North Stonington, CT
Board of Finance
Minutes of Regular Meeting
January 16, 2008
North Stonington New Town Hall
1. Call to Order: Acting Chairman L. Southwick called the meeting to
order at 8:04 PM; Acting Secretary M. Donahue and members E. Pavlovics, N.
Gumprecht and G. Herbert were present. T. Oswald was present but not seated.
2. Public Comments and Questions: None.
3. Previous Minutes: G. Herbert made a motion to approve the minutes
of the regular meeting of January 2, 2008 as written. E. Pavlovics seconded
the motion, which carried 4-0-1; N. Gumprecht abstained.
G. Herbert made a motion to approve the minutes of the special meeting of
January 9, 2008 as written. L. Southwick seconded the motion, which carried
4-0-1; N. Gumprecht abstained.
4. Grand List: D. DelGrosso, Town of North Stonington Assessor,
provided a verbal report of the status of the Grand List update. The
preliminary estimate is the value of the town's Grand List increased by
2.66%. Software problems are delaying the completion of the final tally. His
forecast for the next year is that the value of the Grand List will stay
level.
G. Herbert made a motion to move Agenda Item 6 Management Reports/Board of
Finance as Audit Committee/ Plan for Teachers Retirement Liability to 4A. E.
Pavlovics seconded the motion, which carried 5-0-0.
4A. Management Reports/Board of Finance as Audit Committee: G. Herbert
reviewed the agenda for the meeting with Marien & Co. on January 28th. He
also indicated that anti-fraud cash flow processes for other town
departments are being documented.
L. Southwick made a motion to move Agenda Item 9 BOS: Review of Financial
Statements: Actual vs. Budget to 4B. E. Pavlovics seconded the motion, which
carried 5-0-0.
4B. BOS: Review of Financial Statements; Actual vs. Budget: The Board
reviewed the General Fund Profit & Loss Budget vs. Actual July 2007 through
June 2008 report, dated January 8, 2008. First Selectman N. Mullane
indicated that he expected license revenue to be below budget this year.
5. Board of Finance Officer Elections: N. Gumprecht made a motion to
table BOF officer elections until the next regular meeting on February 6,
2008. M. Donahue seconded the motion which did not carry 0-4-1; E. Pavlovics
abstained.
E. Pavlovics nominated M. Donahue to be elected BOF Chairman. L. Southwick
seconded the motion, which carried 5-0-0.
N. Gumprecht nominated L. Southwick to be elected BOF Vice Chairman. G.
Herbert seconded the motion, which carried 4-0-1; E. Pavlovics abstained.
G. Herbert nominated T. Oswald to be elected BOF Secretary, effective when
he is sworn in as BOF member. L. Southwick seconded the motion, which
carried 5-0-0.
6. Management Reports/Board of Finance as Audit Committee: moved to
Agenda Item 4A.
7. Tax Collector's Report: Tabled.
8. BOE: Review of Financial Statements: Actual vs. Budget: The Board
reviewed the BOE Financial Statement for the Period Ending December 31,
2007.
9. BOS: Review of Financial Statements; Actual vs. Budget: moved to
Agenda Item 4B.
10. Status of Audit Finalization 6/30/07: Pension information for the
teachers is not available still. The new pension company just received the
required information from the old pension company. The necessary information
to finalize the audit report should be available within a week. The audit
report will be sent to Dennis Dix to perform the MD&A needed to complete the
audit package. The completed report is expected by the end of the month. An
extension for filing the report to the State is being submitted regardless
because the current extension expires on 1/31/08.
11. FY08 Budget Guidance for BOE and BOS: The Board agreed to
recommend to the BOS and BOE that they plan minimal budgets this year and to
include a challenge for achieving efficiencies. L. Southwick will summarize
the Financial Status at the Tri-Partite meeting. The Board agreed that
communication channels should remain from chairman-to-chairman but also to
take advantage of the new liaison role with the BOE Finance subcommittee to
facilitate budget development.
12. Correspondence:
. Letter from North Stonington Little League Association to Nicholas
H. Mullane, II, First Selectman, Re: Donation Request to Support
Construction of a New Five-Field, Little League Baseball and Softball
Complex on Swantown Hill Road, dated January 8, 2008.
. North Stonington Ambulance Association Annual Report Fiscal Year
2006/2007.
. Letter from North Stonington Conservation Commission to
Distribution, Re: Transmittal of Draft Plan for Conservation and Recreation
Lands and Recommendations for Use of Land Areas, dated December 27, 2007.
. Letter from North Stonington Board of Finance to Town Clerk, Re:
Board of Finance Appointments, dated January 10, 2008.
13. Town Report Status 6-30-07: Still need auditor's report and several
inputs from Town departments.
14. Future Agenda Items: None at this time.
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: G. Herbert made a motion to adjourn. N. Gumprecht
seconded and the motion carried 5-0-0. The meeting adjourned at 12:45 AM,
1/17/08.
Respectfully Submitted,
Mark S. Donahue
Acting Secretary
Board of Finance
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