Minutes of the Board of Finance meeting held on Tuesday, January 27, 2009 at 7:00 p.m. at Old Lyme Memorial Town Hall. Unapproved
Present:Regular Members:~ Andrew Russell, Wayne Devoe,
H. P. Garvin, III, Christopher Kerr, David Woolley
Alternate Members:~ Judy Read, Janet Sturges
Timothy C. Griswold, Ex-officio
Guest: Bonnie Reemsnyder, Selectwoman
Mary Seidner, Director LYSB
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Mr. Russell called the meeting to order at 7:04~p.m.~~
Appointment of Board of Finance member
A motion was made by Mr. Woolley and seconded by Mr. Garvin to appoint alternate Janet Sturges to fill the vacancy caused by Mr. Diebolt’s resignation. Motion was approved unanimously.
Approval of Minutes from Regular Meeting of 1/20/09
A typo should be corrected in the paragraph regarding Rep. Giuliano’s update (“towns,” not “tons”). Members also noted that although the minutes stated that both Private Beach Association and Parks & Recreation budgets would be on the agenda for 1/27/09, they were not.
A motion was made by Mr. Woolley to approve the minutes as amended which was seconded by Mrs. Sturges. Motion was approved unanimously.
Budget discussion 01-211~ Other Associations
Members discussed the importance of “holding the line” on budget increases because of current economic conditions.
A motion was made by Mr. Garvin and seconded by Mr. Kerr to approve the same budgets as the current year as follows:
Lyme Academy College: $10,000
Florence Griswold Museum: $10,000
Lyme Art Association: $4,000
Affordable Housing: $500
Old Lyme Historical Society: $3,500
Motion was approved unanimously.
Budget discussion 01-206 LYSB
LYSB Director Mary Seidner was present to answer questions about the LYSB’s request for $69,000, an increase of 4%. Members discussed the impact to the LYSB of the elimination of several state grants, an increase in caseloads, and anticipated decrease in endowment funding. A motion was made by Mr. Kerr and seconded by Mr. Devoe to approve $66,000, the same budget as the current year. Motion was approved unanimously.
Budget discussion 01-210~ Capital Project Funds~~~~~~~~~~~~~~~~
First Selectman Griswold reviewed the status of Revaluation, Landfill Closure, and Fire Equipment & Apparatus funds and anticipated needs. He indicated that the bank balance in the Open Space/Land Acquisition account will be close to $600,000 by 30 June 2009. He reminded members that when the Open Space fund was begun, the target was $300,000 to $500,000.
Budgets for Capital Project Funds budgets will be approved at the Feb. 3 meeting. Open Space Committee chair Diana Atwood-Johnson has been invited to attend.
Budget discussion 01-215~ Interest on Debt~and Principal on Debt
First Selectman Griswold presented debt figures. Additional discussion and budget approval will be deferred until March, when the rest of the Town budget has been reviewed.
The next meeting of the Board of Finance will take place on Tuesday, Feb. 3, at 7pm in the Meeting Hall at the Town Hall. Budgets on the agenda will be: OLPGN Library, Capital Project Funds, Police, Other Public Safety, and Parks & Recreation (if Director Don Bugbee is available for meeting)
A motion to adjourn was made by Mr. Devoe at 8:49pm and seconded by Mr. Kerr. Motion was approved unanimously. Meeting adjourned.
Catherine Frank
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