302 Main Street Old Saybrook, Connecticut 06475-1741 BOARD OF FINANCE MINUTES REGULAR MEETING APRIL 21, 2015 7:00 P.M. First Floor Conference Room Town Hall |
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BOF Attendant Members Absent Members
David LaMay, Chairman
Brad Thorpe, V. Chairman
Tom Stevenson
Breck Lindley
John O’Brien
Barry O’Nell
Greg Gernhardt
In Attendance
Carl Fortuna, Selectman
Bob Fish, Treasurer
Michael Spera, Chief of Police
Mr. LaMay called the meeting to order at 7:00 p.m.
Mr. LaMay led in the pledge.
III. MINUTES 3/17/15; 4/14/15
Mr. LaMay noted that the 3/24 and 3/31 minutes are tabled at this time.
A motion was made by Mr. O’Nell, seconded by Mr. O’Brien to approve the minutes of March 17, 2015. Discussion: Mr. O’Brien noted that he did not abstain from the motion to appropriate $21K from the undesignated fund balance for consulting services for a financial software system and preparation of an RFP for the same in those minutes. Motion passed with Mr. Gernhardt abstaining.
A motion was made by Mr. Thorpe, seconded by Mr. O’Nell to approve the minutes of April 14, 2015 and motion passed with Mr. Gernhardt abstaining.
IV. PUBLIC COMMENT; None
V. TREASURER REPORT
Mr. Fish noted that his report was discussed at the last meeting. He reported that there was a meeting with the auditors on April 20th. Mr. Fortuna noted that he would set up interviews on May 4th for the board members who will be attending.
VI. SELECTMAN REPORT – MOTION REQUESTED
Mr. Fortuna explained the additional authorization of monies for costs associated with the purchase of the property known as The Preserve. He noted that these are issuance costs from the preserve bond. Ms. Lindley inquired as to the rate to which Mr. Fortuna replied 2.94%. Mr. Thorpe asked why Mr. Fortuna agreed to an April 1st closing date and asked to see a copy of the settlement statement. After a short discussion the following motion was made:
A Motion by Mr. O’Brien to act upon the recommendation of the board of selectmen and board of finance for additional authorization of $78,372.71 for costs associated with the purchase of property known as the preserve was seconded by Mr. O’Nell.
Discussion: Said funds reflect the cost of bond issuance as well as closing costs. ~Net costs needed for this authorization after the reduction of bond premium are $68,616.71. The town proposes to pay for said sum with a tax refund adjustment to the seller for the period of April 1, 2015 to June 30, 2015 ($9,756), a transfer from existing off budget fund #369-1005-00 ($46,107.03) and a transfer from existing off budget fund #368-1005 ($12,753.68). Motion passed unanimously.
Mr. Fortuna thanked the board. He reported on the following:
- Westbrook capital spending newspaper article
- Lease illustration for the board’s information with regard to Public Works’ need for equipment. He noted that the Public Works sinking fund will have $90K by July 1, 2015. He noted that this lease illustration from First Niagara was informational.
- Conference call on energy bid with Lyme/ Old Lyme school system on May 6th.
- Move into PD was on time and on budget.
- Re: Brownsfield Grant; down to 4 licensed professionals.
- Tree trimming and removal by Eversource.
At this time, Mr. Fortuna thanked the BOF for their work on the budget.
Mr. Stevenson asked about solar panels. Mr. Fortuna reported that an agreement would have to be signed for 20 years. With regard to assessment appeals, Mr. Stevenson asked if it was anticipated that a large amount of money would not be collected. Mr. Fortuna reported that by the next meeting we will know what the estimated grand list was and the new number. We will know about the CVS appeal in May. We just came into an agreement with Brewer’s Marina. Mr. Stevenson asked if Mr.Fortuna had the authority to settle to which Mr. Fortuna replied that after the consumer appeals their assessment, then he can participate in the settlement process.
Mr. LaMay thanked Mr. Fortuna.
VI. CHAIRMAN’S COMMENTS: Mr. LaMay thanked the board for their insight and hard work on the budget. He thanked them for attending all of the additional meetings as well.
Mr. Fortuna noted as follows: Town Meeting May 4th at 7:00 p.m. at the Middle School. Referendum: May 12th 12:00 – 8:00 p.m. BOF meeting immediately following referendum.
There will be a special meeting of the Board of Selectman 4/23.
These minutes are recorded in their entirety on CD in the Town Clerk’s Office.
XI. ADJOURNMENT
Motion to adjourn was made by Mr. Thorpe and seconded by Mr. O’Nell at 8:44 p.m.
Submitted:
Gerri Lewis, Clerk
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