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Board of Finance Minutes 03/03/2010 Approved
Call to O North Stonington Board of Finance
Approved Meeting Minutes
Wednesday, March 3, 2010
NEW TOWN HALL
40 Main Street, North Stonington, CT

  • Order: Chairman M. Donahue called the meeting to order at 7:36 PM.  Chairman M. Donahue, Vice Chairman G. Herbert, E. Pavlovics, E. Bresette and P. Nimirowski were present.  Secretary T. Oswald was absent.
  • Public Comments and Questions: None.
  • Tax Collector Report: Taxes collected as of March 1, 2010 total $12.17 million (98% of budget).
  • Board of Selectmen
  • Financial Report: The Board reviewed the February Financial Report.
  • Budget Transfer between NSVFC Insurance Line Items. E. Bresette moved to authorize a transfer of $1,405.00 from Line Item BB20.01 VFC Regular Insurance to Line Item BB20.07 VFC Incentive, to cover a premium overage, per the Selectmen’s request dated March 3, 2010. P. Nimirowski seconded and the motion carried 4-0-1 with E. Pavlovics abstaining.
  • 2010/11 Budget Revenue Estimate: The Selectmen presented a 2010/11 Budget Revenue Estimate of $17,501,732, which is $74,894 higher than last year’s approved Rev. C Budget. Included in the estimated revenues are two new line items: Transfer Station Sticker Fee for $60,000 and Bulky Waste Fees for $16,000 – to be raised through the institution of new fees. A question arising from the review is how LoCIP payments should be reflected in the budget. N. Mullane will provide further information at the next BOF meeting. Proposed General Government expenditures will also be reviewed at the next meeting.
  • Board of Education – Financial Report: Not available.
  • Management Reports/Board of Finance as Audit Committee/GASB 45 OPEB
  • Auditor Invoice: G. Hebert moved to authorize payment of the invoice from Marcia Marien & Co., dated January 31, 2010 in the amount of $4,709.00 for the final report, to be entered against Line Item 3.01. E. Bresette seconded and the motion carried 5-0-0.
  • 2010/11 Budget/Budget Spreadsheet
  • School Building Cost Estimate: The Ad Hoc School Building Committee had requested figures of the amount still remaining in the Redemption of Debt budget for school construction. They also requested estimates of mil rate impact for school projects hypothetically costing $10, 20 and 30 million. The BOF agreed the figures currently posted on the Board of Finance webpage for the Schedule D Redemption of Debt are valid for reference by the Ad Hoc School Building Committee. Separately, the Selectmen developed a Projected Bond Debt Service table (for discussion purposes only) addressing the three cost scenarios. The Board of Finance concurred that the table appeared adequate for general discussion of bond debt impact subject to various assumptions (e.g., interest rates, reimbursement rate from the State, duration of bonds, timing of scheduled construction costs,  etc.) and could be forwarded to the Ad Hoc Committee.
  • Board of Finance Strategy
  • CT Municipal Consortium for Fiscal Responsibility: The Board reviewed a request from the Town of Granby Board of Finance Chairman to present information about the Connecticut Municipal Consortium for Fiscal Responsibility. The Board voiced interest and requested Chairman Donahue to schedule a presentation after the current budget season, perhaps in the June timeframe.
  • BOE Request to add Line Item to CNR: E. Pavlovics moved to add an agenda item 8.b for BOE Request to add a Line Item to the Capital Non-recurring Account. G. Hebert seconded and the motion carried 5-0-0. The Board discussed how and whether such a line item should be established. Additional discussion is planned throughout this year’s development of the budget.
  • Town Report for June 30, 2009: No new input has been received since last meeting.
  • Previous Minutes: Minutes of February 17, 2010 will be reviewed at the next meeting.
  • Correspondence:
  • Letter from State Rep. Diana Urban, Request for Input Regarding State Grants to Municipalities and Mandate Relief, dated February 17, 2010.
  • E-Mail, M. Guarco to M. Donahue, CT Municipal Consortium for Fiscal Responsibility, February 23, 2010, with attachments.
  • Memo, M. Tate (IT/GIS Coordinator) to Board of Finance, Website Updates, March 2, 2010.
  • Future Agenda Items Identification:
  • BOF Secretary Duties
  • BOE Request to Add Line Item to CNR
  • Adjournment: G. Hebert moved to adjourn. E. Bresette seconded and the motion carried 5-0-0. The meeting adjourned at 9:50 PM.

Respectfully Submitted,

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Mark Donahue                                                            Approved: 3-10-10
Chair