302 Main Street Old Saybrook, Connecticut 06475-1741
BOARD OF FINANCE MINUTES REGULAR MEETING JANUARY 6, 2015 7:00 P.M. First Floor Conference Room |
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BOF Attendant Members Absent Members
David LaMay, Chairman Tom Stevenson
Brad Thorpe, V. Chairman
John O’Brien
Breck Lindley
Greg Gernhardt
Barry O’Nell
In Attendance
Bob Fish, Treasurer
Susan Beckman, EDC Director
Mr. LaMay called the meeting to order at 7:00 p.m.
Mr. LaMay led in the pledge.
III. MINUTES 12/16/2014
A motion by Mr. O’Brien to approve the minutes of 12/18/14 was seconded by Mr LaMay.
Motion approved with Ms. Lindley, Mr. Gernhardt and Mr. O’Nell abstaining.
IV. PUBLIC COMMENT
None
V. EDC DIRECTOR REPORT
Ms. Beckman reported on the following:
- Grant: Main Street Connections Parking Lot and Park Project; $500K
- Grant: Mariner’s Way Brownfields Assessment Grant; $155K
- Grant: North Main Street Streetscape Project: $1M
- Grant: Trolley Power Plant at Between the Bridges Marina; (being worked on)
- Outreach & Updates; working with Chambers; Commercial Property Inventory
- Working with EDC directors in the region
- Press/Social Media involvement
- Redevolopment Programs; Mariner’s Way; Main Street; North Main Street Streetscape & DOT parking lot
- Infrastructure: joined the Connecticut Municipalities Broadband Infrastructure Upgrade and Expansion Project as a town; attended a workshop with Larry Hayden and will submit an RFQ to join other towns in this effort
- Has intern to help with digital marketing
- The board had several questions on the above topics. Ms. Beckman will return in September to discuss her measure of success.
Mr. LaMay thanked Ms. Beckman.
VI. TREASURER REPORT
Mr. Fish discussed the General Government expenditures and noted that everything looked normal. Taxes continue to come in well. He noted that not included in the Treasurer’s Report are $1,362,959 in current taxes and $2,992 in back taxes received the last two days of December but not deposited until January 2nd. If these had been included in the report, the tax receipt percentages would have been 66.55% and 188.42% respectively. He noted that the State of CT payments are coming in as expected and that local revenues are normal.
The board had several concerns. Mr. Thorpe was concerned with overages in Police Department and noted that if there are any overages in payroll, the board of finance should be notified before the end of the budget year. He also inquired what the town spent after the FEMA reimbursement. Mr. LaMay commented that he will have the Emergency Management Director come before the board to give a report. Mr. O’Nell was concerned with the money in the “off budget accounts” and would like an accounting on this.
Mr. Fish handed out the Audit Report Analysis for Fiscal Year Ended June 30, 2014. He touched on the following:
- Summary: Financial Highlights
- Net Position: Assets
- Balance Sheet
- Income Statement
- General Fund Details
- Tax Collection
- Non-budget Details; Revenues, budget v. actual
- Notes to the Financial Statements
These Financial Statements and other information may be seen in the Treasurer’s Office or The Selectman’s Office.
VII. FINANCE DIRECTOR REPORT None
VIII. SELECTMAN REPORT None
IX. CHAIRMAN’S COMMENTS: Next meeting is with BOE. Mr. LaMay commented that, again, a 6:00 or 6:30 BOF meeting has been brought to his attention and should be discussed.
X. LIAISON REPORTS:
Mr. LaMay asked the liaisons make every effort to attend their commission meetings.
XI. ADJOURNMENT
Motion to adjourn was made by Mr. Thorpe and seconded by Ms. Lindley at 8:30 p.m.
Submitted:
Gerri Lewis, Clerk
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