEMA reimbursements for Tropical Storm Isaias and Covid-19 should be deposited in the Capital Non-Recurring Reserve.

The original motion is as follows:

Motion: Mr. Dean made a motion to deposit the FEMA reimbursements for Tropical Storm Isaias and Covid-19 in the General Fund. Mr. Barickman seconded the motion. There were four yes votes (Dean, Barickman, Gifford, and Yonkers) and two no votes (Mazzucco and Wyss). The motion carried.

This motion should be changed to:

Mr. Barickman made a motion to amend the motion made at the 2/28/2022 BOF meeting concerning FEMA reimbursements for Tropical Storm Isaias and Covid-19. The FEMA reimbursements for Tropical Storm Isaias and Covid-19 should be deposited in the Capital Non-Recurring Reserve. Mr. Dean seconded the motion. The vote was unanimous, and the motion carried.

2. Public Comment
There was no Public Comment due to the change in Zoom Meeting ID and improper notice on the website of this change.

3. Year End Tax Revenue Forecast

Steve Gniadek addressed the BOF.

The Town of Redding is $614k ahead of budget for tax revenue. There is an anticipated $100k in additional tax revenue to be collected before 6/30/2022. Therefore, the estimated tax revenues for FY 2021-2022 are approximately $700k favorable.

4. Finance Director Report

Mr. Gniadek addressed the BOF.

ARP (American Rescue Plan)
The report for the period ending 3/31/2022 (due 4/30/2022) was submitted and accepted on 4/18/2022. There were no approved projects at the time of submittal and the spending was reported as zero. The report was required to select the use of the standard allowance of up to $10 million for revenue loss. The entire allocation of $2,697,894 can be used for support of government services.

The only item that is strictly off-limits is funding of pension liabilities.

FY 2022-2023 Budget

The Tuesday, 5/3/2022 referendum is set up. The legal notice for this referendum was published in the Thursday, 4/7/2022 edition of the Ridgefield Press.

Year End Revenue Forecast

Revenues for Town Services are straight-lined to exceed the budget by $205k. This number excludes tax revenues. This increase is due to Town Clerk Conveyance Fees ($100k), Building Permit Fees ($80k), and Zoning Permit Fees ($40k). This is offset slightly by a shortfall in Park and Recreation fees ($15k).

Mr. Gniadek stated that the Park and Recreation shortfall may be light. There was also a slight bump in the investment income. The latest forecast for this is $55k (the budgeted amount was $50k).

Year End Expense Forecast

The Year-End variance in expenses is expected to be favorable $60k. This excludes previously stated unfavorable variances in Legal Services ($275k) and Police Department Overtime ($160k).

Gasoline, Diesel, and Fuel Oil prices have increased significantly in the past year and these prices are being felt currently. Discussion followed concerning fuel usage and how this may affect FY 2021-2022 spending.

FEMA Covid-19

This is still in process. The total reimbursement request is $24k. This will be reimbursed 100%. The reimbursement will likely fall into the FY 2022-2023 revenues.

5. Treasurer Report

Mr. Higgins addressed the BOF.

The cash position of the Town of Redding year-over-year is approximately $500k higher.

Vice Chair Mazzucco asked Mr. Higgins about the ARP (American Rescue Plan) funds. Mr. Higgins stated that funding non-governmental activities would not apply to the government services category but would instead apply to other areas of the act that are allowable.

Mr. Higgins stated the ARPA (American Rescue Plan Act) Working Group has recommended four projects that they hope would be acted upon in June.

6. Other Business

There was no other business discussed.

7. Public Comment

There was no Public Comment.

Motion:
Ms. Gifford made a motion to adjourn. Ms. Wyss seconded the motion. The vote was unanimous, and the motion carried.

The meeting was adjourned at 8:00PM.

Submitted by,
Zachary Smith

Accessibility Tools
hide