MINUTES
BOARD OF FINANCE
JUNE 23, 2014
A SPECIAL MEETING of the Board of Finance was held in the City Hall Auditorium on Monday,
June 23, 2014.
Present were Mayor Elinor Carbone, Corporation Counsel Raymond Rigat, and Board of Finance members Mark Bushka, Thomas Scoville, Bill Lamoin and Laurene Pesce. Members Frank Rubino and Joshua Ferreira were absent. Comptroller Alice Proulx was also present.
Mayor Carbone called the meeting to order at 6:04 p.m.
TAX COLLECTOR REPORT
Mr. R. Thomas Crovo gave his annual report, according to his contract. He said he fulfilled his obligations, and provided proof of his 7 million dollar credit line along with a letter from the bank and a letter from the bonding company. Mr. Crovo reported that he thinks the City of Torrington will be made whole in this final year without any problems.
The Board had no questions for the Tax Collector.
TRANSFER FUNDS -- Forbes Solar Project
Ms. Proulx explained the entire project was budgeted for in the 2013-2014 fiscal year with a request that the City provide collateral with Capital Reserve Funds. She said the City needed to demonstrate that project monies were available before they could apply for the grant.
Mr. Lamoin asked if the Board of Education is allowed to carry over up to 1% of their operating budget per statute, assuming capital is part of the operating budget. Ms. Proulx replied they have carried over capital funds before.
Ms. Proulx recommended that an encumbrance be issued if the project can be completed within 60 to 90 days so the capital budget wouldn’t need to be modified for the 14/15 year. Otherwise the money should be transferred into the City’s Capital Reserve fund with invoices processed and approved through the Board of Education, but paid through the City’s Accounts Payable Department. She said it is just a matter of process.
Mrs. Kloczko explained that the project can’t start until next summer when the students are out of the building. Mrs. Pesce added that the money will have to go in the Capital Reserve.
On a motion by Mrs. Pesce, seconded by Mr. Scoville, the Board voted unanimously to authorize the Board of Education to transfer $300,000 from the FY2013-2014 Capital Budget to the Capital Reserve for the purpose of funding the Forbes Elementary School Solar Project.
ADJOURNMENT
On a motion by Mr. Bushka, seconded by Mrs. Pesce, the Board voted unanimously to adjourn at 6:17 p.m.
ATTEST: JOSEPH L. QUARTIERO, CMC
CITY CLERK
Respectfully Submitted,
Carol L. Anderson, CMC
Asst. City Clerk
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