Minutes of the Board of Finance meeting held on Monday, May 19, 2014 at 8:00 p.m. at the Lyme Old Lyme Middle School Auditorium.
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Present:~~~~~~~~~~ Regular Members:~ Andrew Russell, H. P. Garvin, III, Christopher Kerr,
Janet Sturges
Alternate Members:~ Bob Jose
UNAPPROVED
Bonnie A. Reemsnyder, ex-officio
Nicole Stajduhar, Finance Director
Mary Jo Nosal, Selectwoman
Absent:~~~~~~~~~~~ Regular Members:~ Bennett Bernblum, David Woolley
~Alternate Members:~~David Kelsey
Guest: No guests
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~Mr. Russell called the meeting to order at 8:13 p.m.
Approval of the Minutes of March 25, 2014 meeting
The minutes of March 25th were reviewed. Corrections on page 1, under Preliminary Budget Summary, first sentence should read, “The total for General Government expenditure is $8,176,876. Increase of $25,000 for Capital Expenditure and the School Budget increased by $77,000.” It was also noted the Mr. Garvin was not present at the March 25th meeting.
There being no other corrections noted, a motion was made by Mr. Kerr, seconded by Mrs. Sturges to approve the minutes as modified. Mr. Garvin abstained. Motion carried.
Setting the mill rate for FY 2014-2015
Mr. Russell stated that the mill rate for FY 2014-2015 will be 19.66, as outlined during the Town Meeting earlier this evening.
A motion was made by Mrs. Sturges, seconded by Mr. Garvin to accept 19.66 as the Town’s mill rate for the 2014-2015 fiscal year. Motion carried.
Review of Monthly Financial Reports
Mrs. Stajduhar outlined the Financial Report Notes for April 2014. Under Revenues - Property tax, total tax collections were $246,448 – revenue budget has been met over 100%. Grants – Miscellaneous of $10,829 reimbursed CT Riverway Trail grant (expenditures in carryover). The total revenues received were over budget by $178,378.
Board of Finance Meeting May 19, 2014
Mrs. Stajduhar highlighted the Expenditures which included $4,000 legal fees related to the police union contract and Grandview Avenue issue. There was a $4,000 repair at Town Hall, including $2,800 for the Town Hall Chimney repair. Under Special Deductions, Pension payment for third quarter was $35,000. OLFD spent $4,000 on Fire Fighter Training. Debt Service paid $46,000 in interest for the second annual payment of the Town Hall Improvement Bond. Capital Expenditures include the $5,700 for half of the new Rogers Lake boat, as approved by the Board of Finance and was posted to the Rogers Lake Weed Mats line item; and and under Dry Hydrant line, $40,000 to Machnik Brothers to complete project.
Other funds include the following: Revaluation Fund ($15,775) to Vision Appraisal (partial on contract), Harbor Management Dredging Grant Fund ($4,940) Coastline Consulting (partial on contract for study), Senior Center Board Fund ($4,868) Program expenditures, and Miscellaneous SR Fund ($4,697) for Insurance reimbursed expenditures (Hain’s Park Fence).
Emergency Management – Capital Request
Mrs. Stajduhar briefly explained to the board of a $400 overage and how it came about.
Mr. Russell stated that the next Board of Finance meeting is scheduled for Tuesday, June 17, 2014 at 7:30 p.m.
A motion was made by Mrs. Sturges, seconded by Mr. Kerr to adjourn the meeting at 8:30 pm. Motion carried.
Respectfully Submitted,
Michele E. Hayes
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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