MINUTES
REGULAR MEETING
August 3, 2010
First Floor Conference Room
Old Saybrook Town Hall
CALL TO ORDER Chairman, Carl Fortuna, called the Regular Meeting of the Board of Finance to order at 7:30 P.M.
Attendant Members Absent Members
Carl Fortuna, Chairman
George Whelen
Lee Sparaco
Grant Westerson
David LaMay
Barry O’Nell
John O’Brien
In Attendance
Michael Pace, First Selectman
Bill Peace, Selectman
Carol Manning, Selectwoman
Bob Fish, Treasurer
Gerri Lewis, Clerk
Minutes NONE
Treasurer’s Report
Treasurer Fish presented a 4-page handout to the board members. In addition to the monthly report, was the General Fund schedule of revenues; Budget and Actual for the Year Ended June 30, 2010.
This schedule included total taxes; interest and lien fees; intergovernmental; charges for services; investment income; general government; public safety; public works; health and welfare; culture and recreation; board of education; capital outlay; debt service (Principal & interest);
A discussion ensued regarding capital outlay with reference to the Department of Public Works. They under spent (at the request of the First Selectman) by $111,562. Mr. Pace asked that $60K be restored to be used for paving. A contract is in hand for this.
A discussion continued regarding credit line interest of $8,333.00, to be added to the 09-10 budget as a line item.
Motion: To add credit line interest of $8,333.00 to the 09-10 budget.
Moved: L. Sparaco Second: C. Fortuna
Discussion: None
Approved: C. Fortuna; S. Whelen; D. LaMay; G. Westerson; J. O’Brien; B. O’Nell; L. Sparaco 7-0-0
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Motion: That the Board of Finance agrees to encumber $60,000.00 for capital improvements (paving).
Moved: L. Sparaco Second: D. LaMay
Discussion: None
Approved: C. Fortuna; S. Whelen; D. LaMay; G. Westerson; J. O’Brien; B. O’Nell; L. Sparaco 7-0-0
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Mr. Fish reported that the 51.5% of the taxes were collected to date.
Selectman’s Report
Mr. Pace reported on the following:
- Economic Development Commission (MP is hopeful as to certain incoming business)
- Working with Planning and Zoning
- Kate – Ivoryton Playhouse – Goodspeed: discussion amongst these three outfits that they are not in competition; rather they complement each other.
- New Dance Studio moving in on Main Street
- Medical Retail business on Main Street
- Between the Bridges complaining about the septic system at the housing development nearby
- Spencer Plains Road
- 200 List (Seasonal/Winterization cottages)
- OS Taxpayers Association
- OSPD (new station plans to go to an architect)
- Rates for borrowing money (3.5%) should the Town be borrowing for the PD soon.
Chairman Fortuna spoke about a policy concerning carryovers and encumbrances. He noted that the memo was looked at by Town Attorney Michael Cronin, and the auditors. A long discussion ensued. It was agreed that Chairman Fortuna would generate a revised memorandum to all Commissions, Boards and Department Heads about the policies in place for not exceeding budgets and would re-draft a policy statement on Requests for Carryovers and Reserves for Encumbrances.
At this time, there being no further business, Chairman Fortuna asked for a motion to add “Executive Session” to the agenda.
Motion: To add executive session to the agenda at 8:29 p.m.
Moved: G. Westerson Second: B. O’Nell
Discussion: None
Approved: C. Fortuna; S. Whelen; D. LaMay; G. Westerson, J. O’Brien, B. O’Nell; L. Sparaco 7-0-0
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Motion: To enter into executive session at 8:29 p.m.
Moved: G. Westerson Second: B. O’Nell
Discussion: None
Approved: C. Fortuna; S. Whelen; ; D. LaMay; G. Westerson, J. O’Brien, B. O’Nell; L. Sparaco 7-0-0 Motion to come out of executive session at 9:30 pm. No motions were made; no votes were taken. |
Meeting adjourned at 9:30.
Respectfully Submitted,
Gerri Lewis
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