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302 Main Street Old Saybrook, Connecticut 06475-1741
BOARD OF FINANCE MINUTES REGULAR MEETING NOVEMBER 1, 2016 at 7:00 P.M. FIRST FLOOR CONFERENCE ROOM TOWN HALL |
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BOF Attendant Members Absent Members
David LaMay, Chairman Breck Lindley
Brad Thorpe, Vice Chairman
Tom Stevenson
Barry O’Nell
John O’Brien
Carol Rzasa
In Attendance
Carl Fortuna, First Selectman
Bob Fish, Treasurer
Lee Ann Palladino, Finance Director
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 October 4, 2016 was made by Mr. O’Nell, seconded by Mr. Thorpe. Motion passed.
Treasurer Report:
Mr. Fish passed out his monthly report. He discussed the general government budget month ending September 30, 2016. He discussed the bonded indebtedness for the general government budget as well as the board of education budget. He also noted that back taxes are coming in well. Mr. Fish also went through the general fund revenues through October 31, 2016 for the board.
Mr. LaMay thanked Mr. Fish.
Finance Director
Ms. Palladino reported as follows:
Budget performance through October 31, 2016
Budget Fiscal Year 2017
The general government budget for Fiscal Year (“FY”) 2017 presently stands at $ 15,644,049, up $16,341 due to FY appropriations, from the FY17 budget of $15,627,618 approved at the May 2016 budget referendum.
Budget Appropriations
To date in FY17, budgetary appropriations of $16,431 were made to recognize the budget impact of the dispatcher’s collective bargaining agreement.
Municipal Reserve Fund Appropriations
During FY17 appropriations against the municipal reserve fund (“MRF”) total $308,000:
- Account software system, approved at the Town meeting in August 2016 in the amount of $170,000. Of that amount $50,000 has been transferred so far this fiscal year.
- Building repairs, approved at the Town meeting in October 2016, in the amount of $138,000.
The balance of the MRF stands at $973,027 as of October 31, 2016, please note that not all of the expenses associated with approved appropriations have been paid.
Unassigned Surplus Fund Appropriations – There have been no appropriations against the Town’s unassigned surplus funds to date in FY17
FY17 budgeted capital outlays totaled $675,000, of which $605,000 has been transferred to various reserve accounts. The difference, $70,000, was not transferred as the projects earmarked for these funds had been identified and will be expensed at some point during this fiscal year. The balance of the various reserve funds is noted below.
Municipal Reserve Fund – 200 |
FY 2017 Transfers |
Balance 10/31/2016 |
Capital Non- Recurring Budget |
$230,000 |
$558,027 |
Fire Apparatus |
155,000 |
315,000 |
Public Works |
60,000 |
100,000 |
Catastrophic Illness - 830 |
70,000 |
177,546 |
Retirement Payout – 840 |
40,000 |
37,705 |
Revaluation - 290 |
50,000 |
80,655 |
Total |
$605,000 |
$1,268,933 |
Capital Expenditures FY 2017 has used 43% of the budgeted amount as noted below.
Department Amount Budgeted Amount Used
Fire Department $35,000 $0
Police Department $94,000 $0
IT – Town $25,000 $326
Public Works $315,000 $200,805
Total $469,000 $201,131
Authorized Transfers – none
Fiscal Year 17 Budget Performance
Through October 31, 2016, four months or 33% of the budget equates to $5,214,638. Actual expenditures, which are running at 38.4%, are tracking ahead of budget expectations. Actual expenditures through October 31, 2016 for general government equate to $6,011,787 ahead of the four month, straight lined budget figures by $797,104. The major driver of this overage is the full year’s pension contribution of $556 thousand and other expenditures that are made in advance. The budget lines that have expenditures in excess of 38% are attached. All budget overages are explained by timing differences or seasonal activities.
Fiscal Year 2016 vs. Fiscal Year 2015
The general government budget for FY16 was $15,258,527, or $385,522 less than FY17. When comparing the first four months of FY 16 to FY17, the current fiscal year’s budget is at 38.4%, versus 40.3% compared to this time last year.
Mr. LaMay thanked Ms. Paladino
At this time, to accommodate guests from the Friends of the Library, the following motion was made:
A motion to move the order of the agenda, putting Public Comment before the Selectman’s Report, was made by Mr. O’Brien, seconded by Mr. O’Nell and was so VOTED unanimously.
Public Comment
Ms. Betty O’Brien was present from the “Friends of the Library.” She presented a petition to the board. Signatures representing support for Sunday opening of the Library. A short discussion followed. Mr. LaMay asked Ms. Lewis to invite the Library Director to the next meeting for a discussion.
Selectman Report
Mr. Fortuna touched on the following:
- 185 Bokum Road: appraisal came in at $220K;
- Pavilion at Town Beach almost complete;
- Budget Process: suggested BOF/BOS convene together to get better information; board very favorable;
- Putting $50K in Pension Fund. Many towns have Defined Contribution Plans for some of their employees; typically for new hires;
- Dan Moran, Facilities Manager, doing great job; going to start duct work at Park & Rec. building;
- A Retirement in Accounting.
Mr. LaMay thanked Mr. Fortuna.
Mr. O’Nell reported; Re Police Negotiations: filed for Arbitration.
At this time, Mr. O’Brien inquired if there were any new legal issues with the Board of Education. Mr. Fortuna replied that there were not.
Comments from the Chair
Mr. LaMay thanked everyone for attending and noted the calendar for the 2017 year. He had no other comments at this time.
This meeting in its entirety was video taped and can be viewed on Town Website YouTube.
A motion to adjourn was made by Mr. Thorpe, seconded by Mr. O’Nell at 8:58 p.m. and so VOTED unanimously.
Submitted,
Gerri Lewis, Clerk
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