Board of Finance
North Stonington Senior Center
Minutes of Regular Meeting
May 9, 2007
Call to order: The meeting was called to order by Vice Chairman
Southwick at 8:30 p.m. Members Borden, Marsh, Pavlovics and Southwick
were present. Chairman Gumprecht was absent.
Auditor Review of Fiscal 7/1/05 - 6/30/06 Audit Draft: Auditor Marcia
Marien reviewed pages 14-22 of the 5-09-07 draft for "Review of
Financial Statements" for fiscal 7-1-05-6-30-06 and also commented on
the draft audit.
Among her comments and recommendations were procedures for appropriate
documentation for opening and closing bank accounts, transferring and
consolidation of certain accounts; forewarning that next year new
auditing rules and new governmental rules would be added to the audit
process.
Regarding receipt of fiscal audit for 7-01-05 to 6-30-06, no firm date
was projected as such receipt is contingent on attorney liability
letter, financial consultant management letter, and Board of Selectmen
furnishing fixed asset list (approximately $9 million book value) and
audit of such list. Final audit receipt may be 2 weeks or more.
Auditor will provide Board of Finance next week a letter stating that it
is OK to proceed with the fiscal 7-01-07 to 6-30-08 budget hearing
before the final 7-01-05 to 6-30-06 audit is received.
Auditor reviewed "Statement of Forecasted Expenditures- Changes in Fund
Balance - General Fund for Year Ending 6-30-07"; prepared 5-09-07.
While certain changes need to be made, it appears that surplus will be
below acceptable standards of 5% to 8% of total revenues. Board of
Finance may find the surplus not adequate and a tax increase may be
needed. Final forecast will be available next week.
Approval of Minutes: The minutes of 5-2-07 were approved 5-0 on a
motion by Marsh, seconded by Woodward.
Little League: On a motion by Pavlovics, seconded by Marsh it was
approved 4-0 with Borden abstaining to move Little League ahead on the
agenda. Tim Baas of the Little League presented an update of current
status. A letter to the Board of Finance from the Little League is
expected.
Tabled: Town report. Southwick will no longer pursue
Tax collector report.
Outstanding action items.
New Computer Equipment. Woodward gave a presentation.
Correspondence: May 4, 2007 letter from CT Assembly comparing
Governor's Budget and Democrat's Budget
May 7, 2007 CT Appropriations Committee official grant numbers..
New Budget Hearing Date: By a vote of 4-1 with Pavlovics voting no, the
present date of May 21st was moved to May 29th. Southwick will handle
publishing notice as well as appropriate websites and press.
Next Meeting: May 16, 2007 at 8:00 p.m. at new town hall. Other than
public comments, and questions, the meeting will be devoted to
finalization of the 7-01-07 Budget for presentation at the 5-29-07
public hearing.
Adjournment: At 12:41 a.m., on a motion by Borden, seconded by Marsh,
it was voted to adjourn 4-1 with Pavlovics voting no.
Respectfully submitted,
Bradford P. Borden
Acting Secreary
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