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Minutes of the Board of Finance meeting held on Tuesday, March 25, 2014 at 7:00 p.m. at the Old Lyme Memorial Town Hall.
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Present:~~~~~~~~~~ Regular Members:~ Andrew Russell, BJ Bernblum, H. P. Garvin, III,
Christopher Kerr, Janet Sturges, David Woolley
Alternate Members:~ Bob Jose, David Kelsey
Bonnie A. Reemsnyder, ex-officio
Nicole Stajduhar, Finance Director UNAPPROVED
Mary Jo Nosal, Selectwoman
Absent:~~~~~~~~~~~ Regular Members:~
~Alternate Members:~~
Guest:
_______________________________________________________
Mr. Russell called the meeting to order at 7:05 p.m. Because a regular member is absent this evening, a motion was made by Mr. Woolley, seconded by Mrs. Sturges, to have Mr. Jose vote for Mr. Garvin in his absence. Motion carried.
Amended Suspense List
Mr. Russell stated that the amount approved last week included interest. Therefore, needs to be amended.
A motion was made by Mrs. Sturges, seconded by Mr. Jose to amend the Suspense List that was approved on March 18th and approve $12,929.75. Motion carried.
100 Revenues
Mrs. Stadjuhar detailed the Revenue for Property Tax, Charge of Services, Investment Income, Intergovernmental and Contributions. She highlighted various line items within the charges for services, investment income, and Intergovernmental revenues. She stated that anticipated Property Tax Arrears is an increase of $30,000 and Tax Interest and Penalty will increase $20,000. Based on analysis and submitted budgets, Town Clerk and Building Department revenues are anticipated to be up and Park and Recreation is expected to be decreased. She stated that under Intergovernmental the amounts are estimates from the State and the total amount is down $5,000. The total Revenue budget is $2,488,539 with an increase of $9,100 up from last year.
FY14/15 Preliminary Budget Summary: The total for Capital is $8,176,876, an increase of $25,000 and the School Budget increased by $77,000. Therefore, the total budget, less Revenues is $33,566,797, an increase of 2.17%. The net amount raised through taxation is $31,078,258, up from $30,373,672 or 2.32% increase.
Board of Finance Meeting March 25, 2014
Mill Rate Calculation: The Total Grand List changed $4,738,780 or 0.29%, from $1,608,398,700 to $1,613,137,480. The Collection Rate will remain at 98.25%. The net Taxable Grand List will increase by $4,655,851 or 0.29%. The Net Property Tax Requirement will increase $704,586 or an increase of 2.32%. The addition to the Mill rate is the Tax, Relief Elderly, Voluntary Tax Abatement, Ryefield and Lymewood Tax Abatement at 75%. The Gross Property Tax Requirement is $31,204,808, up $702,586 or 2.30%. Therefore, the Mill Rate calculation will increase from 19.30 to 19.69, an increase of 2.02%.
Wrap Up
The next Board of Finance meeting will be at the Public Hearing on Monday, April 21st at 7:30 p.m in the Meeting Hall at the Memorial Town Hall. Mr. Russell said any Budget item can be revisited at the Hearing and following it, until the Annual Budget Town Meeting on May 19th.
Approval of March 18, 2014 Minutes
The minutes for March 18th were reviewed. There were several corrections noted and clarification to the WPCA motion that is included in the March 18th minutes.
There being no further corrections noted, a motion was made by Mrs. Sturges, seconded by Mr. Woolley, to approve the minutes of March 18, 2014 as modified. Motion passed.
Old Business
Nothing to report.
New Business
Mrs. Reemsnyder briefed the board on the Recycling Grant and stated that there are several money saving options available to the town that are being discussed. She will brief the Board as more information becomes available.
A motion was made by Mrs. Sturges, seconded by Mr. Jose, to adjourn the regular meeting at 8:30 p.m. Motion carried.
Respectfully submitted,
Michele E. Hayes
Board of Finance Secretary
Michele E. Hayes
Office Manager & Payroll Administrator
Selectman's Office
Town of Old Lyme
52 Lyme Street
Old Lyme, CT 06371
tel. 860.434.1605, x-212
fax. 434.1400
M-F, 9-4pm
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