North Stonington, CT
Board of Finance
Minutes of Regular Meeting
January 2, 2008
North Stonington New Town Hall
1. Call to Order: Acting Chairman L. Southwick called the meeting to
order at 8:07 PM; Acting Secretary M. Donahue and members E. Pavlovics and
G. Herbert were present.
2. Public Comments and Questions: None.
3. Previous Minutes: B. Herbert made a motion to approve the minutes
of the regular meeting of December 5, 2007 as written. L.Southwick seconded
the motion, which carried 4-0-0.
4. Meet the Candidates for BOF Vacancies. Schedule Special Meeting to
Fill Two Vacancies: Three candidates (Tom Oswald, Democrat; Nick Gumprecht,
Republican; Elwin Bresette, Republican) for BOF vacancies attended the
meeting and gave brief summaries of their interest and qualifications for
serving on the Board. A fourth possible candidate (Anita Ames) was not
present. L. Southwick will check if she is still interested in filling a
vacancy. A Special Meeting of the BOF to appoint successors to fill the
current vacancies is tentatively set for Wednesday, January 9, 2008 at 8:00
pm to be held at the Senior Center.
5. Management Reports/Board of Finance as Audit Committee: G. Herbert
distributed and reviewed a draft of a flow chart illustrating the cash
control process implemented by the Board of Selectmen. The process entails
networking the various cash registers used by the Town with the QuickBooks
accounting software to allow automatic posting. This addresses, in part,
some of the Internal Control Review - Material Weaknesses noted in this
year's audit. A meeting with the auditor, Marcia Marien, is tentatively
planned for January 28, 2008 to complete the consultation regarding the BOF
as an audit committee. M. Donahue will notify the BOE Finance Subcommittee
and invite their attendance. Time and place are to be determined. G. Herbert
will provide additional recommendations concerning the audit function at the
Board's next meeting.
6. Tax Collector's Report: The Board reviewed the Tax Collector Grand
Ratebook Balance Sheet Report dated December 31, 2007. L. Southwick noted
that Uncollected Taxes to date ($184,090) were slightly higher than the same
period last year.
7. BOE: Review of Financial Statements: Actual vs. Budget: The Board
reviewed the BOE Financial Statement for the Period Ending November 30,
2007. E. Pavlovics requested that M. Donahue determine from the BOE Finance
Subcommittee whether the expense trend (102% of budget allocation - $7,001
unfavorable balance) for Teacher Assistant Salaries is expected to continue.
8. BOS: Review of Financial Statements; Actual vs. Budget: The Board
reviewed the General Fund Profit & Loss Budget vs. Actual July through
December 2007 report, dated January 2, 2008. First Selectman N. Mullane
noted that the report is annotated as "Revenues Incomplete" because the bank
statements had not been received and some drop offs are just arriving today,
due to the holidays. The Budget amounts reported reflect the recently
approved increased appropriations.
9. Review and Finalize 2008 Budget Preparation Calendar: E. Pavlovics
made a motion to approve the proposed BOF Budget Development Calendar and
forward it to the BOS and BOE. G. Herbert seconded the motion and it
carried, 4-0-0.
10. FY08 Budget Guidance for BOE and BOS. Review Agenda for BOF, BOS &
BOE Joint Meeting, 1/23/08: The Board agreed to develop guidance at the
next meeting for BOE and BOS to consider in preparing this year's budgets.
Two topics to be included are the General Fund balance policy and the
provision for GASB45 Other (than pension) Post Employment Benefits. M.
Donahue requested that G. Herbert confirm with the auditor the accuracy of
the reported liability to be addressed under GASB45 and whether an
additional actuarial estimate is required. G. Herbert requested M. Donahue
provide a heads up to the BOE Finance Subcommittee regarding the Board's
consideration of GASB45 recommendations. The Board reviewed the proposed
agenda for the tri-partite meeting.
11. Board of Finance Officer Elections: tabled - on hold until six
members are seated.
12. Correspondence:
. North Stonington Ambulance Association Budget vs. Actual Report for
fiscal year ending December 1, 2007.
. Ambulance Bid Request Plan and Specification Highlights.
13. Town Report Status 6-30-07: Need auditor's report.
14. Teachers' Contract Status: The contract is signed by both parties
and filed with the Town Clerk.
15. Outstanding Action Items:
Description of Action Item Action By Estimated Completion Date
Actual Completion Date
Recommend improvements to Town's Financial Reporting System BOF
9/19/07
Complete inquiries of audit committee about fraud risks BOF 9/19/07
Perform Selectman salary survey BOS TBD 11/21/07
16. Adjournment: L. Southwick made a motion to adjourn. M. Donahue
seconded and the motion carried 4-0-0. The meeting adjourned at 9:52 PM.
Respectfully Submitted,
Mark S. Donahue
Acting Secretary
Board of Finance Approved: 1-16-08
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