BOARD OF FINANCE
SPECIAL MEETING
MONDAY, 9/29/2020
7:00PM
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; Pat Moisio, Tax Collector; Wes Higgins, Treasurer; Julia Pemberton, First Selectwoman; Peg O’Donnell, Selectwoman; Michael Thompson, Selectman; Members of the Public
Chair Yonkers called the meeting to order at 7:03PM.
1. Executive Session
MOTION:
Mr. Mazzucco made a motion to enter executive session to discuss pending litigation concerning the GLDC. Mr. Mazzucco invited the BOF, Town Counsel (Adam Cohen and Steve Stafstrom, Pullman & Comley), First Selectwoman Julia Pemberton, Pat Moisio, Steve Gniadek, and Wes Higgins. Mr. Miller seconded the motion. The vote was unanimous, and the motion carried.
Executive Session followed.
Executive Session ended at 7:45PM.
2. To Approve the Minutes of the BOF Meeting held on Monday, 8/24/2020
MOTION:
Mr. Barickman made a motion to approve the minutes of the BOF meeting held on Monday, 8/24/2020. Mr. Mazzucco seconded the motion. The vote was unanimous, and the motion carried.
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.
As of today, 54.1% of the FY 2020-2021 budget has been collected.
The interest on delinquent taxes will increase from 0.75% per month to 1.5% per month on Thursday, 10/1/2020. This also means that collections can move forward on delinquent taxes.
Tax Sale will happen in March or April.
The Suspense List that was approved at the July BOF Meeting was signed by Mr. Mazzucco on August 25, 2020. Ms. Moisio asked to add the suspense list to this meeting’s agenda.
MOTION:
Mr. Mazzucco made a motion to add the suspense list to the agenda. Mr. Miller seconded the motion. The vote was unanimous, and the motion carried.
5. Suspense List
Ms. Moisio stated the dollar amounts for the 2018 Suspense List:
Personal Property Tax = $21,041.82
Motor Vehicle Tax = $10,074.56
Supplemental Motor Vehicle Tax = $4,428.22
The total 2018 Suspense List amount is $35,544.60
MOTION:
Mr. Mazzucco made a motion to approve the 2018 Suspense List. Mr. Miller seconded the motion. The vote was unanimous, and the motion carried.
6. Finance Director’s Report
Steve Gniadek addressed the BOF.
GFOA (Government Financial Officers Association) Certificate of Achievement
The Town has been awarded the Certificate for Excellence in Financial Reporting for our CAFR FY 2019. It is the sixth consecutive year achieving this award. Mr. Gniadek thanked the BOF and everyone else involved in the process.
Estimated Surplus for FY 2020 as of September 15, 2020:
Town of Redding
$814,000
Redding Board of Education
$467,000
Region 9
$939,000
TOTAL Surplus
$2,220,000
Capital Projects Fund:
Over time, there has accumulated an unspent balance of $212K in one of our Capital Fund accounts. This account was used to fund the School Phone Upgrade for up to $60k, leaving a balance available to use on other approved projects of $152k.
Ms. Wyss asked Mr. Gniadek about obtaining a legal opinion on the Executive Order allowing the Town to approve Capital Projects without a town meeting. First Selectwoman Pemberton said she received an opinion and the decision made on the School Phone Upgrade was legal.
OPEB Trust:
Mr. Gniadek was only able to find 2 other vendors, Hooker and Holcomb and Center Harbour Group. He supplied each with a short questionnaire. Morgan Stanley chose not to participate, stating the “absence of a current Investment policy Statement (IPS) was a factor in the decision.
7. Treasurer’s Report
Wes Higgins addressed the BOF.
The Town’s Current Cash Balance is $29,143,000 as of August 31, 2020.
Interest Income has not performed well in 2020. The total interest income earned during calendar year 2020 is $22k.
8. Debt Management Policy Update
Jennifer Wyss addressed the BOF.
A draft of the Debt Management Policy was shared with the BOF. Discussion followed concerning the document.
9. Capital Projects Process Update
Wes Higgins addressed the BOF.
Discussion followed concerning a flow chart.
10. OPEB Trust Follow Up
Steve Gniadek addressed the BOF.
The BOF discussed the possible vendors and other items.
11. Other Business
There was no other business discussed
12. Public Comment
Chair Yonkers opened the floor to Public Comment. There was no public comment.
MOTION:
Mr. Barickman made a motion to adjourn.
The meeting was adjourned at 8:52PM.
Submitted by,
Zachary Smith