MINUTES
BOARD OF FINANCE
May 17, 2016
A REGULAR MEETING of the Board of Finance was held in the City Hall Auditorium on Tuesday, May 17, 2016.
Present were Mayor Elinor Carbone, Corporation Counsel Jaime LaMere and Board of Finance members Chris Diorio, Laurene Pesce, Mark Bushka, Christopher Anderson, Frank Rubino and Joshua Ferreira.
Mayor Carbone called the meeting to order at 5:04 p.m.
MINUTES
On a motion by Mr. Anderson, seconded by Mr. Ferreira, the Board voted unanimously to accept the minutes of the Regular Meeting held on April 20, 2016.
On a motion by Mr. Anderson, seconded by Mr. Rubino, the Board voted unanimously to accept the minutes of the Special Meeting held with the Board of Education on April 20, 2016.
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 present who wished to speak.
FINANCIAL AUDIT SERVICES
On a motion by Mr. Bushka, seconded by Mr. Ferreira the Board voted unanimously to award the Financial Audit Services contract to PKF O’Connor Davies LLP of Wethersfield, CT for the contracted amounts of $62,000, $62,000 and $63,500, for fiscal years ending June 30, 2016 through June 30, 2018.
BRD. OF EDUC. REPORT
On a motion by Mr. Ferreira, seconded by Mr. Diorio, the Board voted unanimously to accept the Board of Education Expense Budget Performance Report dated April 30, 2016.
GENERAL FUND BALANCE POLICY
On an amended motion by Mrs. Pesce, seconded as amended by Mr. Anderson, the Board voted unanimously to approve the Torrington General Fund Balance Policy, proposed May 12, 2016, as follows:
TORRINGTON BOARD OF FINANCE
GENERAL FUND BALANCE POLICY
The Torrington General Fund Balance is an important component in our fiscal strategy. The Torrington Board of Finance is cognizant of the unintended consequences that underfunding and or unnecessary utilization of the General Fund Balance may have on our city. Therefore, it is the goal of the Torrington Board of Finance to achieve and maintain a General Fund Balance between 7% and 10% of our annual General Fund expenditures for that fiscal year.
Should events occur during the fiscal year that bring the General Fund Balance below the targeted
Range, the Board of Finance will take measures to restore the fund balance no later than the next fiscal year. The General Fund Balance should only be utilized in the event of special circumstances or emergencies. The General Fund Balance shall only be utilized as determined by the Mayor, Comptroller, and Board of Finance.
The maintenance of undesignated fund balance levels is not to be construed as surpluses or over
taxation by the city; rather it is an element of sound fiscal management required for sustaining a high credit rating and financial management flexibility.
BUSINESS: Mayor and Board Members
On a motion by Mr. Diorio, seconded by Mr. Anderson, the Board voted unanimously to consider business presented by the Mayor and members of the Board of Finance.
Members discussed the next steps in the budget process and scheduled a Special Meeting for May 25th to discuss the budget.
ADJOURNMENT
On a motion by Mr. Anderson, seconded by Mr. Rubino, the Board voted unanimously to adjourn at 6:01 p.m.
ATTEST: JOSEPH L. QUARTIERO, CMC
CITY CLERK
Carol L. Anderson, MCTC, CMC
Asst. City Clerk
| 
