MINUTES
BOARD OF FINANCE
October 20, 2015
A REGULAR MEETING of the Board of Finance was held in the City Hall Auditorium on Tuesday, October 20, 2015.
Present were Mayor Elinor Carbone, Corporation Counsel Raymond Rigat and Board of Finance members Bill Lamoin, Frank Rubino, Joshua Ferreira, Thomas Scoville, and Laurene Pesce. Mark Bushka was absent. Comptroller Alice Proulx, City Treasurer Arthur Mattiello, Director of Human Resources Joseph Campolieta, and Fire Chief Gary Brunoli were also present.
Mayor Carbone called the meeting to order at 5:03 p.m. starting with the Pledge of Allegiance.
MINUTES
On a motion by Mrs. Pesce, seconded by Mr. Rubino, the Board voted unanimously to accept the minutes of the Regular Meeting held on September 15, 2015.
On a motion by Mr. Rubino, seconded by Mrs. Pesce, the Board voted unanimously to accept the minutes of the minutes of the Special Meeting held jointly with City Council on September 15, 2015.
On a motion by Mr. Rubino, seconded by Mr. Scoville, the Board voted unanimously to accept the minutes of the minutes of the Special Telephonic Meeting held on September 30, 2015. Mr. Lamoin and Mr. Ferreira abstained.
OPEN TO PUBLIC
On a motion by Mrs. Pesce, seconded by Mr. Ferreira, the Board voted unanimously to open the meeting to the public. There was no one from the public present who wished to speak.
BRD. OF EDUCATION CONTRACT NEGOTIATIONS
Mr. Campolieta updated the Board on contract negotiations with the Torrington Public School Administrator’s Association. He said this is a full negotiation including wages and benefits, and their goal is to switch to an HSA form of insurance. Mr. Campolieta said everything should be finalized by winter break.
TREASURER’S UPDATE: Bond Refunding
Mr. Mattiello reported on recent bond refunding, the new credit rating and the results of recent investments undertaken by the City Treasurer. He said the City has $22 million in debt and the current rate is 3.228%, compared with the old rate of 4.304%, with a net savings of $442,000. Mr. Mattiello said our improved credit rating is AA- with a stable outlook, and we are growing in the right direction economically. He noted that the Board will need to approve an investment policy in the future and reported on the investments he made with portions of the revenue account, yielding 1.2% interest.
TABLED: BRD. OF EDUCATION BUDGET REPORTS
Mayor Carbone explained that the Board of Education Budget and Budget Performance Reports were unavailable and tabled the discussion.
BUSINESS: Mayor and Board Members
On a motion by Mr. Ferreira, seconded by Mr. Scoville, the Board voted unanimously to consider business presented by the Mayor and members of the Board of Finance.
Mr. Lamoin commended the City Treasurer on his presentation.
ADJOURNMENT
On a motion by Mrs. Pesce, seconded by Mr. Ferreira, the Board voted unanimously to adjourn at 5:36 p.m.
ATTEST: JOSEPH L. QUARTIERO, CMC
CITY CLERK
Carol L. Anderson, MCTC, CMC
Asst. City Clerk
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