North Stonington Board of Finance
Regular Meeting Minutes
Wednesday, March 5, 2008 8:00 PM
New Town Hall
40 Main Street, North Stonington, CT
1.Call to Order: Chairman M. Donahue called the meeting to order at 8:05
PM; Secretary T. Oswald and members L. Southwick, E. Pavlovics, N. Gumprecht
and G. Herbert were present.
2. Public Comments and Questions: M. Donahue presented an inquiry for a
citizen asking the BOF to have a meeting on a Saturday morning.
3. Previous Minutes:
1. L. Southwick motioned to approve the minutes of the regular meeting of
February 6, 2008 as amended. G. Herbert seconded the motion, which carried
6-0-0.
2. L. Southwick made a motion to approve the minutes of the regular meeting
of February 20, 2008 as amended. M. Donahue seconded the motion, which
carried 6-0-0.
4. Budget Website: Marc Tate, Town GIS and IT Coordinator presented his
proposal for a webpage for the BOF. G. Herbert volunteered to collect input
from the BOF members over the next week and we will discuss this issue at
the next BOF meeting.
5. Tax Collector's Report: L. Southwick reviewed the report for the BOF.
6. BOS:Review of Financial Statements: Actual Vs. Budget: First Selectman N.
Mullane responded to inquiries from the BOF in regard to town financial
matters.
7. BOE: Review of Financial Statements: Actual vs. Budget: No report due to
discuss at this point.
8. Management Reports/Board of Finance as Audit Committee/Plan for Teachers
Retirement Liability:
1. BOF Audit Committee Responsibilities: G. Herbert presented his excellent
flow chart of town cash transaction and accountability flow and the BOF
discussed it at length. G. Herbert will continue with his research and
recommendations.
2. Plan for teachers Retirement Liability: The BOF discussed how the town
can suffer some strong consequences for not preparing for (funding) the
responsibilities outlined by GASB-45. How to meet this funding requirement
was discussed at length.
9. Acceptance of Audit: L. Southwick motioned the BOF accept the 6-30-07
Audit. N. Gumprecht seconded. The motion passed 6-0-0.
10. Appointment of Auditor for 6/30/08 Audit: L. Southwick motioned we
appoint Marien and Company, LLC Certified Public Accountants + Consultants
of 124 New London Turnpike, Norwich CT as auditor again. N. Gumprecht
seconded. Discussion followed. L. Southwick withdrew his motion to
appoint. Issue tabled until next meeting.
11. Management Letter: Tabled until next meeting.
12. Draft Auditor Fraud Questionnaire: E. Pavlovics moved that we strike
this issue as an agenda item. N. Gumprecht seconded. The motion carried
4-0-2 with T. Oswald and M. Donahue abstaining.
13. Correspondence:
1. The combined BOS, BOF, and BOE letter asking citizens to participate in
the school building committee.
2. Letter from Mayor of New Haven announcing dedication of statue
commemorating the veterans of the Connecticut 29th Colored Regiment C.V.
Infantry on 9/19/08.
3. Bill from Marien + Company for Accounting and Auditing Services for
$9,113.00.
4. Specifications for replacement street paver from Acorn-Thompson.
5. Update from Tax Collector, the delinquency ratio diminished from 12.72%
to 10.9% with 321 accounts, down from 374.
14. Town Report Status 6-30-07: This issue was discussed. Next meeting L.
Southwick will let us know the status of the draft report.
15. Conservation Commission Draft Plan for Conservation and Recreation Lands
and Recommendations for Use of Land Areas: The Chair asked if the BOF had
any comments to pass on. There were none.
16. Future Agenda Items Identification:
1. The Saturday meeting proposal.
2. Payment of the Marien accounting/consulting bill.
3. The BOF website which G. Herbert will collect input for.
4. The BOS budget presentation.
17. Adjournment: Next BOF meeting will be held in the Senior Center at
8PM. L. Southwick moved for adjournment with G. Herbert seconding. The
motion carried 6-0-0. The meeting was adjourned at 11:00 PM, 23:00 hours.
Respectfully submitted,
Thomas Oswald
Secretary, Board of Finance
North Stonington, CT
| 