 |
Minutes of the Board of Finance meeting held on Tuesday, April 10, 2007 at 7:30 p.m. at the Old Lyme Memorial Town Hall.
Present: Regular Members: Andrew Russell, Wayne Devoe, Mark Diebolt, Christopher Kerr, David Woolley
Alternate Members: Adam Burrows, Judy Read
Absent: Regular Members: H.P. Garvin, III
Alternate Members: Janet Sturges
Timothy C. Griswold, ex-officio
Guests:
______________________________________________________________
Mr. Russell called the meeting to order at 7:04 p.m. Mr. Woolley, seconded by Mr. Devoe to have Mr. Burrows vote for Mr. Garvin and Ms. Read vote for Mr. Diebolt, made a motion. Motion carried.
Suspense List
Mr. Russell stated that the Suspense List that was circulated a couple of weeks ago was discussed but not voted on. Therefore, a motion was made by Mr. Woolley, seconded by Mr. Kerr and passed unanimously to accept the Suspense List as presented. Motion carried.
Mr. Diebolt arrived at 8:40 p.m.
Proposed Budget for fiscal year 2008
Mr. Griswold reviewed the proposed budget for fiscal year 2008. Under Revenues, there is two increases of $10,000 each for Arrears of Property Tax and the Interest and Lien Fee lines. Under Local Revenue, there are increases under the Planning Commission for new fees collected, the Lymes’ Senior Center, Interest on Investment and Landfill Income with anticipation of the new fees when transition to Transfer Station scale is in place. Limination of the Newsletter Advertisements is due to the outsourcing of the Newsletter. Under Intergovernmental Revenue, cut backs of State assistance have reduced Town Aid Road plus other State Programs. Mr. Griswold said LOCIP will be zero because those funds will be used for the Town Hall expansion project.
Board of Finance Meeting April 10, 2007
General Government expenses increased $45,132 or 2.57%. Major components include an increase in the legal line for the Selectman’s office, the deletion of Newsletter expenses, a decrease in Primaries and Referendums and an increase in the Workman’s Comp. Insurance. Boards and Commissions increased $21,544 or 7.39% owing primarily to Land Use. Public Works increased $42,872 (6.16%) due to a large increase in chip seal expense. The increase under Parks and Recreation represents the increase in salaries. The Public Safety increases relates to the additional Ambulance hours that were approved. The Fire Services increase of $76,220 (27.75%) relates to the Fire Department increases and a $41,000 catch-up payment for the Volunteer Retirement Plan. Under Capital Project Funds, there
is a new line item for Fire Apparatus and Equipment, which is funded at $350,000 this year. This line has been removed from the capital budget and represents a payment toward the purchase of the quint ladder truck to replace a 1989 tanker. Under Other Associations, the Library increased by $15,000 or 7.14%. Under Sanitation, the Transfer Station increased $124,251 (11.92%) due to a new two-year Landfill Closure Coordinator position and additional disposal fees ($75,000) associated with the bulky waste roll-off expense.
The total General Government increase is $730,538 or 11.25% and the Capital Outlay decreased by $400,600 or 37.30%. Therefore, the total General Government and Capital Outlay increase is $329,938 or 4.36%. It was pointed out that, because the mill rate increase will be relatively low this year, the Board of Finance has front-loaded three items: an extra $100,000 into Fire Apparatus Capital project fund, $41,000 for Volunteer Retirement Plan to fund the catch-up year and $23,000 for a second police car, totaling $164,000. If these were not added in the FY08 budget, the increase would be $165,900 or 2.19% ($329,900 - $164,000).
Mill Rate Calculation for Fiscal Year 2008
The total grand list has increased by $12,308,189 or .83%. There is no increase anticipated in the collection rate. The net taxable grand list increased by $12,148,183 (.83%) and net property tax request increased by $812,477 (3.13%). The mill rate calculation includes; Tax Relief Elderly for $35,000, Volunteer Tax Abatement for $48,000 and Lymewood Tax Abatement for $21,000. Therefore, gross property tax requirement increased by $833,477 or 3.21%. The impact on the mill rate is an increase of 0.42 mills to 18.24 mills. The rounded mill rate is recommended to be 18.2 which is an increase of 2.25%.
Board of Finance Meeting April 10, 2007
Mr. Russell stated that the next Board of Finance meeting is scheduled for Monday, April 23, 2007 at Old Lyme Middle School Auditorium following the budget hearing. The Primary purpose of the meeting will be to approve previous sets of minutes.
Mr. Russell stated that the Board of Finance is presenting the proposed budget for fiscal year 2008 is scheduled for Monday, April 23, 2007 at 7:30 p.m. at the Old Lyme Middle School Auditorium.
A motion was then made by Mr. Kerr, seconded by Ms. Read and passed unanimously to adjourn the meeting at 8:10 p.m.
Respectfully Submitted,
Michele Hayes-Finn
Secretary
| |
