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North Stonington, CT
Board of Finance, Regular Meeting
Meeting Minutes
February 20, 2008
North Stonington Town Hall
- Call to Order by Chair M. Donahue at 8:01 PM.
- In attendance were Chair M. Donahue, Secretary T. Oswald, members L. Southwick, E. Pavlovics, N. Gumprecht, with G. Herbert participating remotely, but not voting, via teleconference.
- Public Comments and Questions – None.
- Previous Minutes - Previous minutes were discussed at length and approval was withheld pending revision and modification.
- Assessor’s Budget
- Assessor was asked to keep to a 'Zero Increase Budget' and feels this budget represents his following that recommendation.
- Assessor increased the salaries as he was “instructed” to do. Who instructed him was not expressed.
- Several items from the Assessor’s Budget were discussed.
- L. Southwick motioned we accept the Assessor’s Budget as stated. N. Gumprecht seconded. The motion carried 5-0-0.
- October 1, 2006 Grand List Update by Assessor - Assessor agrees to send BOF a memo in case of any significant changes occur to the Grand List.
5.A (added to agenda just prior to the meeting) School Board Letter:
The tripartite letter making a request from the Town for citizen volunteers to serve on a school building committee was discussed. M. Donahue motioned the BOF approve the Chair's signing the letter now as one of the three parties to sign it, and to further approve sending it on to all the Town residents. N. Gumprecht seconded the motion. Discussion followed. It passed 5-0-0.
- Tax Collector’s Report - Deferred.
- BOS: Review of Financial Statements: Actual vs. Budget: - Deferred.
- BOE: Review of Financial Statements: Actual vs. Budget:
- Discussion occurred. N. Gumprecht moved the BOF Chair contact the BOE to request the grant activity funds balance and activity be reported. M. Donahue seconded. Discussion followed. Motion passed 5-0-0.
- More discussion followed about the Teaching Assistant reimbursement. E. Pavlovics requested Chair M. Donahue ask the BOE for details.
- The members noted and discussed changes from last month figures to now. E. Pavlovics why maintenance and custodial overtime is increased and asked the Chair to also ask the BOE about those details.
- The BOF Chair will ask the BOE to provide a person in attendance to future BOF meetings to be able to field these questions.
- BOE Request for Schedule Change for Budget Presentation:
The BOE's request to shift their Budget Presentation to 4/2/08 @ 18:00 from 3/19/08 with the proviso that the BOE provide 6 copies to the BOF not later than 3/17/08 was approved at last BOF meeting, 2-6-08. The BOF Chair will reserve the Elementary School multi-purpose room.
- Management Reports/BOF a Audit Committee/Plan for Teachers Retirement Liability:
- G. Herbert , appearing with the BOF remotely via teleconference, discussed his progress with his report. He sent the report via email to the BOE members Kress and Robert. Discussion followed.
- Bill for services from accountant/adviser Marcia Marien was discussed in regard to if an estimate was obtained prior to his meeting with her.
- L. Southwick motioned that we pay the $1,233.75 bill from Marcia Marien from our BOF budget line item 3.00. E. Pavlovics seconded the motion and it passed by a vote of 5-0-0. Chair M. Donahue immediately signed the bill as approved for payment and presented it directly to 1st Selectman N. Mullane for payment.
- Status -Audit Finalization 6/30/07
- This issue was discussed.
- For the sake of background briefing for the members, L. Southwick recommends the BOF members read the MD&A starting on page 3 of the larger of the 2 report books Marien presented the BOF.
- The Marien MANAGEMENT LETTER and COMMUNICATION WITH AUDIT COMMITTEE document were discussed.
- The Capital Non-recurring section is also good background for the BOF members to read per L. Southwick.
- L. Southwick strongly recommends members read both the Marien MANAGEMENT LETTER and COMMUNICATION WITH AUDIT COMMITTEE document. E. Pavlovics asks both boards (BOS and BOE) to copy us in on their responses to the reports.
- Forwarding (Mgmt letter?) letter, ask them BOS & BOE to reply to the OPM and send the BOF a copy of that reply. Secretary will bring this letter to the next BOF meeting for BOF review, signing, and forwarding.
- Draft Auditor Questionnaire Letter – Deferred until next meeting.
- Budget for BOF - BOF budget approved last meeting was forwarded to 1st Selectman per process.
- Correspondence
- ordinance proposed for school building
- S&P Public Finance publication for our review from N. Mullane.
- Town Report Status 6-30-07
- The BOF needs to request an unbound copy of the 6-30-07 Audit Report from M. Marien to be included in the Town Report.
- otherwise, the report status remains unchanged.
- Future Agenda Items Identification
- acceptance of the Audit
- appoint the auditor for 6-30-08
- send the ‘hiring’ letter to the selected auditor
- GH visited the Fire Dept and spoke of their pending need for a new $500K fire engine to replace the 20 year old engine #1.
- Management of the Town’s investment fund by the Treasurer was discussed.
- The members sensed the need for a report from the elected Town Treasurer to better understand the Town's investments.
- How is it done and how is it doing?
- Issues such as rate of return, and composition of the investments were asked about.
- Does the Auditor analyze that aspect of the town business?
- Budget Calendar specifies the BOF hear from N. Mullane next meeting regarding expected revenues for the FY '09 budget.
- L. Southwick moved for adjournment, N. Gumprecht seconded, motion passed 5-0-0.
Respectfully submitted,
Thomas Oswald
Secretary
Board of Finance
North Stonington, CT
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