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North Stonington Board of Finance
DRAFT Meeting Minutes
Wednesday, December 21, 2011
NEW TOWN HALL
40 Main Street, North Stonington, CT
- Call to Order: Acting Chairman D. Spring called the Board of Finance (BOF) meeting to order at 7:35 P.M. Acting Chairman D. Spring, E. Pavlovics, M. Ratib, and B. Woodward were present.
- Public Comments and Questions: There were no public comments or questions.
- Presentation: Marien & Company, Audit FY 2010-11
Marsha Marien and Susan Macione presented the firm’s findings and results. The draft short term balance sheet was reviewed with specific discussion on the various fund balances. Particular attention was given to assigned vs. unassigned fund balances and their policies.
N. Stonington General Fund balance sheet was analyzed both for 2010-11 and previous years exhibiting a stable trend of 5-8% of total revenue. Marien & Co. suggested striving to bring this balance to 12-15%, if possible. It was also noted to review assigned fund balances and have a policy to remove encumbrances if necessary.
The General Fund budget results demonstrated a positive variance. Tax collection rates were rated as commendable as well as management of long-term debt vs. revenue.
Management letter items were reviewed with an emphasis on sustaining entity wide controls as a continuous process.
- First Selectman N. Mullane provided an update for on-going projects. This included the report that nine bids had been received for the Main Street Bridge reconstruction. The top 3 bids were analyszed with the award going to Mastrohattisto Equipment. The project was set with an August 2012 deadline. Mr. Mullane reported that the Boombridge Bridge needed further assessment by DOT and the potential for further engineering.
- N. Mullane and M Donahue were present during the FY2010-11 closeout presentation by Marien & Co.
- Budget prep instructions have been issued with feed back requested January 2012. The Tri-Part Meeting was set for February 8, 2012.
- Bulky Waste Fees TBD
- BOS called a town meeting, December 22, 2011 at 7:00 p.m. The meeting to be held in New Town Hall to resolve the acceptance of 100 acres of land gift prior to the close of 2011.
- Mr. Mullane briefed BOF on a presentation by the N. Stonington Fire Department on the need for new fire station. He felt it was a comprehensive report with comparisons of options, i.e. renovation vs. new construction. More information is being developed.
- Previous Meeting Minutes. Mr. E. Pavlovics planned to approve the BOF Regular Meeting Minutes of December 7th as amended. M. Ratib seconded and the motion carried 4-0-0.
- Tax Collection Report. Deferred due to FY2010-11 Audit presentation.
- RFQd 2011-12 Audit. The RFQ will be sent to a qualified list of accountants by December 31, 2011.
- Election of BOF Officers – deferred due to absentees of board members.
- Fraud Questionnaire: Future Agenda Item due to absentees.
- Correspondence: na
- Future Agenda Items:
- Audit Feeback
- BOF officer elections
- Approval Fraud Questionnaire
- Expense Report
- BOS Additional Appropriations
- Minutes Approval – December 21
- Adjournment: D. Spring moved to adjourn. B. Woodward seconded and the motion carried 4-0-0. The meeting adjourned at 11:50 PM. Happy Holidays!
Respectfully Submitted,
Daniel S. Spring
Acting Chairman, Board of Finance
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