|
 TOWN OF OLD
SAYBROOK Board of Finance |
302 Main Street Old Saybrook, Connecticut 06475-1741 |
MINUTES REGULAR MEETING JANUARY 20, 2009 at 7:30 P.M. PASHBESHAUKE PAVILION 133 COLLEGE ST. EXT. |
I. CALL TO ORDER Chairman, Carl Fortuna, called the January 20, 2009 regular meeting of the Board of Finance to order at 7:30 p.m.
Attendant Members Absent Members
Carl Fortuna, Chairman
George Whelen, Vice Chairman
Lee Sparaco
David LaMay
Glenis G. Caouette
John O’Brien
Robert Finch
IN ATTENDANCE:
Robert Fish, Treasurer
Barry E. Maynard, Tax Collector
Gerri Lewis, Clerk
Julie Pendleton, Director of Finance & Operations
COMMENTS FROM THE PUBLIC: There were several questions and comments from the public including the town audit; revaluation; and CRRA rebate.
MINUTES: Mr. Fortuna asked for a motion on the minutes of the January 6, 2009 meeting.
Motion: To approve the minutes of January 6, 2009 as presented.
Moved: L. Sparaco Second: D. LaMay
Discussion: None
Approved: C. Fortuna; L. Sparaco; G. Caouette; D. LaMay; R. Finch
Abstained: J. O’Brien; G. Whelen 5-0-2
|
Board of Finance
January 20, 2009 Minutes
Page Two
BOARD OF ED REPORT: Ms. Pendleton reported for the Board of Ed’s Budget & Fiscal Committee. She noted that the BOE was very conscious of the current economic times. She reported that the teacher’s contract, which was negotiated a year ago will be coming in at an increase of just under 5%. This contract is for salary and benefits. The custodial and maintenance contract is presently in negotiations.
SELECTMAN’S REPORT: None
AUDITOR’S REPORT: Mr. Nossek and Mr. Bonin from the firm of Kostin, Ruffkess & Company, LLC were present. Ronald Nossek, a CPA and member of the firm introduced Matthew Bonin, the Senior Audit Manager of the firm. Mr. Nossek proceeded to give an overview of the Financial Report for the Town of Old Saybrook for the year ended June 30, 2008.
He called the board’s attention to the following:
· Independent Auditor’s Report addressed to BOF;
· Statement of Net Assets, which is essentially a balance sheet; noting the governmental activities total assets to be $108,439,674. Taking into account the liabilities, the net assets less any debt are equal to $74,011436.
· Statement of Activities; the purpose of which is to show the relative burden on the taxpayer and show services provided to the town and program revenues.
· Balance Sheet Governmental Funds: This focus is on major funds.
· Reconciliation Balance Sheet.
· Statement of Revenues, Expenditures and Changes in Fund Balances.
· Budgetary Statement. A detailed schedule of this includes Town Clerk fees as well as Building Permit fees.
· Net Pension Assets
A question and answer period followed. It was noted by Mr. Nossek that any management recommendations made by Kostin, Ruffkess would be made within 45 days of the audit. Treasurer Bob Fish noted that he has started to do the financial statements for the Town. He also noted that this was second year of a three year contract for Kostin, Ruffkess.
After the BOF questioned the auditors, Mr. Fortuna opened it up to the public for questions. Questions included: detail with which individual departments are audited; whether there are any red flags seen with any particular departments and comments about the town not being on a purchase order system.
Further discussion revolved around the fact that the town’s financial statement is primarily completed with the auditor’s assistance. It was suggested that this may not be the best way.
Board of Finance
January 20, 2009 Minutes
Page Three
Mr. Fish reported that there was a press conference with regard to the revaluation and First Selectman Pace engaging State Representative Guiliano to put in a bill to delay the reval one year.
TREASURER’S REPORT: None
COMMENTS FROM THE CHAIR: Chairman Fortuna noted that the Democratic Town Committee was hosting Jeremiah Donovan to talk about the tax appeal process.
Motion: To adjourn at 9:08 p.m.
Moved: R. Finch Second: D. LaMay
Discussion: None
Approved: C. Fortuna; G. Whelen; R. Finch; L. Sparaco; G. Caouette; D. LaMay; J. O’Brien 7-0-0 |
Respectfully Submitted,
Gerri Lewis, Clerk
| 
