The Board of Finance held a regular meeting on Monday, June 12, 2006 in the meeting room at Town Hall South 3 Main Street, Newtown, CT. Chairman John Kortze called the meeting to order at 7:30 pm.
PRESENT: John Kortze, James Gaston, Harrison Waterbury, Michael Portnoy, John Torok ABSENT: Joseph Kearney
ALSO PRESENT: First Selectman Herbert Rosenthal, one member of public
VOTER PARTICIPATION: Ms. Ruby Johnson, 16 Chestnut Hill Road, distributed copies of a draft financial analysis that she feels should be for both Fairfield Hills and for the Commerce Road and Tech Park. She also distributed copies of budget information that is mailed to all homes in Westford, MA.
COMMUNICATIONS: None noted at this time
ACCEPTANCE OF MINUTES: Upon motion by Mr. Gaston, the minutes of the 5/8/06 meeting were unanimously accepted as corrected on page 2 (transfer).
FINANCE DIRECTOR’S REPORT: Not present
FIRST SELECTMAN REPORT: First Selectman Rosenthal advised that the town has received approval for a STEAP Grant in the amount of $275,000 to assist with the cost of electrical upgrades at Fairfield Hills. We have always applied for an additional $225,000 (already received $500,000) for the Tech Park on Commerce Road. When the EDC comes for an appropriation, they will supply the financial impact statement brought up by Ms. Johnson at the beginning of the meeting.
UNFINISHED BUSINESS – None
NEW BUSINESS
Presentation by First Selectman - Employee Pension Plan
First Selectman Rosenthal distributed copies of the Actuarial Reports for both the Police and Town Employee Plans. There are actually three different plans: 1) the Police, 2) the Town which includes all town employees and includes employees of the Library, Youth Services, Children’s Adventure Center, Health District and Town Hall Managers and 3) a plan for elected officials. Normal retirement is age 65 or after 30 years of employment, although for Police it is 25 years. The maximum benefit is 2% per year of service or 2.25% for Police. Town employees are offset by primary social security benefit, or can opt for 1.5%. Police no longer have the social security offset.
CT Municipal Consortium for Fiscal Responsibility
Mr. Gaston will invite the representatives of the Consortium to a future meeting to discuss.
Year-End Budgets
Mr. Portnoy attend the recent Board of Education where budget reductions were discussed and he gave an overview. It was decided to invite the Board of Education members to attend the next meeting to discuss budgets, the Capital Improvement Plan, the internal audit and the upcoming labor negotiations.
Having no further business, the meeting was adjourned at 9:00 p.m.
Jan Andras, Clerk
| 
