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North Stonington Board of Finance
Approved Meeting Minutes
of
Wednesday, March 11, 2015
New Town Hall
North Stonington, CT
- Call to Order Chairman Dan Spring called the meeting to order at 7:30 PM. Brent Woodward, Tim Main, Charlie Steinhart and Emile Pavlovics were present. Mustapha Ratib was absent.
- Public Comments and Questions: First Selectman Nick Mullane show- cased a copy of “Out of the Attic: Images of Fred Stewart Greene” written by Tobias M. Goodman that included many scenes in North Stonington at the end of the nineteenth and early decades of the twentieth centuries. The book is available through the Historical Society.
- BOS: Budget Preparation/ Submission, Fiscal Year 2015-2016; Monthly Report: Nick Mullane presented to the BOF the draft FY 2015/2016 General Government Operating budget noting that supporting backup material would be available during the next scheduled BOF meeting. The draft budget had been approved by the BOS on March 10, 2015. Many comments and questions were generated as a result of a line-by-line review of the draft budget. As it stands this budget ($4,697,412) represents an increase of 0.17 percent over the approved FY 2014/2015 budget.
Review of the general fund monthly report was deferred.
- BOE: Monthly Report: Deferred.
- BOF Auditing Services 2014/2015: Having previously received the engagement letter for 2014/2015 auditing services from Sandra E. Welwood LLC, Dan Spring moved to engage the auditing services of Sandra E. Welwood LLC, for FY 2014/2015, at a total cost of $21,500. The motion was seconded by Tim Main and carried 4-1-0. Emile Pavlovics was opposed.
During the February 18, 2015 BOF meeting, Dan Spring advised the membership that the Unassigned Fund Balance of $1,536,513 needed to be adjusted downward because of a short fall of $35,000 from FEMA for the Village Green Bridge reimbursement. The estimated amount from FEMA was $210,000 but the actual amount received in February 2015 was $171,201. The accepted 2014 audit report cited FEMA reimbursement at $210,000 even though at the time of audit publication the task was known to be completed at $39,739. This finding will be addressed to the auditor, Sandra E. Welwood LLC, to preclude future reoccurrences.
6. Previous Minutes: Dan Spring moved to approve the minutes of March 4, 2015 as amended. The motion was seconded by Brent Woodward and carried 5-0-0.
7. Future Strategies: Budget Prep (2015-2016): The proposed BOE FY 2015/2016 budget will be presented to the BOF during the March 18, 2015 BOF meeting.
8. Adjournment: A motion to adjourn was made by Dan Spring. The motion was seconded by Charlie Steinhart and carried 5-0-0. The meeting was adjourned at 10:36 PM.
Respectfully Submitted,
\ BBW \
Brent B. Woodward
Secretary, Board of Finance
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