BOARD OF FINANCE
MINUTES
NOVEMBER 22, 2004
I. CALL TO ORDER – The Meeting was called to order at 7:30 p.m. by Chairman Tom Harrison. Members present: Catherine Durdan, Tom Gugliotti, Bill Hooper, Mike Monts and Jim Speich. Mark Zacchio was absent.
II. PLEDGE OF ALLEGIANCE – Recited by all present.
III. COMMUNICATION FROM AUDIENCE – None.
IV. MINUTES OF PRECEDING MEETING – October 25, 2004.
On a motion made by Mr. Harrison, seconded by Mr. Monts, it was voted:
RESOLVED: That the Board of Finance accept the minutes of the October 25th meeting, as submitted.
Messrs. Harrison, Gugliotti, Monts, Speich and Ms. Durdan voted in favor. Mr. Hooper abstained, absent from the meeting.
V. OLD BUSINESS
04-05-04 – FY04/05 Auditor Selection
In response to a question on procedure from the Board, the Town Manager responded that it is the Board of Finance who makes the appointment of the Auditor. However, the non-Board of Finance members of the Audit Committee can be ex-officio and entitled to vote, should the Board of Finance so wish. Ms. Colligan reported they could be part of the rating process, or not. The Chairman indicated he feels those opinions could be important to the selection process. Mr. Monts commented on procedures, specifically details on items that are important – he feels there should be some sort of contract to cover these. The Town Manager reported we do not have a standard Town Contract, we basically have these proposals reviewed by the Town Attorney; however, we could draft a contract as the next
step. The Board of Finance and Audit Committee members will work with the Director of Finance to resolve these comments.
VI. NEW BUSINESS
04-05-06 Approve FY03/04 Year-end Transfers
The Town Manager reported on the information submitted with the Agenda and explained each category of adjustments as presented in a binder entitled “Final Fiscal Year Transactions - FY2003-2004”. He indicated each category has its own Approving Resolution to make the necessary adjustments to the budget. He also reported the Director of Finance has provided a recapitulation of where we stand on the General Fund Undesignated Fund Balance (surplus), which was not included in the binder. At the bottom of the last page you will see that as of June 30, 2003 we had a General Fund Undesignated Fund Balance of $3, 845, 984 which is about 7.83%; after FY03/04, that figure has been reduced to $3,016,547, or 5.17% of GAAP which is Generally Accepted Accounting Principals based on Expenditures in
the General Fund. He feels we have ended up approximately where we planned. What we’re looking for this evening is approval of the transfers, encumbrances and appropriations that are outlined in a memo dated November 12, 2004 from the Director of Finance to the Town Manager. He reported the Town Council has approved these resolutions and has recommended them to the Board of Finance for approval.
As requested by the Chairman, the Town Manager gave a brief explanation of each of the items and their history for the benefit of the new member who was not a part of the initial approvals. The Town Manager reported this is basically a reconciliation of all the changes to the budget that need to be made and also designations of certain fund balances; we have 16 different funds, the largest and most important is the General Fund. The other funds are usually revenue specific and have statutory limitations on how the money can be raised or expended, so they have to be accounted for independent of the General Fund.
On a motion made by Mr. Speich, seconded by Mr. Gugliotti, it was voted:
RESOLVED: That the Board of Finance approve the Resolutions approved by the Town Council and recommended to the Board of Finance in a memo from the Town Council to the Town Manager dated November 12, 2004 as detailed in a binder entitled “Town of Avon Final Fiscal Year Transactions – FY 2003-2004.
Messrs. Harrison, Gugliotti, Hooper, Monts, Speich and Ms. Durdan voted in favor.
04/05-07 – Appropriation from Fund 09, Recreation Activities
Fund in the amount of $20,000.
Glenn Marston, Director of Recreation and Parks attended the meeting to answer any questions or comments from the Board.
The Town Manager certified there are sufficient Unreserved Designated Funds to finance the balance of the original bid for fencing around the Buckingham Athletic Fields, and unforeseen minor expenditures.
On a motion made by Mr. Hooper, seconded by Ms. Durdan, it was voted:
RESOLVED: That the Board of Finance hereby amend the FY04/05 Budget to approve transfer of appropriation not to exceed $20,000 from Account #099-0360-43922, Recreation Activities Fund, Other Local Revenues, Fund Bal. Unres. Des. Maint. Exp. And Account #09-8700, Recreation Activities Fund, Other Financing Uses, Interfund Transfer-out to Account #02-0390-43918, Capital Projects Fund (Facility and Equipment), other Financing Sources, Interfund Operating Transfers In and Account #02-4829-53349, Capital Projects Fund (Facil & Equip) Town CIP-Facilities, Buckingham Road Athletic Field for the purpose of the remainder of the base bid amount, plus unforeseen minor expenditures.
Messrs. Harrison, Gugliotti, Hooper, Monts, Speich and Ms. Durdan voted in favor.
04/05-08 – Supplemental Appropriation: $20,600; Replace
Emergency Generator, Public Works Garage.
The Town Manager’s report indicates the Acting Director of Public Works Rudy Fromm has requested replacement of a 20 year old generator, which was purchased as used, is now determined to be inoperable. Bids were solicited, the Town Council has reviewed the bids and approved this resolution to the Board of Finance for its approval.
The Town Manager certified there are sufficient Undesignated General Fund Balance resources to finance $20,600 for purchase of a replacement generator for the Public Works Garage.
On a motion made by Mr. Hooper, seconded by Mr. Monts, it was voted:
RESOLVED: That the Board of Finance hereby appropriates a sum not to exceed $20,600 from Account #01-0390-43913 General Fund, Other Financing Sources, Undesignated Fund Balance to General Fund, Capital Improvement Projects Facilities, Account #091-8501-53369 and Capital Projects Fund (Facilities & Equipment), Town CIP-Facilities, DPW Generator, Account #02-4829-53369 for the purpose of funding the purchase of the Generator at the Public Works Department.
Messrs. Harrison, Gugliotti, Hooper, Monts, Speich and Ms. Durdan voted in favor.
VII. EXECUTIVE SESSION: Negotiations
On a motion made by Mr. Gugliotti, seconded by Mr. Hooper, it was voted:
RESOLVED: That the Board of Finance go into Executive Session at 8:40
pm to discuss negotiations.
Messrs. Harrison, Gugliotti, Hooper, Monts, Speich and Ms. Durdan voted in favor.
On a motion made by Mr. Speich, seconded by Mr. Hooper, it was voted:
RESOLVED: That the Board of Finance come out of Executive Session at 9:00 pm.
Messrs. Harrison, Gugliotti, Hooper, Monts, Speich and Ms. Durdan voted in favor.
VIII. MISCELLANEOUS – The Chairman reported he attended the “Avon Community Forum” presentation at St. Ann’s Church by Thomas Cooke, PhD., Professor of Geography at the University of Connecticut . Val Ferro was moderator and Host and there were several civic groups involved. He reported he did not feel it was helpful to issues in Avon. He found it interesting that population in the State increased by 12% while previously undeveloped land was now inhabited by 112%. This seems to be a problem in some people’s eyes.
IX. OTHER BUSINESS – None.
X. ADJOURN
On a motion made by Mr. Speich, seconded by Mr. Hooper, it was voted:
RESOLVED: That the Board of Finance adjourn at 9:00 pm.
Messrs. Harrison, Gugliotti, Hooper, Monts, Speich and Ms. Durdan voted in favor.
Respectfully submitted,
Thomas a Gugliotti, Secretary
Attest: Elinor Burns, Clerk
BOF\11-22-04 Minutes
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