302 Main Street Old Saybrook, Connecticut 06475-1741
BOARD OF FINANCE MINUTES REGULAR MEETING June 17, 2016 at 7:00 P.M. FIRST FLOOR CONFERENCE ROOM TOWN HALL |
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BOF Attendant Members Absent Members
David LaMay, Chairman
Brad Thorpe, Vice Chairman
Breck Lindley
Tom Stevenson
John O’Brien
Barry O’Nell
Carol Rzasa
In Attendance
Carl Fortuna, First Selectman
Larry Hayden, Director IT
Jay Rankin, Fire Chief
Call to order
Mr. LaMay called the meeting to order at 7:00 PM
Pledge of Allegiance
Mr. LaMay led the Pledge of Allegiance.
Minutes:
A motion to approve the minutes of May 3, 2016 was made by Mr. Thorpe, seconded by Ms. Rzasa and motion passed with 1 abstention.
A motion to approve the minutes of May 10, 2016 was made by Mr. Thorpe, seconded by Mr. O’Nell, and motion passed with 1 abstention.
Fire Department Request:
A request by Fire Chief Rankin that $5k in the '15/'16 operating budget, which was earmarked for the purchase of SCBA bottles, and has not been spent, be moved into the fire department's capital reserve account which will be put toward the upgrade of SCBA bottles in the future.
A motion was made by Mr. Thorpe, seconded by Mr. O’Nell to move said $5K to the Fire Department’s capital reserve account. Discussion: Chief Rankin explained that this money was requested to go into the Fire Department’s sinking fund. After a short discussion Mr. Thorpe rescinded his motion and Mr. O’Nell his second, and the following motion was made:
Mr. Thorpe made a motion to move $5K from the Fire Department’s 2015-2016 operating budget earmarked for the purchase of SCBA bottles, which was not spent, to the Fire Department’s sinking fund so that money can be put toward the upgrade of SCBA bottles in the future, seconded by Ms. Rzasa and motion passed with 1 abstention.
Finance Director
Ms. Palladino was not at this meeting. The following report was submitted by Ms. Palladino for the BOF minutes.
- FY 15 Audit Findings. In connection with the town’s audit of its financial statements for the fiscal year-ending June 2015, Mahoney and Sabol identified five areas that it recommended be addressed to strengthen the Town’s internal controls and operating efficiencies. These areas include: 1) formalizing a risk assessment process, 2) re-adoption of the Town’s fund balance policy to address requirements of GASB 54, 3) formal documentation of approved pay rates, 4) disposal of fully depreciated capital assets, and 5) proper recording of Board of Education Capital assets.
To date the documentation of approved pay rates has been completed and preparation for FY 17 pay documentation has begun. Work is now underway to address the two capital asset findings and is expected to be completed by end of this fiscal year. A more detailed update will be provided at the next Board of Finance meeting in June.
- FY16 Audit. The Auditors will be onsite to conduct the audit for FY16 July 6 through the 15th. They have requested a list of preliminary reports, which are being compiled and sent to the auditors in preparation for the on-site audit.
Selectman Report
Mr. Fortuna spoke briefly on the following:
- Evaluation/Efficiency Study of Police Department; spoke with Chair of Police Commission. They will discuss at their next meeting. In the meanwhile, an RFP is being drafted.
- PD Officers negotiations: Tentative agreement; still ongoing. Mr. O’Nell and Mr. Thorpe were in attendance.
- Meeting with HVAC that did The Kate; they will meet with Eversource.
- Neighborhood Assistance Act…Tax credit/grant program for non-profit organizations.
- Looking at LED street lights again. Will get a presentation together for BOF.
- Mr. Stevenson inquired about the water bill for the town; over $500K;
- Mr. O’Brien inquired about train cars on Bokum Road; DEEP leases track to Valley Railroad; dilapidated trains will be gone end of summer; Valley RR has the right to store trains.
- Also, CL&P trucks are stationed on Bokum Road for outages;
Mr. LaMay thanked Mr. Fortuna.
This meeting in its entirety was recorded and CD in Town Clerk’s office.
A motion to adjourn was made by Mr. Thorpe, seconded by Ms. Lindley at 8:02 p.m. and so VOTED unanimously.
Submitted, Gerri Lewis
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