BOARD OF FINANCE – SPECIAL MEETING
May 11, 2005 - IMMEDIATELY FOLLOWING REFERENDUM
MINUTES
I. CALL TO ORDER – Chairman Harrison called the meeting to order at 8:30 p.m. Present were Messrs. Gugliotti, Hooper, Monts, Zacchio and Ms. Durdan. Mr. Speich was absent.
II. PLEDGE OF ALLEGIANCE – Dispensed with.
III. OLD BUSINESS – 04/05-01 FY05/06 Budget: Set Tax Rate (24.16 Mills)
The Chairman requested the minutes reflect the outcome of the Referendum. The “yes” vote was 1668 and the “no” vote was 766.
On a motion made by Mr. Hooper, seconded by Mr. Zacchio, it was voted:
RESOLVED: That the Board of Finance set the mill rate for FY05/06 at 24.16
mills.
Messrs. Harrison, Gugliotti, Hooper, Monts, Zacchio and Ms. Durdan voted in favor.
IV. NEW BUSINESS – 04/05-18 Adopt Resolution Avon High School
Renovations/Additions
The Town Council has recommended a spending Resolution regarding the Avon High School renovations, additions and improvements in an amount of $25,998.000 to accommodate approximately 1,300 students. This will effectively set the Public Hearing on Thursday, May 19, at 7:30 p.m. in the High School, and for a Referendum for Monday, June 20th.
On a motion made by Mr. Gugliotti, seconded by Mr. Zacchio, it was voted:
RESOLVED:
(Please insert the RESOLUTION OF THE BOARD OF FINANCE).
Messrs. Harrison, Gugliotti, Hooper, Monts, Zacchio and Ms. Durdan voted in favor.
04/05-19 Approve Suspense List
Kathleen Roth, Collector of Revenues attended the meeting and reported this list is an all-time low. She reported the year started very slowly, with end of January collections at only 3%; as of today that percentage is 99.7%. Last year we filed 30 tax liens, she has 37 this year. She reported the tax payers are very good, if they have the money, they pay. She commented on two large accounts being taken off the Suspense List. The Chairman thanked Mrs. Roth for her diligent efforts on behalf of the Town.
On a motion made by Mr. Hooper, seconded by Ms. Durdan, it was voted:
RESOLVED: That the Board of Finance approve the Town Of Avon Suspense List
for FY04/05, as submitted.
Messrs. Harrison, Gugliotti, Hooper, Monts, Zacchio and Ms. Durdan voted in favor.
V. MISCELLANEOUS – Margaret Colligan, Director of Finance, reported on
a preliminary discussion with Standard & Poor’s on any future bonding, such as the high school, and our bond rating. She reported they contacted us to do a review of the Town as they had not been in since 2002 and they want to update their records. They advised us that our credit rating is not at risk, and they will get back to us within a few days, so we don’t expect any changes. They were not looking for a lot of statistical data as they already have our 6/30/04 CAFR and also our official statement on the May notes sold which updated information to April of 2005. They wanted to hear from management as to what we see going on in the Town and the 05/06 budget. We will call them tomorrow morning to report on the results of the Referendum. She reported on various
items of interest to the rating company and answered some questions from the Board. The Chairman thanked Ms. Colligan.
The Chairman reported that we do have to have our regular May meeting because of the interviews scheduled for the selection of a new auditing firm. We need to comply with the State requirement that we inform the Office of Policy and Management of this selection 30 days prior to the end of the fiscal year period for which the audit is required.
VI. OTHER BUSINESS – None.
VII. ADJOURNMENT
On a motion made by Mr. Hooper, it was voted:
RESOLVED: That the Board of Finance adjourn at 8:40 p.m.
Messrs. Harrison, Gugliotti, Hooper, Monts, Zacchio and Ms. Durdan voted in favor.
Respectfully Submitted,
Thomas A. Gugliotti, Secretary
Attest: Elinor Burns
BOF 05-11-05
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